late payment fico score down by 81 points

[disdreamin]

OP, don't you receive statements for your accounts, even those on auto-pay, either electronically or by mail? I'm struggling to see how it would get to *two* missed payments unless you didn't read your statements or didn't reconcile your bank account at least once a month (and I can't imagine going that long without doing so).

The fact that this same thing happened last year with the same card should have put up red flags. I would think you would be very diligent about confirming the auto-pay went through each and every month to avoid a repeat of that scenario. And how did you catch it within one week last time but this time it was more than two months?!

And lastly, you aren't down 81 points due to one missed payment, you are down due to at least TWO MONTHS of missed payments. You went past the due date by *60 days* - or more! I'd do as others have suggested above, to try and avoid a recurrence of this.

[Gunnar419]

---

@disdreamin wrote:
OP, don't you receive statements for your accounts, even those on auto-pay, either electronically or by mail? I'm struggling to see how it would get to *two* missed payments unless you didn't read your statements or didn't reconcile your bank account at least once a month (and I can't imagine going that long without doing so).

The fact that this same thing happened last year with the same card should have put up red flags. I would think you would be very diligent about confirming the auto-pay went through each and every month to avoid a repeat of that scenario. And how did you catch it within one week last time but this time it was more than two months?!

And lastly, you aren't down 81 points due to one missed payment, you are down due to at least TWO MONTHS of missed payments. You went past the due date by *60 days* - or more! I'd do as others have suggested above, to try and avoid a recurrence of this.

---

+1 OP, sorry you took such a hit, but disdreamin is right. With credit, you can't repeatedly let things slip, even if it is partly the fault of some malfunctioning automated system.

Here's what I do. Same as others have reported, I set up minimum autopays for every card*, including ones I seldom use. Then I also set up a variety of notifications on the cards so I get email when payments are due, I get email each week telling me the balance, etc.

As the payment date nears, I doublecheck my autopays, deleting (for that month only) the ones where I don't actually owe anything and increasing the ones where I have balances.

Then I make sure that the bank's billpay system notifies me when each payment goes out and I check my cc accounts a day or two later to make sure that the payment has been properly credited.

Does this sound obsessive or fanatical? Maybe. But it takes only a few minutes in all and it ensures that there are no slipups. Credit management demands personal attention and that's all there is to it.

* Personally I always push pay from my bank to the card rather than setting up payment via the card website. This lets me manage all my bills from one website, but that's a personal preference.

[Anonymous]

it won't hurt too bad for long. i have a 676 and i have one 30 day late and two 60 day late payments on my record.

[Anonymous]

I would definately write/call synchrony bank.. epsecially if you DID have AP on.

[MarineVietVet]

---

@Anonymous wrote:
it won't hurt too bad for long. i have a 676 and i have one 30 day late and two 60 day late payments on my record.

---

Be careful about generalizations.

Your experience may not be the same for anyone else.

Every credit profile is different.

[jony]

Hi disdreamin,

Thank you for the reply. 

In spite of having autopay, I always check all the accounts(credit cards, elec, water) online every few days just in case something goes wrong. And whenever I see any payment posted I pay it manually even though the auto payment is scheduled. because of this habit last year I found out within a week that the payment did not go thru in Walmart CC so I paid it. and after that I repeated the process of setting an autopay. 

This time I was travelling around for few months and didn't really use walmart except that one time. And totally forgot to check online. No email from walmart about late payment but did received email from synchrony bank just few days back. I missed it I know it's totally my fault. Now what I don't get it is why I received the email only after more than 30 days and also no call. Recently, my cell service payment has been declined(autopay from a business card), the same day I received an sms and a call from the wireless network guys and I made payment the same day. I was very impressed about their service.

I talked to walmart customer support, a very nice lady she waived off the late payment charge even without asking and gave me an address to which I can send a goodwill letter. Let's see how it goes. 

[Anonymous]

---

@jony wrote:

Hi disdreamin,

Thank you for the reply. 

In spite of having autopay, I always check all the accounts(credit cards, elec, water) online every few days just in case something goes wrong. And whenever I see any payment posted I pay it manually even though the auto payment is scheduled. because of this habit last year I found out within a week that the payment did not go thru in Walmart CC so I paid it. and after that I repeated the process of setting an autopay. 

This time I was travelling around for few months and didn't really use walmart except that one time. And totally forgot to check online. No email from walmart about late payment but did received email from synchrony bank just few days back. I missed it I know it's totally my fault. Now what I don't get it is why I received the email only after more than 30 days and also no call. Recently, my cell service payment has been declined(autopay from a business card), the same day I received an sms and a call from the wireless network guys and I made payment the same day. I was very impressed about their service.

I talked to walmart customer support, a very nice lady she waived off the late payment charge even without asking and gave me an address to which I can send a goodwill letter. Let's see how it goes. 

---

Good to hear.. Hopefully, it works out for you.  Keep us posted.

[Anonymous]

BofA autopay sucks... it is so hard to find and even harder to setup....

Why do I need to give them my account number???? they already have it!!! give me a dropdown!!!

And why does it take 2 months to setup?

I'll tell you why, it is a damn form that generate an email to someone... lazy IT department!!!!

[Anonymous]

I love autopay and use it religiously, but I also check out the statements each month. That way, if it didn't go through, I can immediately push a payment without CRA consequences, because it isn't 30 days late yet. I also call the company and get them to reissue the late fee, since it was on autopay. I only had this happen once, but I'm glad I caught it in the end. 

[Anonymous]

Ask your bank the payment should have drafted from, to see if Synchrony initiated the payment but never completed the transaction.  I have several lates from a few years ago because of this.  My bank was able to verify they got the request for the money and my bank responded but the transaction was not completed by Dell and G.E./Synchrony.  (Separate accounts)

Not sure if your bank can provide evidence of this if it is the case.  I didn't request proof from my bank at the time because I didn't realize how late the payments were.  Dell has been very good to me as far as credit and reporting.  Synchrony is not giving me any love. 

I am hearing good success with Synchrony for some folks.  Hope your situation turns into one of those.