How Late Can You Be on a Car Payment, Mortgage or Other Bill?

A man sits on a chair, looking concerned.

It’s always frustrating to come across a bill and realize it was due yesterday—or last week. If you’re late on a payment or if you miss it completely, you could end up paying late fees and taking a hit on your credit score. It can be especially difficult if you want to apply for a loan or credit and are about to make a big purchase like a house or a vehicle.

If you’re a reliable customer and have only missed this one payment, it likely shouldn’t be a big problem, and you can probably avoid a late fee. But if you wait too long, it might not be possible.

Either way, we’re going to help answer some of your biggest questions:

  • How late can you be on a car payment before it affects your credit?
  • Is there a late car payment grace period?
  • What about for rent?
  • What happens if you miss a payment completely?
  • Who should you notify?
  • How will it impact your credit score?

Read on to learn how late a credit card or car payment can be before it affects your credit score and what to do if it does.

How Late Can a Credit Card Payment Be?

People often wonder how late a payment has to be before their creditors report it to the credit bureaus. A credit card payment is considered late if it’s received after the cutoff time in your credit card agreement or if the payment submitted is less than the minimum amount due.

Missed credit card payments are generally added to your credit report when the payment is more than 30 days late. This same entry is updated if your payment is 60 days late, and then 90 days. It is important to know what your specific credit card issuer’s policies are, so you can know what to expect.

Keep in mind that one late payment among years of on-time payments is far less serious than a late payment and limited credit history.

When Is a Credit Card Payment Considered Late?

As far as credit card companies are concerned, the payment is considered late if it’s submitted after the cutoff period, which varies depending on the lender. Sometimes it’s 5 p.m. on a business day while for others it’s 8 p.m. or 11:59 p.m. Also be aware of when a late fee will be charged. Generally speaking, a late fee is issued if payment is received after the credit card issuer’s cutoff time.

30 Days Past Due

Late credit card payments usually aren’t reported to the credit bureau until after 30 days. In other words, if you make a payment after the due date but within this initial 30-day period, it won’t show up on your credit report, but you may have to pay a late fee.

60 Days Past Due

If your payment is more than 60 days late, the 30-day entry on your credit report is updated and your card’s interest rate could increase. If it increases and by how much depends on your card’s terms.

How Late Can You Be on a Car Payment?

Typically, the grace period on auto loans is 10 days, but this depends on the lender. The grace period your lender allows should be listed under the terms and conditions of your loan. This is where you’ll also find the details of the loan, including your loan balance, your interest rate, the term of the loan and the fees associated with a late or missed payment.

If you can afford to pay but simply forgot, you’ll want to pay it as soon as possible. But if you feel you can’t afford the car payment, you should get in touch with your lender and see if they would be willing to renegotiate the terms of the loan.

Deferring Car Payments

You can also look into deferring your car payment if you don’t have the funds now but you expect to later. A deferment essentially means you’re changing your due date by postponing the date of your next payment. Deferments usually don’t negatively affect your credit score.

What If I’m Late on Paying My Rent or Mortgage?

If you’re a few days late paying your rent, usually you shouldn’t have to worry about this affecting your credit score. If you know your landlord, chances are they’ll say something if you continue to submit late payments. If you’re paying a property management company, they likely won’t be as lenient on late payments. Our best advice is to pay your rent within the week it’s due.

Mortgage lenders typically report late payments to credit bureaus and usually have different grace periods. Paying within seven days should help you avoid decreasing credit scores.

One of the best ways to stay on top of your mortgage or rent payment is to set up a monthly reminder for a few days before the first of the month or, if possible, set up an automatic payment. Because your rent or mortgage payment is the same each month, it should be easy to calculate it into your personal finances.

Can a Late Credit Card Payment Made Under 30 Days Still Affect My Score?

If you make a credit card payment within the 30-day period, it generally should not be reported negatively or have any effect on your credit score. Beyond that time, however, there is a possibility your credit score could be affected. Make sure you know the terms of your credit card however, terms can vary and you don’t want any surprises.

If it turns out your late payment has been reported, know that its impact on your score generally diminishes with time, especially if it’s an isolated event. Other on-time payments can help counter the negative effects of late payments. And, as with almost any other mistake, the sooner you realize you’ve made it and try to fix it, the less likely it is to turn into a big problem.

Late Fees vs. Overdue Payments

Late fees are essentially fees charged by lenders to borrowers if a payment is received after its due date. So, if your payment is sent late—or is not the minimum payment or above—you could be charged a late fee.

Most credit card payments are due within a minimum of 21 days after the billing cycle ends, but remember, the grace period is usually only 30 days, so you’ll want to pay them off as soon as possible. Credit card late fees vary depending on your lender and requirements under the CFPB, but the late fee amount can’t be more than the minimum payment. For example, if your minimum payment is $35, your late fee won’t be higher than that.

An overdue payment, however, is a payment that was not paid by the due date. If you miss a due date, you will see the minimum balance plus the overdue payment on your next billing cycle. The overdue payment may be the full amount or a partial amount, such as if you paid part of your minimum but not all of it.

Removing Late Payments From Your Credit History

If there’s an error on your credit history, such as if a car payment is marked late but it actually wasn’t and you have proof, you can challenge it with the lender. The process involves explaining exactly what happened and asking that the error be fixed. Technically, the lender or servicer has 30 business days to respond to the error. If you don’t hear from them within about 45 days, follow up with them.

If a late payment ding on your credit report is accurate, you can still contact the lender and dispute it, especially if you’ve been diligent about paying your bills on time. The lender can provide what’s called a goodwill adjustment, which is when the lender essentially forgives your late fee.

As part of this process, you may be asked to explain the circumstances surrounding the reasons for your payment being submitted late. For example, maybe you went on vacation and forgot or you had to pay a large unexpected cost, such as medical fees, and you couldn’t afford the payment that month.

The lender may offer you a chance to enroll in automatic payments to lessen the chances of a late payment happening again.

How Long Does It Take for a Missed Payment to Come Off My Credit Report?

Unfortunately, if there’s a missed payment or a negative item on your credit history and you’re not able to have it removed, it can stay on there for seven years.

Keep in mind that if the incident occurred five years ago and you’re applying for a loan, it will have less effect than if it occurred last week. The more time that passes after the missed payment occurs, the better. Why? Because credit scores are based on recent financial behavior, so if you only miss one payment and not multiples, eventually your credit score takes your frequent on-time payments into account.

How to Prevent Late Payments in the Future

It’s hard to keep track of everything—grocery lists, kids’ schedules, work to-do lists and, of course, bill due dates—but there are ways to manage your personal finances better to ensure you never miss a payment.

  • Go paperless. Going paperless may increase the likelihood you notice when a bill comes through each month instead of being lost in piles of other mail.
  • Set up reminders. Banks sometimes offer text and email reminders that tell you when a bill, such as a car payment or credit card payment, is coming up. You can also set these up yourself to recur each month on your personal digital calendar.
  • Enroll in automatic payments. Automatic payments ensure your car payment or other loan payment is made on time. Just make sure the funds are available in your account on the day it’s due to be withdrawn to avoid potential overdraw fees.

Keep an eye on your credit report and past late payments when you sign up for Credit.com’s Credit Report Card. It gives you a letter grade in each of the five key factors of your credit.

The post How Late Can You Be on a Car Payment, Mortgage or Other Bill? appeared first on Credit.com.

Source: credit.com

The 2021 Career Wisdom You Need from Ruth Bader Ginsburg

Well, we made it. To 2021. The earth, moon, and sun each did their thing again. But somehow this year feels different. Because 2020 was a doozy and so many of us are deeply ready for a fresh start.

RBG fought, she believed, and she persevered—all actions that feel deeply relevant as we look to the year ahead of us.

Last year left many of us with a lot to mourn. For me, and for many, that includes the loss of a national treasure, Ruth Bader Ginsburg. The diminutive woman, known affectionately as The Notorious RBG, served as a U.S. Supreme Court Justice from 1993 until her death on September 18th, 2020, at age 87. RBG was the breaker of all kinds of ceilings. She fought, she believed, and she persevered—all actions that feel deeply relevant as we look to the year ahead of us.

Before I charge too quickly into the spin of 2021, I plan to reflect on some of the amazing life and career lessons RBG left behind. She gifted us a legacy of wisdom that will remain relevant for years to come.

So today, let’s reflect on some of what she taught us and consider how it might apply to our own adventures in the coming months.

1. To persuade others, don't react, respond!

Ruth Bader Ginsburg achieved tremendous things in her lifetime. Much of her success required that she persuade others to share a point of view that may not have been popular.

