Late Payment Rebuilding Time?

Morning Community, I am currently in the process of trying to improve my credit (currently around 695-700 EQ & EX, 720 TU) for a mortgage loan. I am trying to reach a 720 for the Navy Federal 100% Financing program (first time homebuyer). I could just go with an FHA loan, but I do not want to pay the PMI on an FHA when I am so close to reaching the 720 for the NFCU program (100% financing comes with no PMI, slightly higher rates but monthly payments work out to be a good amount lower than an FHA). I have done pretty much everything I can do up to this point to get to where I am (credit utilization is 0% etc. etc.), but I do have a couple of late payments on a student loan hurting me. They are both on one account (of my 4 student loan accounts) and one is a 30 day late (a year and a half ago) while the other is a 60 day late that is a little more than 8 months old. I have already sent in multiple Goodwill Letters to the OC and even a few e-mails to the president of the company, though I always get the same response that they are required to maintain the information in my report and cannot remove them. Therefore, I figure my only course of action at this point is to wait for my credit to rise as the late payments age. My question to you ladies and gentlemen is if anyone knows how credit scores are affected by the age of your late payment. I have read that they hurt you the most in the first 2 years, but should my credit increase each month that passes? Or is it a scenario where once my most recent late payment becomes 1 year old, 1.5 years old, 2 years old etc. I will get a boost to my score? Is it possible to estimate when my credit may jump the 20 points that I need? I appreciate any feedback offered Have a great day!

Hey ,understand your rant. Kind of like being able to have the NRMA change your payments for your road, home and contents insurance to be all paid on the same day of the month (we pay by the month), or spread out. We wanted our new car insured, and the insurance says didn't match the other payments time cycle, so we merely had to make one "make-up payment" for a few days so that everything matches up. Now we pay all of our NRMA insurance on the one, predictable date that matches up with our finances. I know what it's like, LOL, your electricity, water, and land rates, and then the rego on the car all fall at once, and you would like to change the cycle, so that you don't get all the bills at once. It's not like you AREN'T going to pay, you just want the billing cycle to change, even if you have to make a "make-up payment", right? What you *could* do, is go into credit, by paying ahead, but this means that *you* have to make all the effort, instead of Telstra meeting you half way.

Similar Messages

Late payment 180 days question

The account had no payments on it from 9/13 to 2/14. Shortly before it being sent to collections I grew up and started paying it down entirely until it was paid off(State farm credit card, first one). This September will mark the 2 yr anniversary of the first late payment, I've read several places that say 30/60 aren't bothersome after 2 years, it that's the case, starting in September, should I be expecting a solid rise in score? Will the 90+ also lose some kick after 2 years? Or will the fact that the same account ended up going 180 days late nullify that?
Account has long since been closed on me, hoping I have a built in weight that's going to slowly be less affective over the next 8 months.
Appreciate any input and advice

Kuma wrote:
The account had no payments on it from 9/13 to 2/14. Shortly before it being sent to collections I grew up and started paying it down entirely until it was paid off(State farm credit card, first one). This September will mark the 2 yr anniversary of the first late payment, I've read several places that say 30/60 aren't bothersome after 2 years, it that's the case, starting in September, should I be expecting a solid rise in score? Will the 90+ also lose some kick after 2 years? Or will the fact that the same account ended up going 180 days late nullify that?
Account has long since been closed on me, hoping I have a built in weight that's going to slowly be less affective over the next 8 months.
Appreciate any input and advice
If all you had were 30 lates then you would most likely see a rise in score once the final one passed the 2 year mark but you have 90+ lates and these are major delinq in Ficos eyes and they will cost points the entire time they remain on file. 60 day lates can affect for the full CRTP as well depending on your overall profile there was a posting awhile back that a single 60 day late dropping at 7 yrs yielded a rather large increase in Fico score (was more than 30 from what I remember). As all of them age you do regain some points and if the account wasnt COed then each will drop at the 7 year mark until the account becomes a total postive. You can try to have the lates removed with a GW letter to the creditor http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Disputing a late payment reporting. What counts as "proof'?

