How Long Do CCs Take To Report Late Payments

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LadyinRed
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How Long Do CCs Take To Report Late Payments

Postby LadyinRed » Sat Sep 26, 2015 12:10 pm

Back in June I did a little shopping at Macy's and used my Macy's card to get the cardholder special discount.

Since it's not a card I use often, I completely forgot about it. I thought I made a point to NOT sign up for paperless, but I guess somehow I did. So I never got a statement in the mail and the online statement went into the "updates" section in my Gmail - one which I causally check. Anyway, I happened upon a "Your Macy's Statement is Ready" email recently and I thought... huh.. that's weird. I clicked on it and it turned out that I was not 1, but 2 cycles past my due date.

I called up Macy's credit card and talked to them. They were super nice and since it was a first offense, they waives my late fees. And I was happy and went on my day. It didn't occur to me to ask about credit reporting. The payment went through on the 22nd (4 days ago).

Now me and my husband are looking to get a car loan, so I checked my score on my Credit Karma and Credit Sesame app. For the first time ever I was above 800! (802!) That excitement dwindled shortly after I realized that I had a 60+ day late payment that was probably gonna hit. I also checked my score through American Express and Capital One... and neither had said it hit.

So my question is... how long does it take to hit? Or is it possible I'm in the clear? Or should I try to get my car loan ASAP? Or wait to see if it hits and call Macy's and ask them to remove it?
AMEX: Blue Cash Preferred (6% on groceries, 3% gas & dept stores)
Capital One: Venture (2 points per $1, equivalent to 2%)
Chase: Freedom (rotating 5% categories), Disney Rewards (1 point per $1, Disney benefits)
US Bank: Cash+ (5% bookstores / 5% Electronic Stores)


Kevin86475391
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Re: How Long Do CCs Take To Report Late Payments

Postby Kevin86475391 » Sat Sep 26, 2015 4:27 pm

Oh no, I'm so sorry this happened to you.

I would DEFINITELY call Macy's and ask them if it's going to be reported, and be politely persistent about asking them not to, explain your car loan situation too, and ask for a supervisor if the frontline rep can't help you. Maybe even offer to pay the late fee if they won't report, not saying that's even an option, but if the person does have any leeway it might show that you're sincere and contrite and make them more willing to go the extra mile for you.

If they say it will be reported...then yeah, personally I'd probably try to hurry up the car loan process before it does. I don't know how long it takes to report, but I would suspect shortly after your statement closing date. Don't take my word for it though, if Macy's is insistent that they have to report, maybe ask them when they think it'll happen, and again I'd be upfront about the car loan situation.

Good luck, I hope they won't report!

ingramjuan
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Re: How Long Do CCs Take To Report Late Payments

Postby ingramjuan » Sat Sep 26, 2015 11:26 pm

LadyinRed wrote:Or should I try to get my car loan ASAP? Or wait to see if it hits and call Macy's and ask them to remove it?


I would suggest trying to get the car loan as soon as possible.
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Whatamuji
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Re: How Long Do CCs Take To Report Late Payments

Postby Whatamuji » Sun Sep 27, 2015 12:29 am

I'm not familiar with Credit Sesame but Credit Karma scores are wholly inaccurate along with the capital one credit tracker. They use non-FICO scores and as such may be higher or lower than your actual score. The Amex score is FICO so that's pretty good to judge your score on.
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Vermonster
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Re: How Long Do CCs Take To Report Late Payments

Postby Vermonster » Sun Sep 27, 2015 4:24 pm

The scores you see are not true FICO but your report is. If you can, look at your macy's card on your report. It will tell you when it was last updated.

I would NOT call as some people have had the horrible misfortune of alerting a CSR to an incorrectly reporting account. "Never interrupt your enemy when they are making a mistake"
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

takeshi
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Re: How Long Do CCs Take To Report Late Payments

Postby takeshi » Mon Sep 28, 2015 11:11 am

How long can vary by creditor and I have no idea how long it takes for lates on the Macy's card to report. I'd suggest calling to confirm whether or not they intend to report the late.

Whatamuji wrote:I'm not familiar with Credit Sesame but Credit Karma scores are wholly inaccurate along with the capital one credit tracker. They use non-FICO scores and as such may be higher or lower than your actual score.

All scores are accurate but only for their own model. In other words, one cannot use a score generated by one model to determine a score generated by another model. Even FICO has many models used by creditors so one cannot assume that all FICO's will generate the same number. There isn't just one FICO score.

Whatamuji wrote:The Amex score is FICO so that's pretty good to judge your score on.

The score provided by AmEx is a FICO 8 based on Experian. It is only useful for that model and CRA. It cannot be used to determine a score (even another FICO) generated with a different model and/or CRA.

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Vattené
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Re: How Long Do CCs Take To Report Late Payments

Postby Vattené » Mon Sep 28, 2015 3:48 pm

I second checking your reports. Do you regularly pull your free reports from annualcreditreport.com? You get one free report from each CRA per year. Looking at the reports directly will let you know for sure as this is the firsthand information on which Credit Karma and Credit Sesame is based. I don't use Credit Sesame, but I know Credit Karma can be late in getting updated info from the CRAs.

If you're planning on getting the auto loan soon anyway and are comfortable rushing it along a little, it would probably be a good idea.
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