I recently a few months ago took out a personal loan through my credit union and this month appartly I was under the wrong impression on extra payments. I have sent in 6 or 7 payments on this loan and only 3 have been due. I thought since I sent in so many it would cover me through the next few months because that is what the women at the bank confirmed. So get a letter in the mail just days ago explaining that I am late on my payments because they are due the 1st of each month well I sent in 2 more payments this month each arriving days after the 1st of the month. NOt even expecting that they were needed anyways. But now my question is if it's supposibly a few days late will that show on my Credit Report now as a late payment???? Thank You for you time.
Also just to let you guys know as a personal victory for myself, I have had a credit card through the same credit union described above for 1year and 10 months now with no increase in credit line, yesterday I went in and complained about that and the supposibe late payment on my loan yesterday and today they called back and doubled my credit line. Just excitied wanted write about it!!!!
Well Delego, you're incorrect. I went through the same thing with C1. Any "extra" pmts. over and above that which is required would be applied to the principal, thereby "bypassing" the monthly pmt. due process. There's one condition however. If you received a payment book with coupons, (and sent the extra coupons in with the pmts.) or if you stated on your extra pmts. that it is to be applied to FUTURE months, then you'd be fine. As George points out, even still, since the lady at the bank said so, that's the way I'd push it. Let me know abbout how you made those extra pmts. .
Another thing to note. I used to think that if pmt is due on Jan. 1 and the first of each month, I would be "late" if my payment arrived on the 2nd. (In other words my pmt. arrives 31 days after my last pmt.) Makes sense since the last payment was last month right? No - your pmt. is not 30 days late until it arrives more than 30 days after the due date. Even if it's due Jan. 1, and you made the last one Dec. 1, you're not "late" enough to matter until Feb 2nd. If your payment is due Jan. 1 and you make it Jan. 29th, you should still be ok, even though that's about 58 (or so) days past the last pmt. See? Even then "many" creditors have a built in mechanism which they will NOT report you 30 days late until your 60 days late. In this example March 1. This is how my C1 worked anyway. .
I doubt it will show if you are few days late. I "pre-paid" on several auto loan accounts and got dinged for late payments because they credited the payments to principal instead of the next months payments. I even wrote on the check and sent a separate letter stating to the car lenders to credit the extra $$$$ to the next months payments. I had to call up the car lenders and explain what happended and they sent in UFO's to the cra's to delete. But like I said, I doubt they will report you late for being a few days late.
Gotta watch them UFO's. LOLOL (UDF's) ???? OMG I can't stop laffin. Thanx Cinderella. I needed that. .
yeah my CU works the same, cept i check the ONLINE system which shows the next pay due date. I sent in like 10 payments, and the due date only advanced one month, so i said hmm.. My next payment was less however, i think they refactor the payments to principal AND DO NOT make the loan shorter in term. lol so i stopped doing it for a while to pay off some crimmas debt
Butch, Thats what I was doing. I just used the payment book and kept sending in payents with eaach check I would send in a coupon.
Re: Re: Missed Payment?? opps Good. That's what I thought. In that case DrD. your argument is perfectly sound. By sending the coupons in with the payments they are notified to apply payments to future months. Because they [usually] do it the other way, as I mentioned, they probably just neglected to do it right in your case. Habits are hard to break. Don't take any prisoners on this. .
Re: Re: Missed Payment?? opps The UFOs flew from Area 51 to the CRAs. Too bad the people who work at the CRAs didn't even know to be afraid!
Re: Re: Re: Missed Payment?? opps Hey, maybe that's the REAL problem. UFOs have gone to all the CRAs and sucked the brains out of all the employees. And they probably don't even know what happened to them! Thanks, GEORGE, I think you've solved a mystery that has long plagued all of us--why the CRAs act the way they do. Now we just blame it on the UFOs!!!
