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This blows! Missed car loan payment

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Contributor

This blows! Missed car loan payment

So I’ve always had a solid credit portfolio with mixed credit, nice credit history, scores in the 770’s, no baddies in anyway. Never missed a payment ever.

Well today I just realized my car loan payment was 33 days late! Been traveling so much that I just forgot to pay it. I owed a payment on August 21 and September 21 to BMW financial. Nothing has appeared on my credit yet and I quickly paid both months in full. I am now current. Bill was due Friday and I paid everything on Monday.

So questions are. Did I doge a bullet or is that 3 days late and 100 plus point hit coming no matter what?

And lastly, I’ve been wanting the Citi Prestige card. Should I hurry up and apply now before my credit drops to crap for the next 7 years??
Message 1 of 25
24 REPLIES 24
Community Leader
Senior Contributor

Re: This blows! Missed car loan payment


@acblue94 wrote:
So I’ve always had a solid credit portfolio with mixed credit, nice credit history, scores in the 770’s, no baddies in anyway. Never missed a payment ever.

Well today I just realized my car loan payment was 33 days late! Been traveling so much that I just forgot to pay it. I owed a payment on August 21 and September 21 to BMW financial. Nothing has appeared on my credit yet and I quickly paid both months in full. I am now current. Bill was due Friday and I paid everything on Monday.

So questions are. Did I doge a bullet or is that 3 days late and 100 plus point hit coming no matter what?

And lastly, I’ve been wanting the Citi Prestige card. Should I hurry up and apply now before my credit drops to crap for the next 7 years??

The 3 days late is not an issue, however if you didn't pay your Aug 21 payment as it appears, I am afraid you will probably get hit with a 30 day lateSmiley Sad I hope not of course, you never know.

EXP 760 TU 781 EQ 733
Message 2 of 25
Contributor

Re: This blows! Missed car loan payment

And just like that I can’t refinance my house as planned. You spent months paying on time and scores increase ever so slightly then with one mistake you can lost 100 plus points. It’s crazy. I think I’m going to offer to pay the car in full. I only have 5 months left on the lease.
Message 3 of 25
Super Contributor

Re: This blows! Missed car loan payment

All you can do is sit tight and wait to see if it reports as a 30D late.  If so I would call and immediately request a GW removal of the late.  I'm not sure how that lender handles such requests; Check in the rebuilding forum and see what you can find.  A GW letter campaign may be necessary if it can't be fixed with a phone call or two.  I would actually suggest against paying it off, because still owing them money gives them a little incentive to do a GW adjustment for you (keep you paying), where once you pay it off they really have nothing to gain from GW.

Message 4 of 25
Contributor

Re: This blows! Missed car loan payment

Thanks for the advice.

You meant “NOT” to pay it off.
Message 5 of 25
Super Contributor

Re: This blows! Missed car loan payment

Correct, my suggestion was against paying it right off.

Message 6 of 25
Super Contributor

Re: This blows! Missed car loan payment


@acblue94 wrote:
And just like that I can’t refinance my house as planned. You spent months paying on time and scores increase ever so slightly then with one mistake you can lost 100 plus points. It’s crazy. I think I’m going to offer to pay the car in full. I only have 5 months left on the lease.

Paying it off, and getting a clean title, sounds like a great idea to me.


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 752 EX 734
Message 7 of 25
Established Contributor

Re: This blows! Missed car loan payment

Confucius asks,

 

Pay the car off to purchase it?

or 

Pay off the remainder of the lease and then return?



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Message 8 of 25
Contributor

30D late still has not reported

Need some feedback on this. I accidentally paid my BMW financial car loan 30 days late. It was due on August 21st and I paid it on September 23. I also paid the September 21st payment as well.

So as much as it sucks I know I’m getting my first 30D late ever in my life of credit which is 22 years. I accepted it and moved on. I called BMW on Monday the 23rd and they said that the late is reported. Whether it actually was or she is reciting what she assumes they will do according to the guidelines.

So today is the 30th and a 30D late has not been reported. On top do that my new credit report from myfico has been released. When I check the car loan on the report under the payment history there is an “OK” for the month of August which as you read earlier I was late.

Question. What’s going on? Any feedback will be great.
Message 9 of 25
Valued Contributor

Re: 30D late still has not reported

Sit tight and cross your fingers. If it does show up, be prepared to start a goodwill letter campaign.

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Message 10 of 25
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