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Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
28,992
4,692
Riding the baggage carousel.
We’ve had a pretty chaotic last couple weeks on the Pesqueeb homestead and somewhere in chaos we missed a payment on the line of credit I used to purchase my motorcycle. We realized our mistake 2 days late and paid the bill, plus the late fee. It was our mistake so I don't really have an issue with that. Yesterday I get a nasty gram from the bank saying
Because you have not consistently paid the minimum monthly payment on or before the due date we have reduced your credit limit to $4500 (down from an original $5000)
Needless to say this fvcking smoked me off because I’ve never been late before and we pay extra against the principal every month. I’ve had my checking with this bank for at least ten years, they hold my mortgage that I pay 250 extra on every month, always on time; and the one time I slip on a small line of credit payment they are going to treat me like a deadbeat? It fvcking pisses me off. :rant:

Because they hold my mortgage I can’t exactly move my business elsewhere, which is what I want to do, the implication that somehow I’m a deadbeat and a bad financial risk really pisses me off. I was only two days late, will it effect my credit rating? Any :monkey: thoughts on recourse with the bank?
 

mattmatt86

Turbo Monkey
Feb 9, 2005
5,354
10
Bleedmore, Murderland
What was the stated grace period for the line of credit on the motorcycle? Were you two days beyond the due date or two days beyond the grace period?

Regardless, this shouldn't have any effect on your credit score. The minimum a payment has to be late to be reported to one of the credit bureaus is 30 days.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
28,992
4,692
Riding the baggage carousel.
What was the stated grace period for the line of credit on the motorcycle? Were you two days beyond the due date or two days beyond the grace period?

Regardless, this shouldn't have any effect on your credit score. The minimum a payment has to be late to be reported to one of the credit bureaus is 30 days.
2 days beyond the grace period. Good to know about the 30 days. :thumb:
 

mattmatt86

Turbo Monkey
Feb 9, 2005
5,354
10
Bleedmore, Murderland
2 days beyond the grace period. Good to know about the 30 days. :thumb:
If it is truly your first late payment then call the necessary person at the bank (its different at every bank) and explain the scenario as you did to us. I am 99% sure they will refund the late charge and set your credit limit back to where it was. I have to do this for credit challenged individuals at my job sometimes. It's not that the actual 2 day late payment hurts them but a reduction in available lines of credit will ultimately lower a credit score.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
28,992
4,692
Riding the baggage carousel.
I concur with the rest of the "call the bank" replies. They'll likely bend over backwards if you're really a good credit risk. Do you know your FICO score?
Its been a while but last it came up was when we re-fied our mortgage 2 years ago with the current bank. Between my wife and I, I was the low score that was 750ish. This is why I'm pissed, our credit is great and we've had ZERO issues to this point. I did earlier get off the phone with a gal that wasn't much help. She offered to run my isht again to see about re-upping the line of credit but I wasn't interested in having my credit pulled again, and quite frankly I’m going to close the credit line when the bike is paid off anyway. It’s the insult to my integrity that gets my goat. I got a number from her for their credit disputes dept. I will call them soon, but work interferes currently.




*edit: Whats with the kirk Cameron tag? :confused:
 
Last edited:

kazlx

Patches O'Houlihan
Aug 7, 2006
6,733
1,590
Tustin, CA
Regardless, this shouldn't have any effect on your credit score. The minimum a payment has to be late to be reported to one of the credit bureaus is 30 days.
This. A 'late' payment past a due date isn't technically late. It has to go past a billing cycle to actually be considered a missed or late payment on your credit.
 

TheTruth

Turbo Monkey
Jun 15, 2009
3,903
0
I'm waving. Can you see me now?
I went to the bank two days ago because I had 300 +$ in overdraft fees for trying to buy a slice of pizza and the girl behind the counter thought she was not swiping the card correctly. So she did it like 10 times. Now I got fvcked. I have never been so angry at a man telling me he doesn't feel safe with me having an account at their bank just for that instance. I wanted to burn that M@#@$* F@*&^! down!
 

SkaredShtles

I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!
Sep 21, 2003
49,627
3,436
In a van.... down by the river
I went to the bank two days ago because I had 300 +$ in overdraft fees for trying to buy a slice of pizza and the girl behind the counter thought she was not swiping the card correctly. So she did it like 10 times. Now I got fvcked. I have never been so angry at a man telling me he doesn't feel safe with me having an account at their bank just for that instance. I wanted to burn that M@#@$* F@*&^! down!
Debit card for the fail!
 

buildyourown

Turbo Monkey
Feb 9, 2004
4,837
0
South Seattle
I wouldn't worry about your credit either way. You can have several little F'ups like this and still be better than 700, which is really what you need to get good rates on loans. My wifes is maybe 100 pts better than mine, because I do stupid sutff like this. But it doesn't really matter in the end, we both get approved for the same loans with the best rates.
My point is, don't sweat the small stuff.
 

kazlx

Patches O'Houlihan
Aug 7, 2006
6,733
1,590
Tustin, CA
Debit card for the fail!
Personal line of credit FTW. I have a $2500 LOC and if I overdraft my checking for any reason they take it out of there and charge me $2. Seems fair. I'm pretty good about keeping tabs on things, but everyone makes stupid mistakes now and then and it's worth not having to pay for other people's....
 

greenhood

Turbo Monkey
Jun 12, 2006
1,085
0
SEATTLE-MINNEAPOLIS
I went to the bank two days ago because I had 300 +$ in overdraft fees for trying to buy a slice of pizza and the girl behind the counter thought she was not swiping the card correctly. So she did it like 10 times. Now I got fvcked. I have never been so angry at a man telling me he doesn't feel safe with me having an account at their bank just for that instance. I wanted to burn that M@#@$* F@*&^! down!
Carry cash for your pizza habit
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
28,992
4,692
Riding the baggage carousel.
.....aaaaaannd the plot takes a highly ironic turn. The motorcycle that said credit line is for, sh1t the head gasket on the way home from work tonight. Got the over heat light, pulled over, sure enough, no water. Have to take off the oil cap to pull a fairing to access the water reservoir, I notice the the oil looks like bad chocolate milk. I spend half an hour in a classic Front Range rain/lightning show waiting for the flatbed. fvck me. :banghead: