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DKgeo34

Accidentally missed my first credit card payment... what do I do?

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I have two Capital One cards. One I use all the time, the other I never use. I’ve had them for years and have never missed a payment (almost always pay it off in full every month).

 

I received an email from Capital One this morning saying my payment was overdue. I freaked out, checked it out, and it turned out to be a membership fee (plus a late charge).

 

I called Capital One. The person I spoke with took the late charge off my account. I asked him if this will still affect my credit. He didn’t know. He checked with someone and said it would. He said after 3 days, it’s automatically reported to the credit bureaus.

 

I was/am freaking out. He gave me some line that was supposed to reassure me, saying I can call the credit bureaus for more information.

 

What are my options? I didn’t call Capital One during business hours, so maybe I didn’t get someone on the line with the authority to do anything.

 

Please help. I’ve worked for years to build my credit back up. It seems crazy that one slip like this can tarnish my perfect payment history...

 

 

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What was the due date for the payment?

 

What day did you make the payment, and how?

 

You should PC that card to a no-AF product.

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What was the due date for the payment?

 

What day did you make the payment, and how?

 

You should PC that card to a no-AF product.

It was due on 1/21/2018. I made the payment today, 1/25/2018 via the app.

 

I know. The funny thing is this is the card I first got when I started rebuilding my credit. It has a $500 credit limit (my other cards all have $10,000+ credit limits with no annual fees). Whenever I call to cancel the card (because of the annual fee), they tell me they’ll waive so I figure why not. In fact, last year they told me I wouldn’t have to pay the annual fee anymore. But when I talked to Capital One today, they said they didn’t have a record of that.

 

 

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What was the due date for the payment?

 

What day did you make the payment, and how?

 

You should PC that card to a no-AF product.

It was due on 1/21/2018. I made the payment today, 1/25/2018 via the app.

 

I know. The funny thing is this is the card I first got when I started rebuilding my credit. It has a $500 credit limit (my other cards all have $10,000+ credit limits with no annual fees). Whenever I call to cancel the card (because of the annual fee), they tell me they’ll waive so I figure why not. In fact, last year they told me I wouldn’t have to pay the annual fee anymore. But when I talked to Capital One today, they said they didn’t have a record of that.

 

 

Sent from my iPhone using Tapatalk

 

 

A payment isn't late for credit reporting purposes until 30 days after the due date.

 

You should consider setting up autopay for the full statement balance.

 

Call the EO and get this switched to a no-AF card.

Edited by cv91915

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What was the due date for the payment?

 

What day did you make the payment, and how?

 

You should PC that card to a no-AF product.

It was due on 1/21/2018. I made the payment today, 1/25/2018 via the app.

 

I know. The funny thing is this is the card I first got when I started rebuilding my credit. It has a $500 credit limit (my other cards all have $10,000+ credit limits with no annual fees). Whenever I call to cancel the card (because of the annual fee), they tell me they’ll waive so I figure why not. In fact, last year they told me I wouldn’t have to pay the annual fee anymore. But when I talked to Capital One today, they said they didn’t have a record of that.

 

 

Sent from my iPhone using Tapatalk

A payment isn't late for credit reporting purposes until 30 days after the due date.

 

You should consider setting up autopay for the full statement balance.

 

Call the EO and get this switched to a no-AF card.

Thank you for the information! Let me ask you this, if I cancel my card or switch to a non-AF Card with Capital One (I already have a non-AF Card with them, but I’ll look into another one), is there any way I can get my annual fee back? The fee is for the year... if my year only started a few days ago, I wonder if they would refund me... any opinion?

 

 

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Regardless of whatever advice you get, you need to be more diligent with your finances. There is NO excuse for a late payment unless you literally have $0.

 

It seems crazy that one slip like this can tarnish my perfect payment history

No, it's not crazy. It's how things work. As you should be aware of since you spent years rebuilding.

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Capital One (and most banks) have settings that you can adjust to send you an email a certain period before your payment is due. It's a good safeguard. As far as getting the card switched to a no annual fee one, I got it accomplished on one of my Cap One cards over live chat in about 2 minutes. I found it more convenient than calling in or waiting for an email response.

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Regardless of whatever advice you get, you need to be more diligent with your finances. There is NO excuse for a late payment unless you literally have $0.

 

 

It seems crazy that one slip like this can tarnish my perfect payment history

No, it's not crazy. It's how things work. As you should be aware of since you spent years rebuilding.

You’re right. I just meant I was surprised that there was no kind of grace period. I usually pay all of my cards in full every month, so I’ve never even needed to even think of using any kind of grace period.

 

 

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Auto pay will most definitely help.

 

I have all of mine set up for minimum pay and if I ever forget one at least the minimum payment is made on time.

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It seems crazy that one slip like this can tarnish my perfect payment history...

Not crazy at all. Payment History is the biggest factor for hopefully obvious reasons. Granted, it's not relevant in this particular case since you weren't 30+ late but you still run the risk of penalty fees, APR's etc when you're late. What is crazy is slipping into bad habits if you're rebuilding.

