Hi FMs,
This is just an awareness post, I know we have been told many times, never to miss credit card bill payment but it happened with me, and now at least I also know what price I had to pay in terms of late payment in terms of both late payment fees and Experian score.
BG: I have been in the CC game since 2016 and have never missed any payment till now. I have approximately 7 credit cards.
How this happened, even when I actively checked the bills:
The last payment I made was of 4508 Rs on my SBI BPCL OCTANE card, then the new bill got generated with a total due of 4805, and this is where all the confusion started. I have added the remainder 3 days before the due date, and I checked for the same in the app and that is where I screwed up, I quickly checked my club vistara and bpcl info, and I am I didn't noticed immediate difference between 4508 and 4805 and it was showing like Total Due 4805 and Last payment 4508 and I didn't realised that it is not the same!!!,
I was like, good, I already paid for this CC and closed the app, then after 3-4 days, I received a call from the SBI card (auto call) saying Please pay the bill. I was confused but I was like this is just a regular remainder call like please pay the bill and ignore if already paid but I was all wrong, this continued for 3 days and then on the 4th day I was like something doesn't fill right, this never happened before and when I opened the app and checked I realised my mistake, I immediately paid the bill, then checked and they added late payment fees of 750+GST, I called the customer care, explained the scene, they told me that they will reverse the 750rs but GST will not reversed and according to the RBI guidelines they will need to report this credit bureau,
So yesterday, Experian score updated, and it got reduced by 83 points, so now I am at 726 from 809.
I know this is totally my mistake, I stopped using Cred a few months back, and I think that might be one of the drawbacks, and the other thing is I should have noticed the amount difference when I checked on the SBI card app.
If someone has been in my position in the past, can you please share information on how much time it will take to recover the score fully?
This is just an awareness post, I know we have been told many times, never to miss credit card bill payment but it happened with me, and now at least I also know what price I had to pay in terms of late payment in terms of both late payment fees and Experian score.
BG: I have been in the CC game since 2016 and have never missed any payment till now. I have approximately 7 credit cards.
How this happened, even when I actively checked the bills:
The last payment I made was of 4508 Rs on my SBI BPCL OCTANE card, then the new bill got generated with a total due of 4805, and this is where all the confusion started. I have added the remainder 3 days before the due date, and I checked for the same in the app and that is where I screwed up, I quickly checked my club vistara and bpcl info, and I am I didn't noticed immediate difference between 4508 and 4805 and it was showing like Total Due 4805 and Last payment 4508 and I didn't realised that it is not the same!!!,
I was like, good, I already paid for this CC and closed the app, then after 3-4 days, I received a call from the SBI card (auto call) saying Please pay the bill. I was confused but I was like this is just a regular remainder call like please pay the bill and ignore if already paid but I was all wrong, this continued for 3 days and then on the 4th day I was like something doesn't fill right, this never happened before and when I opened the app and checked I realised my mistake, I immediately paid the bill, then checked and they added late payment fees of 750+GST, I called the customer care, explained the scene, they told me that they will reverse the 750rs but GST will not reversed and according to the RBI guidelines they will need to report this credit bureau,
So yesterday, Experian score updated, and it got reduced by 83 points, so now I am at 726 from 809.
I know this is totally my mistake, I stopped using Cred a few months back, and I think that might be one of the drawbacks, and the other thing is I should have noticed the amount difference when I checked on the SBI card app.
If someone has been in my position in the past, can you please share information on how much time it will take to recover the score fully?
