30 day late impact on auto loan possibility

[fxtalon]

I am self employed. There was a change in how my particular business is done, so  the business crashed, and I have been in the process of rebuilding it. That is going ok, it's taking longer than I thought it would. I expect things will be very good in a few months. 

 

I have been rebuilding credit for years, and recently have had perfectly clean scores across the board. No doubt there have been some extremely close calls, and this past week, I messed up. 

 

I was already late on my cap1 card payment, and expected to get both payments before the 30 day late would hit. I have a bank I have been with for about 6 months that I do business with. So in retrospect, I should have been more on the ball, but this is what happened: 

 

I called the bank to ask about a deposit that was coming into my account that day and if it would be credited *that day* to my checking account. They verified this was true, so I made my cap 1 payment. Cap 1 hits the the account the next day and bounces out, because the incoming deposited was not credited the same day it came in. For the first time in doing business at the bank, they did not apply the payment to the account right away. If I had been aware of this possibility, I would have shown up at the bank that day and deposited some funds I had in hand. This all bypassed me until I logged into my online banking and saw the funds had not been applied and the payment had bounced. 

 

So now it is the weekend, and I have no idea what status quo is. The cap one payment has disappeared from the online record of my checking account, no peep from Cap 1 as of yet, and I will call them Monday.

 

Sorry for that wall of text, simply, I think I will get a 30 day late, and I was planning on purchasing a better car in about 3 months. Current scores a 780, 740, 755. I am guessing an 80 point drop. With a 30 day late in such recent history, what are my chances of getting a car loan. 

Edited August 18, 2018 by fxtalon

[MarvBear]

If your scores are that high and the anticipated loan amount is commensurate with your overall credit history and prior auto loans, you should be fine.   Normally if your income supports you can be granted a loan of 1 1/2 times your previous loan amount.

[fxtalon]

I haven't had a car loan for 18 years. 

 

I mainly wanted to know if a 30 day late payment that has only aged 3 months on my credit report  would put me in a position of being declined for a loan. 

 

Thanks for your response!

[MarvBear]

Based on just the information provided, my opinion is you should be fine.

[fxtalon]

awesome, thank you

[nyquil556]

awesome, thank you

I'm not sure if I completely understand your situation but I would replace the cap1 payment immediately online using the cap1 website. If the 30 day late shows up then I would send a goodwill letter to cap1. Either way, you will still be able to get a good rate on a car loan. Good luck

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