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Will one late paypal payment hurt my credit?

2,928 815 August 6, 2015 at 05:12 AM
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Last Edited by Vanquished August 6, 2015 at 05:58 AM
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Hey Everyone,

So here is the story. I've got excellent credit, never missed a payment. Pay off my credit cards in full every month, never pay late, etc...

Back in February I bought a watch (found it here) and used Paypal Credit because it was 6 months of no interest. Well I had thought I made a calendar reminder to pay but I didn't. It was due on August 2nd, I just remembered and paid it (in full) today.

I've seen most info on the web say if its less than 30 days past due it won't affect your credit but others have said even a day late and you're screwed...

Anybody know if this will hurt my credit? Does Paypal report late payments right away or...?

Thank you!

Edit: It's even dumber than I thought. This late payment wasn't for the watch (which is due in September) but for a $6.99 payment for those 5 PNY attache drives that were a deal on here last month. Frown

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#2
If 30 or 60 day late payments are an infrequent occurrence, they shouldn't cause lasting damage to your credit score unless they are recent (last two years or so) or 30 or 60 day late payments on a regular basis. In this case, the fact that you are habitually late with your payments will cause long term damage to your credit scores.
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#3
Quote from Vanquished
:
Hey Everyone,

So here is the story. I've got excellent credit, never missed a payment. Pay off my credit cards in full every month, never pay late, etc...

Back in February I bought a watch (found it here) and used Paypal Credit because it was 6 months of no interest. Well I had thought I made a calendar reminder to pay but I didn't. It was due on August 2nd, I just remembered and paid it (in full) today.

I've seen most info on the web say if its less than 30 days past due it won't affect your credit but others have said even a day late and you're screwed...

Anybody know if this will hurt my credit? Does Paypal report late payments right away or...?

Thank you!

Edit: It's even dumber than I thought. This late payment wasn't for the watch (which is due in September) but for a $6.99 payment for those 5 PNY attache drives that were a deal on here last month. Frown
Will it hurt your credit? Yes, your score will probably drop a few points. Will it cause long-term damage to your credit and screw up your hopes and dreams? No. As long as you make on-time payments, your score will recover on its own.

Call the card issuer and ask if they can waive the late fees, remove any report of late payment from your credit reports, etc. They may not do anything, but it doesn't hurt to ask.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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#4
Quote from Davidwilson12
:
If 30 or 60 day late payments are an infrequent occurrence, they shouldn't cause lasting damage to your credit score unless they are recent (last two years or so) or 30 or 60 day late payments on a regular basis. In this case, the fact that you are habitually late with your payments will cause long term damage to your credit scores.
I'm never late with my payments. First late payment in my life. 3 days late

Thanks mmathis.

I actually just gave Paypal Credit a call and they said they will not report this late payment on my credit report because it was paid so soon.
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Last edited by Vanquished August 6, 2015 at 07:59 AM.
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#5
Quote from Vanquished
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I'm never late with my payments. First late payment in my life. 3 days late

Thanks mmathis.

I actually just gave Paypal Credit a call and they said they will not report this late payment on my credit report because it was paid so soon.
Ask them to wave the late payment fee and any interest.
The last and only time I had similar situation with chase they waved both.
Good luck
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#6
Quote from haim
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Ask them to wave the late payment fee and any interest.
The last and only time I had similar situation with chase they waved both.
Good luck
That wouldn't have any effect on my credit right? It was a $5 late fee and $2 in interest. When I woke up this morning and realized I missed the payment I panicked and paid the whole balance (even what wasn't due until next month) including the late fee and interest :/

I don't plan on using Paypal Credit again unless there is a special deal. Would be paid off entirely within the month though.

Thanks!
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#7
if your late they charge full interest for whole amount now,so you may as well pay it off now
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#8
Most credit card companies do not report late payments unless they are over 30 or 60 days.

If reported, yes it will hurt your score dramatically. Payments are the #1 factor in your credit report (35% of total score).

Over time the effect will be less and less, but initial drop would probably be at least 20 points
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#9
Quote from dealgrabber1
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Most credit card companies do not report late payments unless they are over 30 or 60 days.

If reported, yes it will hurt your score dramatically. Payments are the #1 factor in your credit report (35% of total score).

Over time the effect will be less and less, but initial drop would probably be at least 20 points
Thanks for the info.

They said they wouldn't report it but even so, I could deal with 20 points. Honestly I knew payments were the biggest factor so I was sitting here thinking there goes 75 points.
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#10
Quote from Vanquished
:
Hey Everyone,

So here is the story. I've got excellent credit, never missed a payment. Pay off my credit cards in full every month, never pay late, etc...

Back in February I bought a watch (found it here) and used Paypal Credit because it was 6 months of no interest. Well I had thought I made a calendar reminder to pay but I didn't. It was due on August 2nd, I just remembered and paid it (in full) today.

I've seen most info on the web say if its less than 30 days past due it won't affect your credit but others have said even a day late and you're screwed...

Anybody know if this will hurt my credit? Does Paypal report late payments right away or...?

Thank you!

Edit: It's even dumber than I thought. This late payment wasn't for the watch (which is due in September) but for a $6.99 payment for those 5 PNY attache drives that were a deal on here last month. Frown
It won't affect your credit at all so don't worry about it. You'll only have a late payment fee but nothing gets reported on your credit.
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I never understood how people let a business pull their credit to open a card for a 6 month no interest gimmick. I have not let a Bank/company pull my credit for a new card unless they were going to be paying me $500+ in cash or miles ever, and I have 20+ open accounts...
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#12
Quote from dealgrabber1
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Most credit card companies do not report late payments unless they are over 30 or 60 days.

If reported, yes it will hurt your score dramatically. Payments are the #1 factor in your credit report (35% of total score).

Over time the effect will be less and less, but initial drop would probably be at least 20 points
This. Before I automated everything. I used to miss a payment about 2 times a year. I wouldn't know until the next bill and got the overdue notice. I would call up to make a payment and ask them to wave the fees. They always did. Not once did any of this ever show up on my credit report.
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Quote from SlickDilla
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I never understood how people let a business pull their credit to open a card for a 6 month no interest gimmick. I have not let a Bank/company pull my credit for a new card unless they were going to be paying me $500+ in cash or miles ever, and I have 20+ open accounts...
do you want a cookie or something? Hard pulls have very little effect on your score. It's one of the lowest factors on your report. I don't open or churn cards like some people do, but more power to them if they can effectively take advantage and work the system.
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#14
Oh noo missed payment?? Shii it will hurt the credit tremendously. I would say the best option at this point is to file for bankruptcy and wipe it all off. Good luck
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Quote from dealgrabber1
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do you want a cookie or something? Hard pulls have very little effect on your score. It's one of the lowest factors on your report. I don't open or churn cards like some people do, but more power to them if they can effectively take advantage and work the system.
This guy is so mad.
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