I am disputing a account that has a "Late payment" reporting. I foolishy wrote down the confirmation in a notebook, and have lost track of it. I know it was paid, and the account shouldn't be reported as over 60 days late. I am doing my best to find any proof. I know I called the creditor on a speific date before the payment was due, and was talking to them for a few minutes. I pulled my telephone records, and it does show I called the creditor,and talked to them for 18 minutes, yet before I found this, the creditor said they couldn't see a call was made to them. I also have a "payment allocation" paper they sent to me that says a transcation for "$100" dollars was made on 03/18/2015, and my phone records have the phone call taking place on 03/17/2015. I just found these documents a day ago. I don't understand how a phone call wouldn't be recorded, but yet it shows on my phone bill that I talked to them for 18 minutes. I googled the number, and it was the creditors number. They have said i never did talk to them ,but that was before I went through my phone bill. Do i have anything worth sending them to show that what they have told me isn't correct?

mnl wrote:
So how are they allowed to make errors, but if we do, then there are problems? Navient(Sallie Mae) told me 2 times that they reviewed the call logs, and there records didn't show a call at all. Was told they looked thoroughly, so obviously they didn't, or there is a issue with their system. Proof of the phone call shows that there is a error on their end/system makes errors, if there is one error/mistake, then that shows more errors could happen on their end. I went through bank statements, and it shows for 03/18 , which is the same day the phone call took place (Which I have the phone bill) Bank statement shows on 03/18: 147.20 MERCHANT PAYMENT AT LOC 360 12061 Bluemont Way Reston VA Looked this up, and it's Sallie Mae/Navient. I don't have a voided check. I paid by phone. The phone bill, and bank statement is all I have. I've read online about how Sallie Mae/Navient has lost peoples payments, and made errors just like this plenty of times. Ridiculous. You're absolutely right. The debt collection industry essentially wrote the laws (FCRA and FDCPA) with some input from lawmakers - or to put it another way, the lawmakers wrote the laws with a great deal of input from the debt collection industry. So while there are *some* protections for us, the deck IS stacked against us to a great degree. The only defense we really have is to learn how the system works, both for and against us, in order to play this game on as level a playing field as we can possibly make.

Post of Late payment surcharge amount.

Hi Experts,
In my project, i am calculating the late payment surcharge amount ( LPSC Amount) through custom programme aganist the contract acccount and storing it in a custom table.
Custom program calculates LPSC amount in the day in which incoming payment is received against any charge (including invoice). LPSC is calculated in a time dependant slabs, depending on clearing date > net due date.
Can anyone help me how to post the calculated amount to the contract account.
Regards,
Paul

Hi,
You can use BAPI_CTRACDOCUMENT_CREATE to post a Fi-CA document.
Thanks,
Amlan

IS THERE A GRACE PERIOD ON LATE PAYMENT

my bill is due next sunday but i'm not going to have the money for the bill until that friday [5 days after the due date]. is there any grace period for payment? i've made all my payments on time since i've started my own verizon bill.

Thanks, SuzyQ, for your reply.
Hello jferron,
I recommend you make a payment arrangement. If you are able to make your payment within 12 days after the payment due date you can simply dial #PMT from your device and make the arrangement through our automatic service. Please note that you are subject to a $5 late fee if any pass due balance is greater than $5. I’m sure you’ll find this information helpful.
Thanks,
DaisyP_VZW
Follow us on Twitter @VZWSupport

How 7+ Years Late Payments Fall Off Report?

So being a credit forums junky for years now I thought I knew exactly how this would go down but I'm a little confused now, I guess... I just checked my Transunion report which still shows some old late payments from 2008 and 2009... An example of my "confusion" is one of my Student Loans...there is payment history on that loan dating back from March 2007 and onwards (opened Feb 2007)...these recorded "OK" payments are well over 7 years old - why havent these payements fallen off as time goes on? (My lates arent quite 7 years old yet on that account yet, but will be soon and I'm sort of not sure how they are going to "fall off" if this account's payments are being reported beyond 7 years?) A similar sitiation is going on with my Capital One card, which is actually still open. - It had a 30 day late back in September 2008. Will this 30 day late just magically turn in to a "OK" payment in Septemeber when it turns 7 years old, or will that payment literally fall off and dissapear somehow, even though the older-than-7-years payments on that account that are "OK" are not falling off and still showing?

