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tye b | Late mortgage payment by 1 day?? please help? |
I made a payment on the 28th psat business hours and the 30th fell on a sunday. So the payment did not post until the 1st which would make it a 30 day late payment. even though it was paid 2 days prior to the 30th. I have already contacted them and they mentioned that it was already sent to the creditors.... And that there was nothing they can do. So my question will it show up as a 30 day late on my report? And how do I add a consumer comment so later in the future when I finance something it explaines why it was late because of the banking hours. Or can I dispute this with the 3 credit bureas? If anyone has a answer for me that would be great!!! One more thing how many points will this knock off If I cant get anything done and how long will it taje for my credit score take to get back to where it is right now its a 715. Thank you for all of your future answers!!!!
Additional Details
Yep this is the first late payment I have ever had in my entire life. Credit cards, 4 mortgages, many many vehicle loans and now this. I spoke with a supervisor and she was not willing to help me. I am already in the process of re-financing so they lost me not wanting to work out a couple of hours late payment. Does anyone have the address for the 3 places I need to write to see if I can dispute it? and do you think I can? how may points is this going to knock off of the overall score? |
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Daniel C
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When was it due, the 1st of September? That has to be it since if it was due 10/1 it made it and there would be no concern.
So, you're saying that you waited till the end of the month to make your mortgage payment, literally the last minute and now you don't want the penalty that is clearly spelled out in the contract? Too bad; welcome to the business world.
I can't see how you got to a 715 rating with such an incomplete understanding of how this works. |
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Ken
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You can add a comment to your credit reports, but in reality you opted to pay at the last possible minute and this time you got bit. In the future you should not wait till the last minute because you see what can happen. |
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aswkingfish
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It will show up as a late payment, but that in itself is not that big of a deal. Other things play into your score and how creditors will look at it. If this is the first and only time you have been late in the last year no big deal. If you have done this a time or two then it's going to drag your score down. Other bills will also play a part. Are you paying them on time? Failing in other bills will hurt your score too. Most mortgages offer a period to pay without penalty, mine is 15 days past the due date. |
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Krelian
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While I am not sure how many points this can take off your credit score, you will need to contact your mortgage lender and see what is their policy on late payments. Not all mortgage lenders will automatically qualify you as "late" if you miss by a few hours or even a day.
The important thing is to get this settled as fast as possible before the information is sent to the credit rating companies. |
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Muledancer
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File written letters with the 3 credit agencies, also with the mortgage company.
You have not dealt with anyone who has any power. If the person with whom you are dealing cannot or will not make a correction, ask for that person 's supervisor.
Keep careful and complete notes all along your path through the mortgage company being sure to note names and positions of those with whom you speak.
Once you get high enough in the corporate structure, you will find someone who can repair that credit report. |
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Dr. Deth
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typically mortgages are late after 15 days, not 30 - did you pay the late fee? If it's late, it's late - geez - if they give you 30 days to pay and you don't get it in on time, it's your fault and you should be dinged 50 points |
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Dave M
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Tye B, take a breath. Call your lender. Ask if they accepted the payment as "on time". If not, explain to them the situation and see if they would be willing to change it. If you get a real tool on the other end (you'll be able to tell rather quickly) ask to speak to a manager or supervisor. Remind that person the amount of time you've been with them and that your history also shows quick payments. The lender is also in the people business/customer service. They would hate to lose you in the future on a refi so they want to do their best, generally, to keep you happy. If you have a good history they will most likely forgive the offense.
Good Luck! |
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peilthetraveler
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Dont worry, your score will probably only drop about 40 to 50 points. You can dispute with the 3 credit bureaus but it takes a while. The 3 majors are Experian, transunion and equifax. Just google those names and their websites will pop right up. I know 2 of them let you dispute online, at least they did for me last year. |
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caligirl
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Sometimes if you don't have a history of this happening and it is the first time it will not get reported to the credit bureaus. If you made the payment online then regardless, you should have gotten credit for the payment that day,(if you used the mortgage holders web site) unless they have a disclaimer that they only process payments during certian hours. Honestly if this is your first time I wouldn't worry too much about it. With a 715 score you don't seem to have bad credit habits. Good luck! |
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Jesse S
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Most of the time the lenders will not report however when it is your first time late, call the lender and ask for a supervisor and tell them that it indeed was not sent on the first, but a couple days back. If you despute this, they most of the time do take it off especially when it is your first time. Expirian, First Union (i forgot the third one) you can go into their website. Go onto www.freecreditreport.com |
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kathy s
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I just heard about some guy whose credit card payment was posted 10 minutes late and a report was sent to the bureau and all his interest rates went up on his cards. This is a vicious game.
I think that if you go buy another house, you have to write a letter explaining that problem at that time. I don't think you can do it ahead of time. but have it ready. Talk to the credit bureaus to get an accurate point count and to find out how and when things can be rectified. They make the rules.
I don't thing this is the end of the world but be careful in the future. Good luck |
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OC1999
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Payments don't count until they are processed by the Bank. So even though you "made" the payment on the 28th, it did not get posted until 10/1. Also, most mortgage payments are due on the 1st of the month. If this is your case and you were paying for September you were not a couple hours late, or 1 day late you were 30 days late.
If you have already contacted them and asked if they can remove it and they say they can't/won't, then there is really nothing you can do. As the information on the credit report is valid. You can attempt to dispute it, but you bank will just reply that it is valid and it will remain on your credit report. I am sure this is not the answer you wanted but it is the reality of your situation.
In the short run it will hurt your score, how much depends on the rest of your history. If this is your only late payment just be sure to pay well before you run into this situation again. In a few months you should be back to where you were before. |
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