Ok, so basically the payment was due on the 27/6, theres no other reason on my part for the lateness, apart from that for some reason I thought id already paid (cr*p to do list ticking off perhaps?!).
I got a late payment reminder, which I didnt open (I figured theyd sent my statement out again seen as I wasnt due one and, to my knowledge, had no issues). This told me I had 7 days to pay the 'amount due immediately'. This was dated on the 3/07.
I plan to pay tomorrow, so itll go in on monday I guess, seen as its sunday tomorrow.
I dont have a huge balance, but I have been repaying the minimum as my circumstances have changed and its not a huge amount to worry hugely about interest.
Basically I want to know if this will effect my credit rating?
Im not a happy bunny not knowing either way at the moment, because I need to apply for a career delevelopment loan soon and its reallyyyy important to me that I get it!
Thankyou
2007-07-14 05:50:01 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Like some of the other posters mentioned, creditors generally do not place a late notation on your reports until you are actually 30 days or more late.
But, keep in mind that some actually do place late notations on reports even when the person was late by only a few days.
Unlike what one poster said that lates won't hurt you, lates are a "major" score killer.
They also remain on reports for 7 years from the date of the late.
It would probably be best if you contacted the creditor after you make the payment and ask if they are going to report it as late. If they say no, then you should be in the clear but you should keep an eye on your credit report to make sure.
If they say they are going to report it, ask them for goodwill. Explain the situation and ask them not to report the late.
If the CSR you speak to says that they won't give you goodwill, ask to speak to their supervisor or hang up and call at another time and speak to another CSR.
If you still have problems getting them to agree not to report the late, start sending goodwill letters to the higher ups
You will probably see your interest rate go up, as one poster mentioned.
After 6 months of on time payments you might contact them and request that they lower your interest rate.
2007-07-14 13:42:42 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Nothing will have an effect. Right now the CC companies will look for any "whisp" of a reason to raise APR's before the 2010 deadline. (when they have to give you notice and can't apply that new APR to the old balance, etc.) You... gave them a classic reason. You are maxed out on a card. That is all the reason they need... to raise your APR to astronomical heights. Stop using that card and start making larger payments to get that balance down. Pay it off as soon as you can and do not carry a balance on any of your cards that you could not pay off in full if you had to. That is the only thing you can do to protect yourself from interest charges that are going thru the roof. Your other credit card accounts can use the reason of "universal default" to follow suit and do the same. And there is still nothing you can do to stop it. Pay them down... and keep them at a level you can handle. And that means you need to be able to pay them off in full within less than 3 months.... Anything else is not acceptable anymore. Protect yourself and your money... and leave the credit cards at home.
2016-05-17 11:13:03 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It will be on your credit record but will probably not affect your rating - by itself anyway. If you've ever done a credit check you will know that usually there is a record of say how many times payment missed or made late in the last 12 months (may be fewer months it depends on how regularly the company file information). Your loan company will run a credit check and use a credit scoring system -just bear in mind that different loan companies have different policies and ways of credit scoring is just because one refuses it doesn't mean they all will.
2007-07-14 06:16:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It won't affect your rating until you are 30 days late. On your credit report, it shows payments that are received 30,, 60, 90 days late and how often they have been that late. If your payment ins't 30 days late, make it now before it gets to 30 days and you will be current.
2007-07-14 05:58:39 · answer #4 · answered by David L 6 · 0⤊ 0⤋
The notation that you failed to pay is on the credit rating. They could care less about the credit card payment you will just have to pay more money... Like a late fee-- I was late once and it cost me $40. The interest rate went from 8.99% to 29% They are waiting for you to pay on time.
2007-07-14 06:07:21 · answer #5 · answered by Gerald 6 · 1⤊ 0⤋
it will be a mark on your credit report that you were late pay, but as for affecting your credit score it has to be 30 days or more to make a huge effect.
2007-07-17 09:01:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if it's a store card... then it's considered a credit card to my understanding.... 30% of your entire credit score has something to do with your payment history.... therefore it will count against you.... good luck
2007-07-14 05:55:58 · answer #7 · answered by rosepassions 3 · 0⤊ 0⤋