Embarassing credit card slip-up

[brewer12345]

I somehow spazzed paying an AmEx bill last month and when I got home last night, this month's bill was there indicating that I was past due. They did not levy any fees aside from a month's worth of interest on the few hundred dollars balance. I set up my bill pay service to wipe out the balance ASAP (friday) and called AmEx to let them know it was coming.

Will this result in a ding on my credit score, or is it going to get a pass since it was less than 30 days overdue?

[Running_Man]

Most likely American Express will not report it as a late payment on your credit score if you are a good customer, usually it has to be a pattern to effect your credit score. I have had late payments on my Master Card for similar reasons not effect my credit score at all.

I would think your credit score would be near the top!?

[brewer12345]

Suffice it to say that I don't spend a lot of time worrying about qualifying for a loan.

But for a while, stoozing really whacked my score.

[W2R]

I probably should not mention why...

but I never have embarrassing moments with credit cards.



(choose not to have any, sssh!! don't tell)

[dgalbraith100]

One of the things I setup recently with all my credit cards is a autopayment for the minimum amount. That way if I slip up, their auto pay takes over and at least pays the min.

I had a problem with my Bank of America card (use to be MBNA) when I set this up the first time. I set Chase and MBNA up at the same time, then knew I had it configured, and just skipped paying the bill that month.

Unfortunatly Chase actually did the payment, even sent me a nice email that they had done it... and I promptly forgot to look at the MBNA account. So 30 days later, the next bill rolls around.. and... WHAT! I'm late... so I call up and a bunch, and they reverse the late charges... and then tell me... oh, it can take UP TO 3 billing cycles for your auto pay to take affect... huh? you mean in this day of computers (where I configured it online)... where I can check my account with-in hours of a payment for something, and its there... it takes 3 months to configure auto-pay? Sounds like they are trying to screw with people and collect some late fees...

I hate to cancel that card since it use to be MBNA and I've had the account for like 15 years now... but I hate BofA, and refuse to use the card anymore...

It didn't effect my credit at all, and I doubt your little slip up will either.

Laters,
-d.

[Alan]

Quote:

Originally Posted by dgalbraith100 One of the things I setup recently with all my credit cards is a autopayment for the minimum amount. That way if I slip up, their auto pay takes over and at least pays the min.-d.

This is a great tip. I have 2 cards - MC and Amex so I decided to do the same. MC from Chase was easy, did it on the website, but the Amex site does not appear to allow this so I just called them, and in fact they do allow you to set up auto payment of the minimum, but they couldn't do it over the phone. I'm now expecting a form in the mail to be able to set this up.

Brewer, your original post said it was amex you had, so I've posted this in case you were considering doing the same. I guess amex don't advertise this feature to enable them to reap the benefits of interest and late fees etc. for those that forget or have other month-end issues.

[TeeRuh]

Quote:

Originally Posted by brewer12345 But for a while, stoozing really whacked my score.

O.K., I'll bite; what is "stoozing"? :confused:

t.r.

[freebird5825]

Quote:

Originally Posted by TeeRuh O.K., I'll bite; what is "stoozing"? :confused: t.r.

glad u asked this.

like your avatar by the way. a dream or do you own one?

[maddythebeagle]

No late fees...was this a charge card? where they allow for you to carry charges? I dont think it will hit your report and most allow you to waive a late fee once or twice a year...to the previous poster, I would be careful of the autopayments since statement dates and minimums can change...

[brewer12345]

Its a costco amex, which has terms pretty much identical to a visa or mc. No late charge I could find on the bill.

[brewer12345]

Stoozing: take a 0% offer from an idiot credit card issuer and invest it in a high yield savings account. Pay back the loan when the 0% period is over. Pocket the interest.

[TeeRuh]

Got it. I guess I can see how after about the umpteen thousandth card the credit score might get a little dicey ...

[fluffy]

Speaking of stoozing... I just paid back the remaining balances on my last round and deciding whether it's worth doing another one now. From what I read banks are clamping down on 0% offers/LOC transfers and falling interest rates don't help either. Any recent experience/advice? TIA.