 

You need to be actively monitoring all open accounts whether you're using them or not. You should have caught this before the payment was due if your were properly monitoring. You had a period of time from when the charge hit to the end of the statement cycle plus the grace period to notice this. As stated above, autopay can ensure that at least the minimum or statement balance is always covered so you're never late. Take whatever action is best suited to your management style. I don't use autopay myself but I'm constantly keeping up on all accounts. You may want to use autopay, close (or convert if possible) the account or possibly take some other action (check more often on transactions, set up reminders for recurring charges, etc). Things can pop up and you need to keep an eye out for them.

Edited by takeshi

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Instead of cancelling the card, look at combining the cards. I had 2 cap1 with an AF and combined them to the one with no AF and kept the credit.

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Crapital 1 loves the kind of customer that forgets to pay. Their business model depends on those late fees and annual fees, and they love keeping their customers score in their target rage. Knowing this should give you incentive to pay on time and get to a level where you can leave crap1 in the dust.

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Crapital 1 loves the kind of customer that forgets to pay. Their business model depends on those late fees and annual fees, and they love keeping their customers score in their target rage. Knowing this should give you incentive to pay on time and get to a level where you can leave crap1 in the dust.

Should I be in a hurry to cancel my wife's $50K Venture? How about my $50K Spark?

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Crapital 1 loves the kind of customer that forgets to pay. Their business model depends on those late fees and annual fees, and they love keeping their customers score in their target rage. Knowing this should give you incentive to pay on time and get to a level where you can leave crap1 in the dust.

Should I be in a hurry to cancel my wife's $50K Venture? How about my $50K Spark?

 

 

Do they have annual fees?

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"Sixty-six percent of its net income continues to come from credit cards, which is its original business. After buying out HSBC, Capital One is likely to be the sole significant subprime credit card issuer in the US. It is also a leading subprime auto lender."

 

Subprime is subprime for a reason. Good for you and the wife for getting them to open 50k lines. I'm sure they have a prime division for their high rollers. Know that the majority of their cardholders won't get anywhere near that, although stories like yours will keep them relevant and in the minds of debtors.

 

They gave me $1800 and stopped giving CLIs once I got above 700. I didn't fall into their target demographic any longer. Just my experience.

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OP: if you were rebuilding or still are, you really need to follow the "set up autopay always" rule. There's no good reason NOT to have autopay set up for a minimum payment at least.

 

I was "trapped" on a boat in the Caribbean during Irma and delayed my arrival by 3-4 days, so all of my autopays clicked in. Already had paid a hefty amount to cover the month, but autopay is a lifesaver especially on cards in the sock drawer.

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They gave me $1800 and stopped giving CLIs once I got above 700. I didn't fall into their target demographic any longer. Just my experience.

 

You applied for the card with dirty reports. You were subprime. You got one of the subprime "glass ceiling" products. We've proven time and time again that CapOne and other issuers segment accounts that will always be dirty.

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Crapital 1 loves the kind of customer that forgets to pay. Their business model depends on those late fees and annual fees, and they love keeping their customers score in their target rage. Knowing this should give you incentive to pay on time and get to a level where you can leave crap1 in the dust.

Should I be in a hurry to cancel my wife's $50K Venture? How about my $50K Spark?

 

 

Do they have annual fees?

 

 

I've paid one annual fee in three years that I have had the Spark. It had a $500 SUB.

 

Yesterday I got the AF waived on my wife's Venture. Three minute phone call with some lady in Manila, most of which was spent talking about my time living in Manila or her laughing at my Tagalog. This card also had a $500 SUB.

 

I have a higher batting average getting CapOne to waive annual fees than I do AMEX, Chase or Citi.

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They gave me $1800 and stopped giving CLIs once I got above 700. I didn't fall into their target demographic any longer. Just my experience.

 

You applied for the card with dirty reports. You were subprime. You got one of the subprime "glass ceiling" products. We've proven time and time again that CapOne and other issuers segment accounts that will always be dirty.

 

 

Ahhh,, but what if he'd applied "Clean"?

 

http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858307

 

Every time I hear someone label "Crap-One": as "Sub-Prime" I think about this card product of mine. I've got a lot of cards from so called "Prime Lenders", (but NONE of them equal the value of this product from a "Sub-Prime lender",, LOL,,, LOL,,, LOL...)

 

Mind you, this isn't a "Rewards CC", it's just a credit card.

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They gave me $1800 and stopped giving CLIs once I got above 700. I didn't fall into their target demographic any longer. Just my experience.

 

You applied for the card with dirty reports. You were subprime. You got one of the subprime "glass ceiling" products. We've proven time and time again that CapOne and other issuers segment accounts that will always be dirty.

 

 

Ahhh,, but what if he'd applied "Clean"?

 

http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858307

 

Every time I hear someone label "Crap-One": as "Sub-Prime" I think about this card product of mine. I've got a lot of cards from so called "Prime Lenders", (but NONE of them equal the value of this product from a "Sub-Prime lender",, LOL,,, LOL,,, LOL...)

 

Mind you, this isn't a "Rewards CC", it's just a credit card.

 

 

That's as prime as prime gets :grin:

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