One late payment and you are gone?

[Bluga]

So i was applying for a new credit card and they rejected me because i have "one" late payment on other card. Is there anything i can do?

 

[Derango]

Try applying for a different credit card.

 

[JeffreyLebowski]

Don't get a credit card. It's nothing but trouble. Trust me, I'm regretting ever having them.

 

[kranky]

The CC issuers have to be competitive, but they also want to make money. So the really good offers go to people with perfect credit (= the people who are the least likely to stiff the CC issuer).

Even the people who qualify for the great offers get stuck with fine print that jacks up their interest rate if they are late. You have to be really careful to make sure they don't have a reason to yank the rug out from under a great deal. But you'll probably qualify for many other cards with only one late payment.

 

[NogginBoink]

Yes, a single late payment can do more damage to your credit history than just about anything else.

Make sure it remains a SINGLE late payment, and the effect it has on your credit will diminish with time.

 

[RossMAN]

How long have you had credit (since mm/yy)?
When was this late payment?
Was it a 30, 60, or 90 day late payment?

 

[Bluga]

Originally posted by: RossMAN
How long have you had credit (since mm/yy)?
When was this late payment?
Was it a 30, 60, or 90 day late payment?

About 1 yr. Less than 30 days of one late payment.

 

[DaveSimmons]

Originally posted by: Bluga

Originally posted by: RossMAN
How long have you had credit (since mm/yy)?
When was this late payment?
Was it a 30, 60, or 90 day late payment?

About 1 yr. Less than 30 days of one late payment.

Then from their viewpoint you have at least an 8% chance of not paying on time, higher if it was recent.

Keep making payments when they're due and stop buying things before you can afford them, and the problem will take care of itself over time.

 

[DougK62]

Originally posted by: JeffreyLebowski
Don't get a credit card. It's nothing but trouble. Trust me, I'm regretting ever having them.

Bah - credit cards are great to have. They're only trouble for irresponsible people

 

[tgillitzr]

thats great to hear, considering I had two late payments in a row on a now canceled credit card that were of no fault of my own.

stupid pricks at "The Associates"

 

[dman]

I may be wrong, but, it was my understanding that a late payment did not go on your record as such unless it was 2mo's late. IE, you get your bill, and forget to pay it. Then you get your next bill with the ~$35 late fee and $xx interest tacked on. If that one is then sent in late, it goes on your credit history. Maybe it's different for different banks.

I know I usually send one payment in a few days beyond the due date per year it seems. I checked my credit report and never saw any problems. Could be I don't get the full report though...

 

[RossMAN]

Originally posted by: dman6666
I may be wrong, but, it was my understanding that a late payment did not go on your record as such unless it was 2mo's late. IE, you get your bill, and forget to pay it. Then you get your next bill with the ~$35 late fee and $xx interest tacked on. If that one is then sent in late, it goes on your credit history. Maybe it's different for different banks.

I know I usually send one payment in a few days beyond the due date per year it seems. I checked my credit report and never saw any problems. Could be I don't get the full report though...

I think Sears worked this way which helped a lot of people. However Sears is notorious in the credit industry for reporting late which technically aren't late payments by their own standards.

 

[Bluga]

The weired thing is that i never got interest on my CC, maybe i should check my credit report.

 

[Sluggo]

There was a lot of hoopla awhile back.

CC companies were getting the payments on time, but posting them late, to get the huge late charge payments they charge. One local guy busted them by comparing the dates from his bank account with his supposed late charges.

You have to keep a close eye on those sneaky CC guys, they think of all the good tricks.