[SecondCor521]

Quote:

Originally Posted by fluffy Speaking of stoozing... I just paid back the remaining balances on my last round and deciding whether it's worth doing another one now. From what I read banks are clamping down on 0% offers/LOC transfers and falling interest rates don't help either. Any recent experience/advice? TIA.

It entirely depends on your circumstances. The fact that interest rates on savings accounts are dropping makes things somewhat more challenging.

I'm doing my second round of stoozing right now. I don't have final numbers because it is still in progress, but I expect to make about $5,000 to $10,000 at it this year. I think of it as an enjoyable and flexible second job.

You can read about my experience here. FWF, the message board that you land on, has plenty of stories about stoozing. They call them AORs there.

2Cor521

[fluffy]

Quote:

Originally Posted by SecondCor521 It entirely depends on your circumstances. The fact that interest rates on savings accounts are dropping makes things somewhat more challenging. I'm doing my second round of stoozing right now. I don't have final numbers because it is still in progress, but I expect to make about $5,000 to $10,000 at it this year. I think of it as an enjoyable and flexible second job. You can read about my experience here. FWF, the message board that you land on, has plenty of stories about stoozing. They call them AORs there. 2Cor521

Thanks, 2Cor, I'll make sure to read through your FWF thread. I managed around $5K/yr last couple of years but having doubts about this year. Will check out your experience, thanks again

[bssc]

Quote:

Originally Posted by SecondCor521 It entirely depends on your circumstances. The fact that interest rates on savings accounts are dropping makes things somewhat more challenging. I'm doing my second round of stoozing right now. I don't have final numbers because it is still in progress, but I expect to make about $5,000 to $10,000 at it this year. I think of it as an enjoyable and flexible second job. You can read about my experience here. FWF, the message board that you land on, has plenty of stories about stoozing. They call them AORs there. 2Cor521

I suspected that you were the same person given your handle.

[SecondCor521]

Quote:

Originally Posted by bssc I suspected that you were the same person given your handle.

Yup. I'm "SecondCor521" where ever I register on the web, so if you see that user id out there, it's almost certainly me.

2Cor521

[Niko]

Quote:

Originally Posted by fluffy Speaking of stoozing... I just paid back the remaining balances on my last round and deciding whether it's worth doing another one now. From what I read banks are clamping down on 0% offers/LOC transfers and falling interest rates don't help either. Any recent experience/advice? TIA.

I transferred $6000 last November and $6600 in December. My recollection after doing my research is that many companies still offer 0% for a year (or more in some cases) but they will charge you a 3% balance transfer fee. The two I applied for had 12 month offers with no balance transfer fees.

After getting these two, I started thinking that the headache, paperwork, risk of a mistake (hey, if Brewer can miss a payment anyone can!) and credit hit are probably not worth it the few hundred dollars I will earn. I'll let these two cards ride out and stop playing the game later this year.

Incidentally, though, I received another 0%, 12 month, no balance transfer fee offer in the mail the other day from US Bank. I was tempted but tossed it.

[Hamlet]

All of the offers I've gotten lately have included some sort of balance transfer fee. I used to get total free offers, but I no longer get any. I don't have any credit card balances at present.

Is anyone else still getting totally free offers, or has that well dried up?

Quote:

Originally Posted by Niko I transferred $6000 last November and $6600 in December. My recollection after doing my research is that many companies still offer 0% for a year (or more in some cases) but they will charge you a 3% balance transfer fee. The two I applied for had 12 month offers with no balance transfer fees. After getting these two, I started thinking that the headache, paperwork, risk of a mistake (hey, if Brewer can miss a payment anyone can!) and credit hit are probably not worth it the few hundred dollars I will earn. I'll let these two cards ride out and stop playing the game later this year. Incidentally, though, I received another 0%, 12 month, no balance transfer fee offer in the mail the other day from US Bank. I was tempted but tossed it.

[samclem]

brewer,
One potential "gotcha" with Amex cash rebate cards: If you are late with a payment, you forfeit the entire cash rebate earned up to that date. That can be a lot of money. We had an incident like yours a couple of years ago and we called them to explain/grovel. They restored our rebate balance.