Would I have my credit dinged in this scenario? (pay, credit report, charge)

[Zephyr102]

Hello!

I'm in a pickle and am trying to understand how to not have my credit score dinged, or get reported with a bad mark...yet I can't find an answer to this question anywhere. So I hope someone can help with some insight.

I know that if you miss a credit card minimum payment, you don't actually get dinged with the credit bureaus until you've missed the following payment 30 days later, right? So it's the second consecutive missed payment that actually gets you in trouble ("officially", anyway).

But here's where I'm not clear. I had some huge medical expenses in my family, so I missed my minimum payment last month, let's say it's $250. Of course, the following month, there's the new minimum payment of $250, plus, say, a $40 late fee for the missed payment, and of course, the accrued interest tacked on. So for the this due date, the new payment due is of $550 or so, right?

Now here's my big question. Do I NECESSARILY have to pay the full $550 to not get dinged with a black mark reported to the credit bureau? (meaning, is the metric here to get dinged "two consecutive late payments"?).

Or...

If I don't have the $550, can I pay the late amount from last month, plus the late fee (in other words, just pay the older debt which is approaching 30 days) and thus not get dinged, even though I'd be late on the newer minimum payment of $250? (meaning, the metric to get dinged here would be "debt that is older than 30 days" or "debt that has aged more than 2 payment cycles").

In other words, am I screwed if I can't pay the full new minimum payment, or could I just pay the older portion which is late? (and would that include either the late fee and interest, or just what's late?).

Sure, I could ask my bank, but I don't trust them to tell me if the latter thing is possible, simply because they would pressure the hell out of me to pay it all and do a scare tactic about how I'd get in trouble anyway if I don't do the first option.

So in short - what is the minimum I need to do in order to avoid having my credit damaged? Is it only if I pay the entire past due plus the newly due etc to the tune of the $560, which is the new minimum payment...or if I just pay the late bit from last month (plus the fees), am I off the hook for just a little while until my next paycheck and won't get reported just yet?

Thanks so much! I would enormously appreciate any feedback...time is tight and I'm worried I can't make the full minimum.

[galaxyhi]

If you do what you are saying, just paying the old balance and fee, you will continuously be behind.

You need to figure out how to pay the $550 in your scenario.

Take an extra job if you have too.

Otherwise regardless of credit dings, you will eventually lose your card as they will close it. And that WILL ding your credit.

If you have good credit, what's a few points?

If you have poor credit , are building credit, you need to be "perfect " to get your score boosted.

Add income or cut cut cut expenses so you can pony up what you owe.

Best of luck

[Rocko20]

You need to pay the full amount to avoid a ding on your credit. Any balance left unpaid after 30 days will be reported to a credit bureau. Then the CC company is going to close your card.

Since you can’t afford $250 or $550, due to the emergency, it’s times to stop using credit cards altogether and give your credit card company a call to let them know. They can help with a payment plan.

[rjm1cc]

Stop using the card until you are current. Everything you said will hurt your score. Pay ASAP, don't wait for your monthly statement.

[oregonwoodsmoke]

A couple of issues. You are wrong about the credit card. Most cards report 30 days late, so if you miss a payment and don't pay it before the next payment is due, you get a "30 day late" that appears on your credit report. You do not get a two payment leeway before your credit gets dinged

If you can not make the payment on a medical bill, you call the doctor, or the hospital, or the l ab, BEFORE the due date of that very first payment you can't make and you talk to them and make payment arrangements. Pay as much as you can if you can't pay it all, but you must call them

[Zephyr102]

Right, but I'd be paying the part that's late. I thought that I;d have to pay last statement's amount due to stay <30 DL (and it's only above that when you get reported to the credit bureaus).

Of course, I'm playing with fire - doing this your payments will balloon as late fees + interest are added each month. So the payment due this month that you make next month to keep from going 30DL will be larger. And the payment due next month that you make the following month will be even larger.

But now that my wife's medical bills are done, I should be able to pay all the minimum on May 1st, and just the $250 (the late part from last month) on the new due date.

[duster1979]

Just to be clear, you're talking about a credit card payment that was missed because of a medical bill and not a payment on a medical bill, correct?

Assuming that's the case, paying whatever your statement shows as the minimum due will bring you current. Yes, it's better to pay more because they'll capitalize the difference and charge interest on it which costs you more in the long run. But if cash flow is tight just pay the current minimum and you'll be up to date.

[skeddy]

cut up your cc.