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Stupid Question Re: Feb. 28 Short Month/30 Day Late?

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ficonovice
Frequent Contributor

Stupid Question Re: Feb. 28 Short Month/30 Day Late?

I've been in a difficult, though barely manageable financial position the last year or so.

My mortgage payment with Flagstar is due the 1st of every month and I've been "late" every

month, but always pay it prior to it being 30 days late. I check my credit every few months, and

Flagstar reports to the bureaus every other month around the 28th with the most recent information at that

time.

 

They've never reported me late, so I've been "comfortable" paying late when it's around 26-29 days

late.

 

Question: Since February only has 28 days and my mortgage is due on the first, technically, I'd be 29 days

late if I paid it on 3/2/11. My "current" payment "is" due on 2/1/11. If I wait to pay it until 3/2/11, technically

it's "only" 29 days late, but does the fact that the next payment would be due on 3/1 mean that I'd now be 2 months

behind, causing a derogatory late payment to report to the bureaus?

 

Regardless, I know that I need to improve my situation greatly, but your feedback is appreciated. I don't want to call

Flagstar to ask them and potentially awaken a sleeping giant....

Rust never sleeps and neither does my fico score...
Message 1 of 4
3 REPLIES 3
LIGHTNIN
Senior Contributor

Re: Stupid Question Re: Feb. 28 Short Month/30 Day Late?

No question here in myfico land is considered stupid.

 

Actually I wish I'd seen your post years ago, it would've save me alot of money.

If you wait until3/1 technically 2 payments are due. Your mortgage co may NOT accept one payment, but demand 2 payments.

That is what happened to me, and sent me into pre-foreclosure . It cost me alot of money for their attorneys and  the extra fees.

That scary situation taught me a lesson, to always pay my mortgage on time.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Message 2 of 4
Anonymous
Not applicable

Re: Stupid Question Re: Feb. 28 Short Month/30 Day Late?

Can I add a question to this?

 

If you have an auto loan that is due on  the last day of every month  (which can be the 30th or the 31st ) except for February which is due on Feb 28th.  You've been paying late every month, but not 30 days late.  (Same circumstances as initial poster's).  Now for January's payment which was due on January 31st, you did not pay it until February 28th. Is this considered 30 days late because it has crossed into a new billing cycle? Technically it is not 30 days late, it is 28 days late, but with February being a short month, how does the Credit Bureau treat this?

Message 3 of 4
chasmith
Valued Contributor

Re: Stupid Question Re: Feb. 28 Short Month/30 Day Late?

The CRA is going to report what the lender sends them.  The lender may very well report it 30 days late, as it is one cycle late.  While there may be recourse by disputing to the lender (disputing to CRA is probably pointless as lender will just confirm).

 

The bigger issue is why is this being paid so late?  Need to work on getting closer to due date.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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