UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: Mike7279 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Venting Time ( I apologize in advance) Date: 4/1/1998 10:34 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<<Are you saying you missed your billing date by one day or the pay by date? If it is the pay by date, you are saying that some companies are granting a 60 day grace period without reporting but are charging late fees for the last 30 days. Do I have this right? Your
payment was 31 days past the billing date but one day past the pay by date.>>

My payment was due on August 1. They got it August 2. I was charged a late fee (No problem, it was late). They also reported it to the credit agency as 30+ days late. My understanding is that most companies would charge the late fee but would NOT report the payment as late unless they received it after September 1. For example, on August 7, I get a bill saying my last payment has not yet been received. I now owe both my August payment and my September 1st payment. If I send in both payments before Sept. 1st, most companies WILL NOT report any late payment. If I send it in on Sept. 2, then my payment for August was in fact received over 30 days after it was due. Companies would then report it.

Note: "Grace Period" is really a misnomer. The fact is that the credit reporting agencies doen't have a category for 1 to 30 days late. Also, the grace period I'm talking about has nothing to do with being charged interest if you don't make your payment on time.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.