Late Payments

[Hello Kitty]

Does anyone know how making late payments can affect your credit? I'm talking about utilities, specifically, like gas, water, etc... where they charge you a fee for being late.

Not like I've made a few late payments, though. :o

[greenbunny]

IIRC, payments are only reported to credit agencies if they are 30 days late or more. Less time means you get a late fee and your interest rate may be raised, but it won't show up on your credit report.

Those in the know, please correct me if I'm wrong.

[amorey]

Late payments on utilities don’t affect your credit score unless they are charged off. Except in Wisconsin they report them at 30 days late, IIRC. They’re different that loans and credit cards.

[Hello Kitty]

Okay, cool. At most I'm only a few days late. All of our 'real' bills (loans and such) are payed well in advance of the due date.

BTW, I'm not a total delinquent, I just don't get around to transferring money to pay the bills until I have all of them in my hand so I can figure out what our overall cash flow is for the month. It's just a time management thing on my part, which I'm working to change. Not worth ruining my credit over.

[NotDesperate]

How does making late credit card payments affect your credit?

My DH is terrible with paying bills and he has been late sending his CC or student loan payments by a few days on occassion.

[amorey]

A late payment on a CC will not affect your credit unless it’s more than 30 days late. However the CC company will charge you a fee, and if you pay your bill even a little late more than once they’ll max out your rate to like 26%.

[ChristyBeth]

I think for most credit cards you need to be a full 60 days late (2 billing cycles) before they report you -- you're okay with a few days late.

[KarenS]

Late payments to utility companies will not be shown on your regular consumer credit report. However, if you ever apply for a mortgage, they will show on a mortgage credit report, because it goes more in depth. DH is a Realtor and he's shown me the difference between a standard consumer credit report and a mortgage history. Late utility payments can hurt you in getting mortgage if you're regularly and frequently late.

Karen