First time being late on a loan payment! Very Upset!

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ckkiw8
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First time being late on a loan payment! Very Upset!

Postby ckkiw8 » Mon May 27, 2013 10:00 am

Hi,
I have been ill for the last week and have not been up on my finances. When I got up today I realized that my Capital One Auto Loan payment was due so I came to the computer for the first time in a week and went to pay my loan. Due to not thinking clearly, I was upset to see that because of Memorial Day, my payment would not process until tomorrow, which puts it a day late. I went ahead and initiated the payment (for double what my payment due amount is, which I normally do). I am now very upset that I didn't get it in in time. I have 100% on time payments on Credit Karma and I strive to keep my credit as good as I can. So, couple questions..
Should I call Capital One in the morning to try and possibly avoid a late fee or will it make no difference?
Will this one late payment have a huge impact on my credit score?
Anything else I can do besides never let this happen again?

Thanks.
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DavidNY
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Postby DavidNY » Mon May 27, 2013 3:04 pm

Call if you see a late fee on your next statement. Set up auto pay.

ckkiw8
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Postby ckkiw8 » Mon May 27, 2013 5:20 pm

I agree, Auto Pay would be good but the reason I have not set up Auto Pay is because it will not let me pay more then the set payment amount once a month and I like to pay extra. It is also a pain because it won't let me iniate a payment any sooner then 5 days before the due date. All my credit cards let me set up payment as soon as the statement closes. I also keep a spreadsheet of when everything closes, the amounts, due dates, confirmation numbers, etc. but being totally out of it with an illness this week really hurt me with this account particularly. I feel horrible and can't believe I did this.
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830

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Terry
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Postby Terry » Mon May 27, 2013 7:23 pm

Many lenders will wave the late fee if their system charges a fee especially when the due date falls on a national holiday. A phone call to the bank first thing in the morning would certainly be to your favor. As DavidNY implied, setting up autopay will prevent this from occurring in the future.
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mdl28
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Postby mdl28 » Mon May 27, 2013 10:16 pm

If its your first time late and only 1 day at that. It will not ding your credit at all
MDL

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Gamma
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Postby Gamma » Tue May 28, 2013 1:40 am

I thought you only get a late mark on you credit report only if you are 30+ days late after your due date.

ckkiw8
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Postby ckkiw8 » Tue May 28, 2013 10:51 am

I called Capital One and they were very nice. She said that I have nothing to worry about. They will still report it as on time as long as it in 1-29 days, there is a 10 day grace period for late fees and it was intiated on 5/27 so that records it as being paid that day. Lesson learned!
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830



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