You know the part that says if you pay after a certain date it will be a higher amount? Well if you wait until that day to pay it will they write you a letter to remind you of the payment, and also will it affect your credit rating? Please help.
2007-05-18 04:54:29 · 9 answers · asked by Brownie 4 in Business & Finance ➔ Credit
As long as your payment is posted to your account by the end of the business day before the late charge kicks in you should be fine.
No they will not call you until after the grace period has passed.
No it will not effect your credit even if you go beyond the 10-day grace period because payments have to be 30 or more days late for a lender to report to the credit bureau as late.
It will however start a internal late payment profile with your lender and could keep you from getting additional loans from them in the future.
2007-05-18 05:06:57 · answer #1 · answered by ? 7 · 1⤊ 0⤋
If you're paying by snail mail it's not going to get there in time before the next billing period. I agree that it's best to call if there will be a problem with a late payment. Most places will tell you they've made a comment in the computer regarding your phone call.
Yes, up front and honest is good. That way they know what to expect and more than likely with only one payment late you won't be send to a credit bureau or get a bad credit rep.
Good Luck!
2007-05-18 05:05:57 · answer #2 · answered by pj m 7 · 0⤊ 0⤋
Most loans state in your contract that you have a 10 day grace period after the due date. I'm not sure if you have this on yours or not, however, even if you make the payment on the due date, as long as you have it in by close of business and it posts to the account that day, you should not incur a late fee, or extra fees. Be sure to read your loan details to make sure. All loans are different. Also, it will not reflect on your credit report unless you are 30 days past due or more. Good luck!
2007-05-18 05:00:01 · answer #3 · answered by lsutiger4god 2 · 1⤊ 0⤋
I wouldn't worry to much about 1 late payment. It may or may not show up on your credit report. Most lenders see one late payment as be okay just because most Americans are late at least once.
2007-05-18 05:10:41 · answer #4 · answered by Peggy Pirate 6 · 0⤊ 0⤋
The payment should be paid on or before the due date. If the payment is due on the Ist of each month and it is posted on the 5th, you will be charged additional interest. It is called per diem.
2007-05-18 20:41:43 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It depends on the institution; sometimes they call you if you are late. And yes, late paying affects your credit rating.
2007-05-18 04:57:37 · answer #6 · answered by M S 7 · 0⤊ 0⤋
Get a loose replica of your credit record first. I stated the address in yet another reaction. they gained't have reported it. some credit Unions are staggering to artwork with and can want to eliminate it in the adventure that they reported it, although, I did an same ingredient with Alaska Federal CU and they refused to eliminate it. sturdy success
2016-11-04 08:27:34 · answer #7 · answered by ? 4 · 0⤊ 0⤋
thirty days late affects the credit. and yes they can
2007-05-20 20:28:10 · answer #8 · answered by tennessee 7 · 0⤊ 0⤋
Always fone them . Be up front and honest..
2007-05-18 04:58:15 · answer #9 · answered by Grand pa 7 · 0⤊ 0⤋