Hello. I thought I set up auto-pay on my car payment plan, but apparently I didn't save it correctly. My car payment is due Feb 25. It's the weekend now, so the online payment says it will be one day late (Feb 26 earliest processing).
I have just about perfect credit. Will this cause a problem?
Will the company even report this? Can they, if its just one day late?
2007-02-23 14:53:23 · 8 answers · asked by mjfly 2 in Business & Finance ➔ Credit
It is highly unlikely they will even bother reporting it. It's not worth their time to contact the various credit reporting bureaus. So, I wouldn't worry too much about it.
2007-02-23 14:59:25 · answer #1 · answered by Beni 3 · 0⤊ 0⤋
Generally late payments arent reported to a credit bureau until they are 30 days late. The credit report normally only shows 30 or more days late. However, check your contract, credit card companies say, one day late and they boost you to the default credit rate, 30 percent or some mind numbing number. Most likely you are fine.
Great job being so thought ful though, you should be proud of yourself.
2007-02-23 14:59:26 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
Most finance companies have a 10 day grace period where it won't show as late payment until after the 10 days. You will be fine..I have done that before and nothing ever happened.
2007-02-24 13:19:07 · answer #3 · answered by txmom81 2 · 0⤊ 0⤋
They can't report a one day late, it has to be 30 days or more and since you have good credit, you probably have a good loan, so they probably have a grace period, so you more than likely won't get charged a late fee... so don't worry! (Sorry about all the 'so's' so have a nice day!)
I'm in the lending business.
2007-02-23 15:06:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yeah, they jip you on late payments. They also jip you if you go over on your credit card. I went over by $8.00 and my variable rate credit card went from around 12% to 32% in one month. At 32%, I was paying about $2000 a year just on interest alone. SINCE YOU HAVE REALLY GOOD CREDIT, it will hurt it only a little. Don't let it happen again and you will have good credit still. YES, I think they do report it...a chance for them to tag on fees!
2007-02-23 15:01:08 · answer #5 · answered by Niki 2 · 0⤊ 1⤋
They will not report payment as late if only by one day.
2007-02-23 15:12:33 · answer #6 · answered by lyllyan 6 · 0⤊ 0⤋
It shouldn't usually you get a 10 day grace period. The companies usually don't want you to know it.
2007-02-23 15:02:27 · answer #7 · answered by sheilam115 2 · 0⤊ 0⤋
nothing is going to happen for being one day late.
2007-02-26 15:00:58 · answer #8 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