If you pay a loan payment late but before late charges are applied-is it go on your credit?

Question

It was due the 25th, I paid on 30th & no late charges were applied till the 8th.

Answer 1

Depends on who is servicing your loan. Most companies acually only report to credit after 30 days delinquent. Call your loan servicing company and be sure.

Answer 2

Really it would depend on the bank or financial instituation that you have the loan through. Please don't listen to the person who rambled about a grace period--they're not required by law to give you one, and many companies don't provide a grace period.

Depending on the company policy, you may be considered to be 30 days late. Here's how that works: Payment was due on the 25th. Assuming that the last payment was due on 6/25, you're 30 day's between payments. So if your payment is even a day late, some companies will report you as 30 days past due. This is generally not the case, but my first job out of high school was working for a well-known credit card company as a Customer Service Rep, and that was their policy. So again, it really is up to the bank. From here on out, just make sure to keep your payments on time.

Answer 3

Typically it wouldn't be reported to credit bureaus until you were at least 30 days late.

25th to the 8th is a pretty good grace period. Most creditors consider payment late and charge late fees if it's one day past the due date.

Answer 4

It is agreed that it will not be reported to the Credit Bureau unless it hits 30 days. However, you are still charged interest every day past your due date. It's called per diem.

Answer 5

NO. YOU HAVE A FIFTEEN DAY GRACE PERIOD UNTIL YOU GET CHARGED A LATE FEE. AND YOU HAVE 30 DAYS UNTIL THEY START HOUNDING YOU AND THEN THEY ARE ALLOWED TO REPORT IT ON YOUR CREDIT. THAT REMINDS ME, I GOTTA PAY MINE.

Answer 6

It shouldn't because it was within the grace period.