How long do late payments stay on a credit report? ( And what is considered a late payment )

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#creditscores #credit #creditreport

[@ProudMoney]

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - BEST AMEX CARDS: www.proudmoney.com/best-american-express-credit-cards/ - BEST CHASE CARDS: www.proudmoney.com/best-chase-credit-cards/ - BEST 0% APR: www.proudmoney.com/best-0-apr-credit-cards-on-purchases/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - BEST CAP ONE CARDS: www.proudmoney.com/best-capital-one-credit-cards/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Get a $25 - $250 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=b7f29723-122a-45d6-8d0e-7d636f484753&isAliasGcp=false - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

[@davidd.5222]

Not sure if this would be the best place to ask this but I'll give it a shot. I am saving up for a wedding/honeymoon and I have seen a few different influences talk about ways to get the most out of certain cards to pay for wedding expenses that can ultimately end with you having very little cost for your Honeymoon travels. It would certainly be interesting to see your perspective on a plan of attack so to speak to get as much cashback/travel covered.

[@SpencerJohnsonOfficial]

That extra 30 days to make a payment before it is officially considered "late" is huge. Accidents happen, but if you go past that late payment deadline, that could get bad quick. Nice video Adam!

[@mitchell.9632]

Right. You never know if the money doesn't transfer due to an issue that comes up or other issues.

[@jimmyjames6492]

Great info to know! Thanks for the video!

[@geoffreysegarra3684]

Excellent info! Thank

[@flowerboybri]

Interesting. Thanks!

[@gw6496]

👍🏽👍🏽good to know.and thanks!

[@user-fq9ke1kz5w]

Thank you for the information. I hope you are correct. I just added my little sister to my credit card to help her with credit. She just got it and used it and did not tell me so. I hadn't used that card that month so I was at zero. But then she told me and I checked and I was about 4 days late of the payment date, so immediately paid it. I did get a late fee but I managed to get it waived off. I just hope it does not hit my credit score since I have never missed a payment. In this case, it was just 4 days late, not over the 30 day limit.

[@cardojp]

Great content as always, thanks Adam!!!

[@electroduval831]

My wife somehow spaced and missed our mortgage payment and we were 30 days late. My score dropped by about 115 points, from 800 to 687. Now, 6 months later it has already recovered to 750. I just wanted to throw that out there so people will know that even though it stays on your report for 7 years, it’s effect fades over time like most things in the report. It sucks that I’m still 50 points lower than where I was, but a 65 point recovery in just 6 months shows that it’s not the end of the world and you can get back on your feet relatively quickly.

[@CeeZee001]

Good to hear, it's good that at least you caught the late payment within the 30 days. I think anymore time and it would of gotten worse. I hear for the most part a 750 is pretty much good enough to get good rates and anything higher is just bragging rights. Hope you bounce back. I'm on my way back. Did some mistakes 10 years ago and in the last 2-3 years have been repairing my credit. Finally getting big name cards like Citi and such with mid 4 figure CLs. Not bad for having such bad credit just a few years ago.

[@Scrappygymrat]

No way that happened off one late payment

[@electroduval831]

@@Scrappygymrat 30 days late is a “derogatory mark”. It’s bad.

[@Scrappygymrat]

@@electroduval831 yeah but not 115 points bad , just saying something else must have added to it

[@electroduval831]

@@Scrappygymrat nope, just that. That’s also why it has recovered relatively quickly.

[@iknowreinvite6212]

Hi Adam would it be better to redeem my cash back and put it in a high yield savings account or invest it? Or redeeming it for rewards gets you more value?

[@7339memo]

Thank

[@Cody_Powers]

Hey Adam have you heard of this new TransUnion Rapid Default model version 1 score. Was denied an increase with US Bank and the letter said this was a deciding factor and that that score was a 506. This is no where near my actual 754 TransUnion.

