Is my credit demolished now?

Question

This is my second time being "late" on a car payment that I have had for only two years originally being for about $6500 or something like that

i only owe 1600 now

i missed one last april (over a yr ago) and i missed one last mth

i thought i had today to pay it without being late, because its the 30th day today and i thought AFTER 30 days it is late

i made both but they had already reported me

this just pisses me off to no end

why cant they ever give anyone a break

so is my credit ruined now?

Answer 1

No, it's not ruined, just a little bruised.

One suggestion: see if you can set your payments up to be made online.  Once the electronic transfer is made, there's no disputing that you paid on time.

Best option, go to lender's website, program in the account you will pay the bill from, and either schedule an automatic payment to be made on the last day of the period, if you need the time, or a few days early if possible.  If they don't allow you to do this:

2nd best option, get online bill pay from your bank's website and schedule your bill to be paid from there.

I prefer using the lender's website whenever possible because they can tell that the payment has been scheduled.  If I'm paying from my bank, there is sometimes a couple of days delay in transfering money.

As far as your cedit is concerned, the more time that passes with everything paid on time, the less these late payments will impact your score.

Answer 2

Your credit report will reflect late payments.

It shouldn't ruin your credit.

But you know your payment is due on a given "day" if you know at least 10 days before the due date that you will not have the payment then contact the lender, instead of being late.

Think Smart, make the right decisions now, because next time you need a car you might not be able to find someone to finance it for you.

Answer 3

Here's the REAL answer.

Your credit isn't demolished. Now, if your car had gotten repossessed, or you got a foreclosure, or a judgement, THEN you'd be in bad shape. But a couple of missed payment here and there doesn't help things either.

Keep in mind that any activity within the last 2 years affects your credit the most. So you will need to continue to make on time payments from here on out to help your score. When you pay off the car note, that may help your score some. Also, on the open accounts you have, especially credit cards, it helps to keep the balance at no more than 30% of the available credit, or better yet paid off at 0. It's important that you keep as much available credit open as possible to create a cushion between your available credt on all your combined credit cards.

Just hang it there, it will get better, I promise!

Thanks for reading!

Answer 4

unfortunately, it'll be in your record for a few years, but try to always pay off on time; this way, you can restore your credit and pay less for fees and extra interest. use automatic bill pay if possible.

Answer 5

It is tarnished but not demolished - lates will hurt your score less with age.

Answer 6

I have been late on more credit cards than i can count..but for some reason i still get new offers..which i throw out..as for being late ..you really did not hurt your credit that much.. now if you were 2 or months late that may be a different story..all it did was lower your rate..try not to be late anymore..you almost got it paid for.. some car companies.. wait until your a week behind then repose it..they did that to my ex brother in law..

Answer 7

You did it to yourself.

You can dispute it on your credit reports-good luck with that.

www.annualcreditreport.com

Answer 8

If you were late twice and the loan is current, you haven't demolished your credit.  It may lower your score somewhat, but if you keep everything current, you'll be fine.