shane82388 wrote:
So being a credit forums junky for years now I thought I knew exactly how this would go down but I'm a little confused now, I guess... I just checked my Transunion report which still shows some old late payments from 2008 and 2009... An example of my "confusion" is one of my Student Loans...there is payment history on that loan dating back from March 2007 and onwards (opened Feb 2007)...these recorded "OK" payments are well over 7 years old - why havent these payements fallen off as time goes on? Because they are not derogatory. (My lates arent quite 7 years old yet on that account yet, but will be soon and I'm sort of not sure how they are going to "fall off" if this account's payments are being reported beyond 7 years?) Derogatory payment history (lates) will be excluded as each late passes the 7 year mark. When the last late is excluded, the account will become completely positive and will report for ten years after its closure. A similar sitiation is going on with my Capital One card, which is actually still open. - It had a 30 day late back in September 2008. Will this 30 day late just magically turn in to a "OK" payment in Septemeber when it turns 7 years old, or will that payment literally fall off and dissapear somehow, even though the older-than-7-years payments on that account that are "OK" are not falling off and still showing? It will become excluded and will essentilally become "no data" for that month. Most display formats will show "no data" as "OK" - it just depends on where you are viewing your file.

NSS4000 RAID rebuild time

Yesterday I setup our new NSS4000 - I updated the firmware to 1.16-3 (Mon, 08 Jun 2009 14:12:52 +0000) - I created a RAID 5 array with four Western Digital WD15EADS 1.5TB drives - after the array completed one of the drives was marked as failed - I removed and reinserted it and added it back to the array and it failed again a few min later - I replaced the drive and added the new drive to the array. This was 14:10 yesterday and the rebuild is only at 55% over 24 hours later. I don't see the WD15EADS drive on the approved list specifically but the WDS10 and WDS20 are both on there.
Is this a normal rebuild time for 1.5TB drives? I am going to delete the array and recreate it since there isn't any data on the system yet but I would like to know if there is a problem with these drives in the NSS4000 before I put it into production.
Thanks,
Tom

I have seen this behavior a couple of times (actually twice) on TB drives and creating a RAID 5. I don't think the RAID level matters much, just the fact that we are addressing a lot of space. One word of caution, drives that are not on the approved drive list should really be avoided. That was not a sales plug, or preaching Cisco literature. Granted drives that are not on the list will work and will spin and all that fun stuff, but most of the RAID failures I see are using non-approved drives. Another thing to keep in mind; is that the NSS devices can only be configured for up to 4TB. That is not to say you can not add a larger RAID. You can install 4, 2TB drives, but it does not mean you can safely create a 6TB RAID5 structure.
My guess would be that one drive is not liking or just not playing nice with the NSS and is having a hard time being accessed and addressed. Now add the fact that we are over our 4TB limit, not really surprised it is taking a long time.
My personal rule of thunb; I always create RAIDs with same drives, models and size and never mix manufacturers. That is me talking no one else, its just what I have learned over the years via bad experiences.
Hope that helps.

Late payment/reconection fee

Hi. Can any1 help? Ive recently joined bt. Installed 23/01/13. Billed on 24/01/13. This is nt the prob. Opted out of dd as dnt hve a bnk acct! Asked numerous times 4 paper billing only fir it never to arrive hence late payment. Payment crd order after 2nd bill due and was assyred i would not incurr any charges. Imagine my suprise wen tidays bill came online n its charged me! Was nt made aware wen ordrin bb tht thy assume u b payin by dd. This was nt the case! Hence askin for paper/paymnt card. Reason for late payment? Bt not sendin correct paper work in time.