[@abigailwood2521]

I’m trying to learn and understand how all of this works. You are amIng one of the better and more informative KZbinrs! I have a card that was closed /charged off by creditor. Still showing balance and is due to fall off my report this summer. I think I want to pay it to repair my relationship with the company (Amex) but if I do that before I falls off my report does that start the clock again and the late payments will still be there? I can’t seem to get straight information on this! Amex keeps sending offers for either settlement at a fraction of the price. Or full payoff and a credit builder card with them. suggestions?

[@ricardotorres6663]

Can you do a review on the ENT credit union visa reserve rewards+ card....its a visa infinite card looks tempting but want your opinion

[@CeeZee001]

Im currently dealing with this case. I had an account that went into late and then finally collection. That was about 4 years ago. Experian calculates a lot of your data and on there it says 3 years and 2 months. So by my math ill be good around 2027. However I have fixed up my credit, and have a good amount of CCs now, big name cards too. Just got City Double Cash (6.3k CL) and just got approved for a WF Active with 3k CL. Overall I have a 15K+ limit even with that bad account. Finally getting older and realizing how important credit is.

[@enzhus]

Hi, do you know if Chase Freedom autherizied users need to activate bonus category every quarter by themselves? Also how about Chase offers? Thank you!

[@gamingwitchutuu429]

I have 1 late payment from 2016 and only 1 😂 . I’m stuck in the orange (good) section on payment history

[@cardojp]

Hey Adam, haven't seen a video from you in awhile and was hoping everything is ok. Just wanted to check in and make sure all is well

[@ProudMoney]

I appreciate the message. I will be back at some point but probably much more rare posting videos. KZbin has sort of flagged this chsnnel unfairly for a steep reduction in revenue. making it not worth the time to create new content at this point. If the issue gets worked out, that may change, but I am not currently optimistic. Thsnks again for all the support, we'll see what happens!

[@cardojp]

@@ProudMoney I swear KZbin getting real lame with all their shenanigans. Hopefully you can overcome this and find a way to make it worthwhile. Always here to show support!!!

[@docsays]

@@ProudMoney - damn, that sucks. i was wondering the same thing. sorry to hear that. always enjoyed your informative approach.

[@jacob7441]

make a video about it, see if you can't get some help with this!@@ProudMoney

[@masterfox3539]

What about if I closed that account? Will it be remove the late payment too from the bureu?

[@jmb9377]

When you looked back over the past few weeks and saw only one set of footprints, that’s when Adam was carrying you

[@blackhawkjohn1]

I had missed a lot of payments and it went into a charge off for 9 months. Does the 7 year clock start at the last missed payment or from the last month that the charge off ended? I couldn’t pay it all off but when I finished it was 9 months later. It’s already off two of my credit reports, but my third one it’s still there.

[@chrissan6015]

Great video! I have a quick question I currently have three late payments back in early 2020 I want to close this card because it has an annual fee of 100$. Will it affect my credit report if I close it before the late payments fall off?

[@jeromehenry4484]

Closing this card will NOT make Late Payment record disappear, it will still show for full 7 years. You might want to contact Credit Bureaus to put an explanation on your report for why payments where late (like loss of job from pandemic lockdown, as an example). Even closed CC's or paid-off loans will remain in your report for 7 - 10 years, credit history doesn't instantaneously drop off. If you do not have a balance & haven't used it for a while, then it's a good decision to close account to avoid $100 Annual Fee. But you might want to try downgrading this card to a No Annual Fee card with same Card Issuer. That way you still have that Credit Limit to puff up your Availability which in turn effects your Utilization Ratio.

[@oculosprudentium8486]

I'm asking for a friend here, they were laid off from a company back in 4/2017 and they were not able to work due to illnesses for 2 years, And as a result of that, they had 3 or more credit cards that went 150 days late and then collections. Since 2019 they restarted trying to clean up these old bills as the debt collectors were still after them and they settled for less these accounts. So the start of the late payments was as of 4/2017 and therefore the late payments will drop off by 4/2024, correct? Also, what were you saying about the Debt collectors reporting that you are also LATE? So you are saying that from the date that they started calling you about the old debt that they bought from the credit card companies, they have now restarted the clock on you again, thus pushing the LATE payment date forward? This is confusing,, how can the debt collectors restart the clock on you?

