1 day late?

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Replied by Meya on topic Re: 1 day late?

So now, everything gets paid 2 weeks in advance even if its only 20 dollars....

That's some real talk from a rebuilder, and I respect you for that!
10 years 3 months ago #1

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Replied by Brian23 on topic Re: 1 day late?

I think most of us rebuilders feel the same way on the topic...

For me, I can't be late on a CC now, because I remember what it was like when all my cards charged-off before and honestly it was a horrible feeling to be out of control and not have the ability to pay the bills (even 20 dollars for the minimum). I feel like if I let myself slip up once now, I will end up down the beaten path of my CC past.... So now, everything gets paid 2 weeks in advance even if its only 20 dollars....
10 years 3 months ago #2

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Replied by Meya on topic Re: 1 day late?

I am so afraid of being late because of the damage they do to us now. If I am late on one, I might as well kill the rest.:worried:
10 years 3 months ago #3

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Replied by KMoney on topic Re: 1 day late?

I believe this is a topic that you will begin to see a steady stream of comments soon. Especially in this economy I only have 2 cards and I am just going to pay them off by the end of the summer and just chill out. You just don't know now adays and I would rather be safe than sorry.
10 years 3 months ago #4

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Replied by Meya on topic Some companies will do you

Some companies will do you like that, just think about it, some will report your cli to the cb in 2 or 3 days, some will wait until your next statement. Some will report to the cb quick as your head can spin because they want a taste of the universal default rate, then that will flag all other cards. Dont let yourslef fall into any of these categories, just keep on paying on time so that you dont have to worry when a creditor will put it on your cr.
:relieved: :relieved: :relieved:
11 years 6 months ago #5

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Replied by lyyssa01 on topic Depending on the type of

Depending on the type of credit card you have they report your tradeline when you open it. It can take anywhere from a week to a month to report on your report, but whether or not you miss a payment, or are not carrying a balance they will report the tradeline you have. They don't report late payments unless you're 30 days late or more. So if you're one day late, it won't show up on your CR that you were a day late, but the cc company will probably tack on a late fee.

The fact that cc report to your report is why credit cards can actually be good for a person. When they apply for credit those tradelines appear on the credit report. When you let the card age, make timely payments and keep your utilization low you start looking like good credit candidate. Your scores go up, which is great for future big purchases, like cars and houses. Credit cards are the most sure fire way to raise your credit score as long as it's handled wisely.
11 years 6 months ago #6

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Replied by dreamr802 on topic I thought credit cards don't

I thought credit cards don't report to the agencies unless you skip a month completely. And I thought credit cards usually give you a 5 day grace period for when the payments made by mail.
11 years 6 months ago #7

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Replied by Meya on topic These are in reference to

These are in reference to Mary Tomkins:

3) Pay your bills on time. Accounts that are paid late by thirty days or more can show up on your credit, and that can really hurt your credit score. Most creditors don’t report late payments to the credit bureaus if they are paid before the next billing statement, but you should always pay them on time anyway to avoid getting hit with default rates. It's less damaging to your credit score for one account to have several late payments than for several accounts to have one late payment. In other words, if you have to pay something late, the late payments should always go the same account.
https://www.financeglobe.com/post/10-steps-to-improving-your-credit-score

One late payment will do less damage if the account holder has a long history of on-time payments with many accounts. If the account holder only has a total of two accounts, one late payment will do a lot more damage to their credit score.
https://www.financeglobe.com/post/get-a-good-credit-rating

Pay your bill on time and stay within your credit limit. Overcharging or paying late can cost you hefty fees, and that’s on top of the interest charges.
https://www.financeglobe.com/post/using-credit-cards-wisely

Also I would like to tell you about the Universal Default Rate, I have an article on this one, and it is not a good story to read about. After going through Mary's articles, it seems like you will be ok, but if they happen to put it on your report, the universal default user will kick in on you hard because they seen that one late payment.

Hope this helps!
Last edit: 2 years 1 day ago by Finance Globe. Reason: Links updated, previously had errors
11 years 6 months ago #8

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Replied by Meya on topic There are some companies out

There are some companies out there that will forgive you for 1 late payment or 2 per year (like cap1). What we need to focus on is the grace period which is the time from one closing statement to the next. If your statement ends (for example) Jan 24, and the due date is Jan 26, then you better have it in by that day because one late payment will be applied as a missed payment within 30 days. The 30 days is not 30 days after the closing date, If your grace period is 25 days and you pay it after the 7 days they gave you, then you are hit with a 30 late payment on your cr. I think there is an article here about that, let me go and find it for you.

PS, thanks for relocating this post, it will be pretty long watch!
:fun: :fun:
11 years 6 months ago #9

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Hello everybody I am new here. I looked to see if I could find if anyone had already posted a thread with my question, but did not find one. If there is one and I am repeating it, please forgive me. My question is if I make a payment to any credit/charge card 1 day late, do the companies report that as a late to the credit bureaus? :scared:
11 years 6 months ago #10

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