Hi
I am sorry to see you are having problems
As live chat was unable to help you I suggest you contact the forum mods they should be able to get this problem sorted for you this is a link to them http://bt.custhelp.com/app/contact_email/c/4951
They normally reply by email or phone directly to you within 3 working days they will take personal ownership of your problem until resolved and will keep you informed of progress
They are a UK based BT specialist team who have a good record at getting problems solved
This is a customer to customer self help forum the only BT presence here are the forum moderators
If you want to say thanks for a helpful answer,please click on the Ratings star on the left-hand side If the reply answers your question then please mark as ’Mark as Accepted Solution’

Late Payment Notification

I paid my bill on 26/11 at the Bank. Today I received an e-mail saying my bill was unpaid. I logged onto my account and went through the I have paid options and received notification that my payment had been received but I may incur late payment charges. Checked out what that means and it says must be paid 5 days from red reminder date, I have not received any red reminder. How can BT send out a reminder today and confirm payment made on 26/11 on the same day????? There is something amiss here, and if I get any late payment charges there will be some serious repercussions, particularly as no red reminder has reached here. Very poor coordination and treatment of customers!
Solved!
Go to Solution.

If you pay into a bank on Friday the payment is not credited to bt until the Monday the email is automated and has been sent as your payment was received basically they have crossed you will most likely receive a red reminder in the post in the next few day i speak from experience of this as it happened to me last week paid the bill Tuesday got an email Thursday and a red letter Saturday they do say in both the email and letter if you have already paid ignore them In my case it was a card payment made on line and i received an email receipt less than 5minutes after paying it again caused by the banks payment processing time you will not get charged a late fee until it is five days after receipt of he red letter
If you want to say thanks for a helpful answer,please click on the Ratings star on the left-hand side If the reply answers your question then please mark as ’Mark as Accepted Solution’

Removing Late Payments after Paying

This site has a lot of great information and recently decieded to join after reading many threads about this subject. So here it goes: I mistakenly let my student loans go into default. I had 3 loans from Fed Loan Servicing that went into default and was picked up by US Dept. of Education. Now my CR has 6 accounts. I called DOE and was told if I can pay the balance within 90 days all negative tradelines will be removed. I agreed. I paid off the balance when I made my last payment last month. I pulled my CR yesterday and noticed that they just changed the status to paid and all my late payments are still there. Did some searching on this board and I've read on here that they are not obligated to remove the late payments. Is this true? I was under the impression that all my late payments from DOE and Fed Loan would be removed.
Because I have Fedloan and DOE reporting late payments, I have 30 lates being reported from Fedloan and another 36 on behalf of DOE. That’s 66 total OUCH!!. Mostly are 90+ late. How can I get these removed? It’s stressing me out and I want to apply for a mortgage. For those curious my score went up +33 on EX and +23 EQ when they changed the status of my loan. Any help would be much appreciated!!!

I have never heard of the DoE offering to remove negative reporting in exchange for repaying the total balance in a short amount of time. Most of what you found here probably referred to the rehablitation process, which involves 9 on-time payments to the collection agency in order to bring the loans out of default status. Once the loans are back in good standing, some of the negative reporting is removed, but servicers are not required to remove the late payments leading up to the default. Did you get your repayment agreement in writing? Who did you make this agreement with? (The DoE, the collection agency handling your defaulted loans?)

Late Payment Fees

Very disappointed with Telstra's late payment policy. Firstly, organising a 'payment extension' doesn't mean you avoid the late payment fee. According to Telstra staff, it simply ensures that your service isn't cut off. But seriously, what kind of company cuts off the service of a long-time customer when a bill is paid a few days late anyway? I get paid monthly on the 25th, and my Telstra bill is always due on the 20th, so I wanted to change the date to make it easier to pay on time. I was happy to pay the five days difference. But even after repeat requests, Telstra continue to say a flat-out 'no'. I know it's my responsibility to pay on time, but Telstra have absolutely no interest in making it easier for their customers. During a recent chat with a Telstra rep I was told the policy had changed and that payment could now be made 14 days late without incurring a fee. So, with this in mind I paid my bill on the 26th. But lo and behold, my next bill included a $15 sting, and when I contacted Telstra I was told that the information given to me was incorrect, and a $15 credit was applied to my account. This credit is appreciated, but I'm looking for a long-term solution, not a month-by-month band-aid fix. So basically, I'm back to square one. I get that this is company policy, and that as a big corporation Telstra are under no obligation to change it (even in the face of a class action), but I'm still staggered by how unflexible they've been. It really isn't a great way to keep customers, and keep them happy. I just think, if Telstra knew how far a bit of good will can go these days, they could really benefit. End of rant!

