Late credit card payment?

[XaznKewLguyX 10+ year member]

Anyone know how many points I lose for making a late payment?

Look at this bull sh*t

Last Statement: Date 09/11/06

Balance $398.71

Due Date 10/04/06

Last Payment: Date 10/05/06

Amount $70.00

Next Statement Date 10/10/06

One freaking day!

Click to read more...

 

[MikeofTulsa Moderator]

???

 

[John3000 10+ year member]

One day wont hurt you at all. Most banks/credit card companies give you a grace period. Now a week or a month will hurt you.

 

[skmfkr 5,000+ posts]

i think grace period is like 5-7days

 

[squeak9798 5,000+ posts]

Only payments 30days or more past due will report on your credit report.

And as was mentioned, your credit card company likely gives you a 10 day (or so, though most are 10 days that I'm aware of) grace period..so you probably won't even have any late fees.

 

[XaznKewLguyX 10+ year member]

ahhh sweet, thanks for the relief fellas

 

[noob with an RS 10+ year member]

i need to pay off my 200-dollar 3 year old debt so i can ge a credit card and start establishing some credit!

 

[reneeb7363 10+ year member]

The fair credit reporting act falls under regulation B and regulation Z of the federal credit rules and guidelines. Boring read but good info... at least you will know your rights.

 

[rtillaree 10+ year member]

the first time they wont report you, the second time they MIGHT report you and once it becomes a frequent LATE payment, they consider you or label you SLOW PAY, which is half as bad as being a NO PAY

 

[squeak9798 5,000+ posts]

the first time they wont report you, the second time they MIGHT report you and once it becomes a frequent LATE payment, they consider you or label you SLOW PAY, which is half as bad as being a NO PAY

While frequently paying late might not keep you in good graces with that particular financial institution, it won't report on your credit report unless you have went 30 days or more past due.

 

[gr1m 10+ year member]

yes, dont be derog on your accounts. dont let anything end up in collection, repo, don't get a judgment, state or federal tax lien, BK7 or 13, et al....it'll bring you down haaard. i know, i work for the #1 home lender in the nation and part of my job is to look @ my borrower's credit reports each and every single day. it saddens me if i can't help someone qualify for a loan and end up losing their home...

keep your credit card balance to about 30% or less of your max limits. don't apply for credit too often, as too many credit inquiries will also hurt your score. once in a blue moon is ok.

 

[cpierce 5,000+ posts]

You mean I have to pay the CC company back I after I charge shit to my card

 

[Calikid 5,000+ posts]

yes, dont be derog on your accounts. dont let anything end up in collection, repo, don't get a judgment, state or federal tax lien, BK7 or 13, et al....it'll bring you down haaard. i know, i work for the #1 home lender in the nation and part of my job is to look @ my borrower's credit reports each and every single day. it saddens me if i can't help someone qualify for a loan and end up losing their home...
keep your credit card balance to about 30% or less of your max limits. don't apply for credit too often, as too many credit inquiries will also hurt your score. once in a blue moon is ok.

true, u should wait a 6 month period to apply for another credit card so that ur credit score wont get hurt.

 

[faulkton 5,000+ posts]

if you are late, they will send some stingrays after you

 

[Rich B 5,000+ posts]

Just keep an eye on your future statements because credit card companies can change your status from a good rate to a delinquent rate if they feel like it when your late, even if its only one day late.

Its not unheard of to suddenly see them increase the rate to around 30% (!) if they do.