[@elfonzo18]

Why did my credit score drop 100 points when my credit card balance decreased?

[@djpuplex]

Just had payment due Saturday the twelfth that was set to auto pay that hasn't posted yet not sure if the credit card company well do anything.

[@ProudMoney]

If set to autopay with them, shouldn't be an issue.

[@berryzedzero]

If you leave the game, shouldn't be an issue.

[@1pntmm]

Adam, what needs to be done to bring you back. I miss your detailed insight.

[@ProudMoney]

I appreciate the message. KZbin essentially slashed our daily revenue by 60% due to supposed invalid clicks/traffic without any specifics on what happened or how long they would be limiting ads on the channel. I will be back eventually but not often because it is not worth the time for the low level of revenue coming in from the channel. So I'm on strike! 🙂

[@samcshaffer]

Glad to hear from you! Was missing your videos, especially after seeing the new freedom categories

[@darrenwilliams3398]

Oh thank god I realized I was late by one day and payed it so it won’t effect my credit

[@mohammeduddin7082]

So if you have a late payment on your credit report, you will have to wait 7 years for it to be removed. There is nothing else you can do.

[@masterfox3539]

What about if I closed that account? Will it be remove the late payment too?

[@Preciousvibez]

This isn’t true this video is dumb

[@GeneClements]

I have a recent 30 day late on a card I have not used in 10 years. It’s paid but they will not remove the late payment status. I have spoken to them several times. Any ideas how to get it removed? It was for an annual fee I was not aware of.

[@NegotiumPraecipuus]

If you took the phone to respond to any debt collector, guess what? You revive that debt again, you got to check statute of limitations in your state, and after 7 years your debt is extinguish, unless you haven spook whit a debt collector.

[@dr3495]

I was late twice on loan payment and worried

[@RunThatBackTurbo7519]

How faster did you recover

[@guaparra2]

So i had a payment for a BofA credit card on 08/09/23 and just paid it on the 08/13 i even called them to ask them to remove the fee they did. I heard from KZbinrs saying that as long as no more than a month passed since the due date that it doesn't get reported. Is that true?

[@electroduval831]

Yes. He literally said that in the video.

[@guaparra2]

@@electroduval831 thanks

[@carolj5090]

Hi Adam you haven’t posted in a while which is not like you, everything OK?

[@ProudMoney]

Yep, but the all-powerful KZbin has declared there are invalid traffic/clicks coming from our channel and have limited ads and thus revenue by about 60% with no explanation of what has happened exactly and no guidance whether anything will ever change. Can't justify making videos at the low rates we are now getting, but am not abandoning the channel altogether. Will be back at some point but with far fewer videos unless something changes on KZbin's end. Thanks for asking!

[@carolj5090]

Don’t blame you, anything we can do to help let me know.

[@samuelclucas84]

I had 16 late payments that were 160 days an older from school loans and finally with a sorrow letter asking for forgiveness they changed it to no data. How long will it take for my credit score to go back up ? The 16 160 late payments is the only negative thing on my credit report in the past 7 years !!! I’ve never been able to get past 675 also making 150K+ with 40% credit card usage. Any advice ?

[@johnh8705]

Payoff your credit cards and get a mortgage

[@Bxr400]

Can collections still call and harass well after statue of limitations? 😮

[@CeeZee001]

7 years past? if so, i don't think so, honestly id just block any unknown numbers or get a new number.

[@Bxr400]

@@CeeZee001 so I’m just trying to be clear, they are calling me from a ton of different numbers. I’m just wondering is this a scam…… way past statue of limitations. Is there a company I can get in touch with to find out who they are?

[@Scrappygymrat]

Wayy to long

[@berryzedzero]

I'm out of the game.

[@ProudMoney]

Right.

[@BlackJesus8463]

clearly

[@francescocottle7508]

"PromoSM"