Hey ,understand your rant. Kind of like being able to have the NRMA change your payments for your road, home and contents insurance to be all paid on the same day of the month (we pay by the month), or spread out. We wanted our new car insured, and the insurance says didn't match the other payments time cycle, so we merely had to make one "make-up payment" for a few days so that everything matches up. Now we pay all of our NRMA insurance on the one, predictable date that matches up with our finances. I know what it's like, LOL, your electricity, water, and land rates, and then the rego on the car all fall at once, and you would like to change the cycle, so that you don't get all the bills at once. It's not like you AREN'T going to pay, you just want the billing cycle to change, even if you have to make a "make-up payment", right? What you *could* do, is go into credit, by paying ahead, but this means that *you* have to make all the effort, instead of Telstra meeting you half way.

Late payment from Wells fargo dealer services

I have my auto loan financed from wells fargo dealer services for 1.5 years. So far good payment history but my interest rate was way too high. So for lowering that rate i refinaced from other bank and during that entire finace process, payment for this month got delayed and i called wells fargo to let them know that they will be getting the cheque soon. They reported late payment 30 days past due on my credit history. I was reading online that we can send them GW letter to reconsider and it has to be polite and positive, since i started refinance from other bank, i can't suggest automatic payment or on time payments from now on. I dont know what should i write in mail so that they consider. If anyone have good suggestion. pls help

Need_Advice wrote:
I have my auto loan financed from wells fargo dealer services for 1.5 years. So far good payment history but my interest rate was way too high. So for lowering that rate i refinaced from other bank and during that entire finace process, payment for this month got delayed and i called wells fargo to let them know that they will be getting the cheque soon. They reported late payment 30 days past due on my credit history. I was reading online that we can send them GW letter to reconsider and it has to be polite and positive, since i started refinance from other bank, i can't suggest automatic payment or on time payments from now on. I dont know what should i write in mail so that they consider. If anyone have good suggestion. pls help When you refinanced you didn't see the "you may have to make a payment to keep the account current prior to the old lender receiving the payoff check"? It's been plastered all over every refi I've ever done. Good luck with the GW.

Automatic calculation of charging of interest on late payment onLO

Hi.
my query is that user want that SAP calculate interest on late payment automatically for lease out.
is it possible in real estate?

Hi,
As Franz said, there is no standard functionality in RE, but you could use the Adjustment program to achieve that result.
You can customize an index based rule with your interest rate and default that adjustment rule for the condition that needs to be accounted for interest.
The problem is that if you choose to follow this approach, you will have no intergration with FI-AP and the adjustment program will not check which contracts are overdue and which not.
KR,
Severina Kolleva

Late payments

Hello,
(I'm new to SAP B1, 2007 A)
I defined a payment term under "Administration -> Setup -> Business Partners -> Payment Terms"
Under "Interest on Receivables" I choose 10% (for exemple)
I defined a new partner with this Payment terms, but i don't know how to make the system calculate the late payement fee (even if i create a new order with late date).
If someone can help me it could be wonderfull
thanks

Hi Mohamed,
the easiest way of doing this is to set up the dunning wizard to calculate late payment fees. The application will not automatically create postings that update the BP balance. If you need late payment fees to show up on the BP balance & in the ageing report, you need to create manual journal entries or service type invoices.
The use of the' Interest % on Receivables' field within the payment terms is not shown in the EES mentioned above, but all pertinent dates & the calculation logic are explained.
All the best,
Kerstin

CAPITAL ONE DISPUTED LATE PAYMENT WITHOUT MY PERMISSION!

HELP! I am in the processes of working on 3 late payments on my Capital One card. I called yesterday and very clearly stated to the rep that I was looking for a GW removal and NOT a dispute. He gave me the typical scripted speech that they would make an *internal* request and I said thank you, have a nice day. I entered an online chat today with a supervisor to ensure that my account was not disputed and come to find out, it is. Who do I contact now? Can I file a complaint? Who the HECK is running the show at Capital One? This is just crooked business!

Thanks. The EO called me today to let me know they would be investigtaing the rep who created this mess. I'm livid. I am praying that dispute does not hit my report. They tell me it will take 7-10 business days to investigate.

Late Payment Rebuilding Time?

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