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When is a payment considered late?

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When is a payment considered late?

I keep reading that after you've filed BK never ever ever be late on a payment.
If you pay during the grace period are you late? If you are over 30 days days
late is this late? When they report to the bureau is that when lenders consider
that you've been late on a payment? What is late please help someone do
your payments have to be made before your due date or on that day to be safe?
Message 1 of 7
Moderator Emeritus

Re: When is a payment considered late?

Seems logic goes out the window on this-
Some won't report late until 30 days, some when the next statement is cut, some report late at 1 day late, some don't report 30 day lates at all.
Seems post BK and being in the public record bucket- you can keep at the top of your bucket if never late and rebuild quickly after the BK,
Message 2 of 7
Legendary Contributor

Re: When is a payment considered late?

Just pay on or before the statement due date.  They all have their days and methods of reporting, but none will report a late if paid by the statement due date.
Message 3 of 7
Super Contributor

Re: When is a payment considered late?

Also if you pay on the due date make sure you know the time it must be paid on that date.  For example, if they want it paid by 2pm CST on the 1st and you pay at 3pm CST, you are late.
Wells Fargo will mark your payment 30 days late if it isn't paid by the next statement date which is probably 2 days after the due date.  HSBC also does think if I remember correctly.
Discover will mark it 30 days late if it is 30 days late.  I think BofA also does this as well.

Message Edited by marty56 on 01-14-2008 09:27 AM
10/11/2019: FICO 841 EQ 838 TU 850 EX
Message 4 of 7
Senior Contributor

Re: When is a payment considered late?

I had an interesting conversation with an acct. specialist with Cap1 regarding this very same topic.

I was complaining about my not getting cli's on my cards(at the time. Since then I've gotten them).

I had 4, 30 day lates, all over a year old. I argued(nicely) that certainly since it's over a year old, it couldn't effect me that much. She agreed.

And then she said: "even though your lates are over a year old, I show that you paid 3 times in the past year "OVERDUE" payments. And that's preventing you from getting the cli's that you request.

Meaning they received/posted the payment past the due date, like 4 days. Which is enough at least for Cap1 to deny you cli's.

I'd think other ccc's take the same position.

Bottom line is, pay WELL before the due date to stay in good graces of your ccc.

Just food for thought.
"Never ever, ever be late. Never" (FUTR)
Message 5 of 7
Super Contributor

Re: When is a payment considered late?

My rule of thumb now is I will pay no later then the time for the CCC to process they payment and to show up on your account.  I use 3  business days before the due date as the latest I will pay the bill.
10/11/2019: FICO 841 EQ 838 TU 850 EX
Message 6 of 7
Established Contributor

Re: When is a payment considered late?

For me, late is when your payment is recorded post 12:00 A.M. the day after your due date.
If you prefer to tempt fate and increase risk of a "late" then you should listen to all the other definitions.
For me, I PIF each revolving account 10-15 days prior to the closing date. This way I optimize my FICO opportunies and avoid any problems with some CCC's that hold your payments for 15 days after they receive them. 
FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)


FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 7 of 7
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