Hi, in Oct 2003 I paid less then the minimum due. In Nov 2003 I paid the complete minimum due but I was still reported as late. Is any payment a payment? The company is Capital One Thank You
A payment for less than min. due is still late; and for the purpose of the 7yr reporting would have began tolling the 7yr reporting clock if you wouldn't have caught the payment up the next month.
Why? Without a "cashed under protest endorsement", When they endorse, and cash payment are they not accepting this payment as paid for that month?
A) Is restrictive endorsement *LEGAL* in your state? B) Was it properly restrictively endorsed? Restrictive endorsement is not a given, even if it is legal in your state, you must make the restrictive endorsement in a specific way, or it is not effective.
If you read your agreement, you'll probably find that if you don't pay the minimum it's considered late. That's why it's the MINIMUM. That's the least they accept to keep the account in a current status. Just to say that you made a payment doesn't mean that you have satisfied the terms of your agreement. If they didn't hit you with a late payment fee, you're lucky. And what did you want them to do--return the payment you made? Did you put any kind of restrictive endorsement on it, or did you think that if they don't protest, they accept it as the minimum? Believe me, an creditor is going to take whatever payment is sent and apply it to a current account. As far as they know, you could be sending another payment, or could have made another payment online to meet the minimum. And most companies handle payments in a mail room. The people open the envelopes, make sure the account number is on the check and is correct and credit it. I don't know if they even see your whole account.
