When is a payment 30 days late?

[bada_bing]

When is a payment for a credit card 30 days late and reported as such ?

Is it 30 days after the statement cut or 30 days after the due date ?

Are there any derogatory CR entries for being less than 30 days late ?

The reason I ask is I'm typically distracted about my payment schedules and

rely on scheduled autopayments to PIF on the due date of my cards. I always

make sure the funding bank account has more than adequate funds for all payments, but

worry there could be a glitch in the autopay system that results in a payment not

posting. All my credit cards have a 25 day grace period between statement cut and

due date.  If the autopay system screws up, it would result in a payment missed on

the due date. In that case is there a derogatory recorded if I find out about it and pay

within a couple days ? How long after the due date payment is missed does it

become a 30 day late - 5 days (30 days from the statement cut) or 30 more days (about

the next month's due date) ?

Hopefully, this is all academic, as I've relied on scheduled autopay (pull) to pay my cards

for about 12 years and it has never failed. I never considered what would happen if the system

failed though and how quickly I'd need to be informed and pay.

[longtimelurker]

A payment is not late until the due date is passed.  Statement cut has nothing to do with it, neither is purchase date.    Lateness less than 30 days will typically cause a late fee, and potentially a penalty APR (both of which can maybe be removed if you have an otherwise good history with the issuer) but these are not reported to the CRAs

[redshift1]

SOP for me is verify bill amount online then pay online and follow-up by verifing payment received. Maybe 20 minutes total invested a month. 

[DaveSignal]

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@longtimelurker wrote:

A payment is not late until the due date is passed.  Statement cut has nothing to do with it, neither is purchase date.    Lateness less than 30 days will typically cause a late fee, and potentially a penalty APR (both of which can maybe be removed if you have an otherwise good history with the issuer) but these are not reported to the CRAs

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+1.  around the time you are 30 days past the due date is when a lender might think about reporting a 30-day delinquency for the previous month.

[mrgoattoo]

tried autopay on a couple bills for a few months. Just about drove me nuts worrying about the system not paying the bills on time...or at all.

I stopped the auto pay and just set time aside for paying our credit cards and bills manually.

I probably wouldnt have thought much about autopay until my ex sister in law had some serious crap happen with some kind of autopay and a direct deposit that didnt go thru that caused a horrible mess with her checking account. The direct depost on her check was either late or didnt go thru at all and all those auto pay items bounced or whatever happens to them..  Her auto pay and rent didnt get paid and she was obviously freaking out. Not sure how it all ended up but it was enough for me to worry too much to keep trusting doing it that way. My credit is way too important to trust to computers paying my bills.

Just my 8 cent worth adjusting for inflation.

[RobertEG]

Being late on a payment and having a 30-late that is reportable to a CRA are entirely different.

A payment is late under your account agreement based on the billing due date set in the billing statement, which is usuallly 30 days fron the billing date.

A payment becomes a reportable 30-late to a CRA once it is 30 days past the billing due date.

There is thus a period of 30 days where an account is late, and thus subject to late fees, etc., under the account agreement, but not yet a reportable 30-late.

That is clearly set forth in the standard CRA reporting manual.

[krb367]

What if your payment is made and processed on the 30th day? Is the creditor able to report it as negative/30 days late? I'm going through the same situation now as well..

[RobertEG]

Yes.

The manual definitions:

30-late:    Account 30-59 days past due date

60-late:    Account 60-89 days past due date

90-late:    Account 90-119 days past due date

120-late:  Account 120-149 days past due date

150-late:  Account 150-179 days past due date

180-late:  Account 180 or more days past due date

[gh17]

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@mrgoattoo wrote:

tried autopay on a couple bills for a few months. Just about drove me nuts worrying about the system not paying the bills on time...or at all.

I stopped the auto pay and just set time aside for paying our credit cards and bills manually.

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I completely agree; autopay drives me crazy.

Unfortunately, I need to use it for my student loans because you get a lower interest rate with autopay.  It's this whole long process if you want to switch the bank account it withdraws from.  It also won't withdraw on a weekend even if the due date is on a weekend (it waits until Monday) and all these scary delinquincy notices start showing up on my account even though I'm not delinquent.

Other than that, the only other autopay I have set up is AT&T, which gets charged to my credit card, so I don't need to worry about overdrafts or anything.  They were offering a $25 reward if you signed up for autopay.  However, I'm going to cancel it once I get the reward because it's driving me nuts.  It takes it out way too close to the due date where there's no time to fix anything if it were to go wrong, so I just want to move it back to regular manual pay.

[Shogun]

I have autopay turned on for every account that has it.  However, I always go online and pay anyway.  I've wound up with a few overpays because of it.  But I'd much rather have that than a late.