SS Silv Posted October 18, 2006 Report Share Posted October 18, 2006 I have had a few late credit card bills, I have sent them on time but didn't realize it took 7 days to get to them so a few have been a couple days late and had some fee's to pay. I am worried about my credit, and what it takes to get bad credit. Do you think this will effect my credit? Thanks Quote Link to comment Share on other sites More sharing options...
gixxerrider Posted October 18, 2006 Report Share Posted October 18, 2006 Contact your credit card companies is the most I can tell you. I dont thing if you paid them they will report it late. I had a credit card that got my check and cashed it and did not post it to my account. I paid it off and closed it. Never reported a late payment. Good luck Quote Link to comment Share on other sites More sharing options...
Lefty Posted October 19, 2006 Report Share Posted October 19, 2006 If it reaches 15 days there could be a problem. Biggest thing is make sure it does not happen often or at all. One late payment won't hurt you much..a lot of payments a couple days late establish a pattern to credit agencies and will hurt your credit score. Quote Link to comment Share on other sites More sharing options...
foxySS Posted October 19, 2006 Report Share Posted October 19, 2006 I'm happy you just posted this. I was supposed to pay mine by yesterday and forgot too. Just did it online. I think as long as you pay it soon it doesn't affect your credit. I forget sometimes (like i just did) and pay it within a couple days and it hasn't seemed to affect my credit at all so far. Knock-on-wood. Quote Link to comment Share on other sites More sharing options...
Big O Posted October 19, 2006 Report Share Posted October 19, 2006 Naw ... most of the time it has to be deliquent by a month or so. If you establish a pattern they will report it ... but otherwise you are pretty safe. Quote Link to comment Share on other sites More sharing options...
SSThunder Posted October 19, 2006 Report Share Posted October 19, 2006 Pretty sure it has to be at least 30 days late. Evey credit report I have had has the late payment details in increments of 30. 30,60,90,120 days late and so on. Quote Link to comment Share on other sites More sharing options...
SS Silv Posted October 19, 2006 Author Report Share Posted October 19, 2006 Called the credit card company today and explained my situation. The times I was late was only by 5 days. If it is more than 30 days late, that is when it can hurt your credit score. Thanks for the replys. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted October 19, 2006 Report Share Posted October 19, 2006 (edited) Guys, For starters, here is the BEST website to debunk any myths or half-truths you might have "heard from a friend" etc. www.myfico.com This site will tell you everything you need to know about your credit and how it really works. Since I deal with this everyday, I will chime in. Federal law is 30 days past due or greater gets reported to your credit report for any debt. Others above are correct on how it is in 30 day increments. If an ccount is 120 days past due, 99.9% of the time it is going to collection,reposession, or foreclosure if it is a real estate debt. You have to be careful though and I highly suggest that you review your credit report at least every six months. As with all industries, there are companies that do not adhere to the laws. I have seen time and again where someone is only 10-15 days late and it gets reported to the credit report as a late payment. They are in violation of the law and you have a huge lawsuit if they do not immediately correct it. Unfortunately, most people dont keep or have proof so the credit card companies get away with it. As far as credit companies go I will provide a list of the ones I have seen be pretty ruthless or unfair. Chase, HFC, HSBC (creditor for many department store cards, i.e. Best Buy), Citi. The better ones to work with are: MBNA (now bank of america), Discover, Capital One, Washington Mutual/Providian. As far as lenders go for home financing, try to stay away from Ameriquest, Chase, HFC, HSBC, just about any broker, Option one, and some others. Basically any sub prime only lender. Good or mostly honest lenders for mortgages would be: Washington Mutual, ING, Wells Fargo, Countrywide, Quicken Loans, any small town local credit union for the most part. If you ever have any questions about your credit, please ask and I will do my best to help you answer it. Most of the time, I end up telling a client to obtain an attorney and they end up winning or at least fixing their credit. You must also understand though, you have to be in the right. If you truly haven't paid your bills and are severly late, there probably isnt much you can do, so be honest about whether or not you are in the right about your credit. Edited October 19, 2006 by Black2003SS (see edit history) Quote Link to comment Share on other sites More sharing options...
SS Silv Posted October 19, 2006 Author Report Share Posted October 19, 2006 Thanks for the info Quote Link to comment Share on other sites More sharing options...
AJSmyth Posted October 19, 2006 Report Share Posted October 19, 2006 at bank of america, they report it past due to your cbr at 61 days behind, which is when they close the account. if the payment posts after your cycle date, there will be a late fee but most of the time if you call in an are really nice and you don't have a deliquent history, they will waive that fee...hope this helps, this may be a little late...kinda like your payment. lol. jk -mr part time collector Quote Link to comment Share on other sites More sharing options...
Cop Magnet Posted October 19, 2006 Report Share Posted October 19, 2006 Reporting you as a bad credit risk to the credit bureaus is one thing. Raising your rate due to a pattern of late payments is another. That's done in-house and is subject only to your cardholder's agreement. That's that 12 page disclosure you couldn't possibly read, plus the periodic amendments they send you to keep you confused So don't be fooled by the "30 day" this or that. They can still screw you by raising your rates. And if you switch companies too often, the number of closed accounts and credit request inquiries will raise a flag. So even if you are using capitalism to its designed intent, and shopping for better rates all the time, you can still wind up looking bad on paper. BTW, I pay electronically and have set up the minimum payment on time automatically. Plus, then, I can add in extra payment when I have the cash. Keeps me from ever getting a late payment notice plus allows me to pay the balance down as I can. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted October 19, 2006 Report Share Posted October 19, 2006 Cop magnet, Thats exactly why I listed the good and bad. Most of those companies will work with you on interest rate and you have to be really behind for them to raise it. It was a good point though as most predatory card creditors will screw you on rate for one day past due one time. HSBC and Chase are notorious for that. Quote Link to comment Share on other sites More sharing options...
CoolBlueSS Posted October 19, 2006 Report Share Posted October 19, 2006 (edited) I will never again deal with Chase bank for that very reason. We had a run of financial trouble a few months ago, ans Chase simply would not help with the interest rate. Black2003SS, Since this is your field of expertise I have a question. We now are well on our way to having our finances straightened out, once we have reestablished a steady payment history, how can we get the interest reduced, or can we? At tis point I just want to pay our credit card off as quickly as possible. Edited October 19, 2006 by CoolBlueSS (see edit history) Quote Link to comment Share on other sites More sharing options...
gixxerrider Posted October 19, 2006 Report Share Posted October 19, 2006 Check out Suzie Orman (maybe missed spelled) Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted October 20, 2006 Report Share Posted October 20, 2006 Whatever you do, do not call a credit counseling center. One thing they do not really disclose to you other than in fine print, is that when you enter credit counseling to have them lower your rates/payments etc. it is viewed just as bad as chapter 13 bankruptcy by most lenders and it will be years before you can get a descent mortgage or auto loan unless you put 20% or more down. Really the only way to lower the rate is to ask the lender directly, especially if you have had 12 months of steady payments. Some will budge, others won't. The other way is to get another credit card, but if you have had financial troubles, you could have trouble getting approved on another card to transfer the balance to. Its one of those weird situations where the person who needs financial help, and if they got the help it would save them from drowning in debt, cant get the help they need. I was in that situation out of college and I will do everything I can to not be in that position again. Quote Link to comment Share on other sites More sharing options...
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