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What happens when you make a late CC payment?
- Thread starter rs7k
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Drinky Crow
Banned
Nothing; you have a couple weeks grace period. It takes a pair of missed payments before they start to threaten to ding your credit record.
However, accumulating unpaid interest = SUCKS.
However, accumulating unpaid interest = SUCKS.
Phoenix
Member
Depends on the company.
Sometimes they will just hit you up with a late fee - and that's a computerized process so if you want to contest it don't yell at the poor shmoe on the other end of the line. You can usually call up and ask that it be removed.
Sometimes your interest rate will go up. You can sometimes have that brought back down if its an isolated incident.
If you're a deadbeat, the automated systems will send the information to the credit bureaus.
Sometimes they will just hit you up with a late fee - and that's a computerized process so if you want to contest it don't yell at the poor shmoe on the other end of the line. You can usually call up and ask that it be removed.
Sometimes your interest rate will go up. You can sometimes have that brought back down if its an isolated incident.
If you're a deadbeat, the automated systems will send the information to the credit bureaus.
Squirrel Killer
Member
I paid one card over the phone literally 5 minutes late, so I called up Customer Service and asked what they could do for me. Their answer was more or less, "Tough shit, take the $35 assram and like it." I cancelled the card that very minute. Having good credit rocks.
As for what will happen to your rating, I don't know it's still like this, but back in the mid-90's, I was told that your payments records are tracked 0-30 days late, 31-60 days late, 61-90 days late, etc... So a 3-4 day late payment gets recorded the same as an on-time (or 29 days late) payment, but you still get the late fee and interest charges. Check your credit agreement too, one late payment might be enough for them to jack up your interest rate.
As for what will happen to your rating, I don't know it's still like this, but back in the mid-90's, I was told that your payments records are tracked 0-30 days late, 31-60 days late, 61-90 days late, etc... So a 3-4 day late payment gets recorded the same as an on-time (or 29 days late) payment, but you still get the late fee and interest charges. Check your credit agreement too, one late payment might be enough for them to jack up your interest rate.
One year I forgot about an annual fee for one of the cards I had. It went through, but it put me over my limit. So then they charged me a fee for that too. So when I went to make my usual $25 payment or whatever, I had to pay $100+ to get it back to the good.
The moral(s)?: don't get card with annual fees, and don't run them all the way up.
The moral(s)?: don't get card with annual fees, and don't run them all the way up.
Ninja Scooter
Member
rs7k said:
"Same thing that happens to everything else!"
rs7k said:
Is it a VISA? VISA in Canada, regardless of the bank, is lenient as hell. You've got to be a total deadbeat to get them on your ass. Odds are they'll just double the minimum payment on your next month's even if you didn't pay it off 3 days late. As it is, it's nothing.
They will almost definitely hit you up with a late fee.
However, if you call them up, and come up with a plausible excuse, and get a decent CSR, they will take it off your bill. If you get a nasty CSR, you can try and call again.
One late payment won't do anything to your credit. Multiple late payments will.
However, if you call them up, and come up with a plausible excuse, and get a decent CSR, they will take it off your bill. If you get a nasty CSR, you can try and call again.
One late payment won't do anything to your credit. Multiple late payments will.
Cauliflower of Love
Banned
Forgot about a payment once. Then I paid it with my brother's bank account, but omitted a number =\. Got a late fee. I just called them and told them "It's my first card(4months fresh) and first late payment ever, can you waive it?" "yea sure, but don't miss it again".
Capital one mastercard.
Capital one mastercard.
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