And persuasive she was. Never one to steamroll or shame others onto her side, RBG was artful in how she changed hearts and minds.

She once shared with the New York Times some wedding-day advice she received from her mother-in-law: “In every good marriage, it helps sometimes to be a little deaf.”

And she goes on to say of that advice:

I have employed it as well in every workplace, including the Supreme Court. When a thoughtless or unkind word is spoken, best tune out. Reacting in anger or annoyance will not advance one’s ability to persuade.

Ruth Bader Ginsburg

I believe she was telling us not to ignore or excuse unkindness or incivility but to label and rise above it in our response.

In 2021, we are all going to be processing and wading through the heaviness that was 2020 as we face the challenges of the coming year. Careless words are likely to be spoken. But when they are, try not to let them trigger a reaction. Respond as the version of yourself you’re most proud of.

Respond as the version of yourself you’re most proud of.

The absence of your emotional reaction will make the intelligence of your response stand out even more. This is one way to bring hearts and minds to your side.

2. Disagree with an idea but respect the person who shared it

RBG maintained lifelong friendships with colleagues sitting on both sides of the political aisle. She was asked about her success at this many times throughout her career.

She spoke with NPR about her friendship with conservative Justice Antonin Scalia and shared that while they disagreed deeply on many issues, she respected him enough to listen to what he said. And although he rarely changed her mind, his thinking pushed and challenged her own, making her even better.

When an idea doesn’t land with you, take a pause. Can you find the positive intent behind it? Can you empathize with the person suggesting it?

She also spoke of their finding common ground through shared interests and humor. She was able to separate her friend and colleague from the opinions he held. And this too feels like a useful skill to cultivate for 2021.

None of us knows what shape the workplace will take in the coming months. We will all hear many predictions, suggestions, and opinions. We will like some and hate others.

But when an idea doesn’t land with you, take a pause. Can you find the positive intent behind it? Can you empathize with the person suggesting it? Is there something useful you can find in it?

Keep the idea and the person in separate corners.

3. Never stop learning

Reading is the key that opens doors to many good things in life. Reading shaped my dreams, and more reading helped me make my dreams come true

Ruth Bader Ginsberg, responding to a letter from an 8-year-old girl

RBG never lost her appetite for more information, for expanding her mind. As much wisdom as she had acquired, it was never enough.

And in this, she wasn’t alone. According to Inc. Magazine, many of the world’s most successful leaders—from Warren Buffet to Tony Robbins to Mark Cuban—are voracious readers.

As we continue to navigate the uncertainty ahead, learning new ways to do things will be critically important. So make continuous reading and learning a priority in 2021.

Not sure how to make it happen? Here are a few ideas:

  • Choose your sources wisely. Don’t try to read everything. Explore different books, publications, or blogs to see which resonate most with you.
     
  • Schedule reading time. Put reading time in your calendar. Maybe it’s 10 minutes a day. Maybe it replaces what used to be a commute before many of us started working virtually. Get creative.
     
  • Try audio. Hey, like podcasts or audiobooks? They're a great source of inspiration, motivation, and knowledge. Maybe you can listen while you’re cooking or working out.

4. Prioritize self-care

RBG was so famous as an exerciser that her personal trainer published a book of the workouts she was still doing into her 80s. Once asked who the most important person in her life was, she famously responded, “My personal trainer.”

For RBG, intense exercise gave her the energy she needed to deliver her most impactful work. This is a lesson we all need to carry into 2021. As stress and burnout continue to threaten and plague us, we must all be mindful of how we manage our energy levels.

Working endless hours isn’t the most effective or fulfilling path to success. Working well is what delivers results. So find ways to care for yourself, to recharge your tank, every day.

You too may enjoy some intense exercise. Or you may choose to walk, meditate, journal, or call a friend. There is no right way to practice self-care, but doing it in some form is a must!

If you want some self-care guidance when it comes to fitness, nutrition, and coping with stress, here's where I shamelessly plug podcasts from my amazing Quick and Dirty Tips colleagues:

  • Get-Fit Guy with fitness pro Brock Armstrong
  • Nutrition Diva with nutritionist (and renowned nutrition myth-buster) Monica Reinagel
  • Savvy Psychologist with clinical psychologist and sleep expert Dr. Jade Wu

Search for these wellness experts on your favorite podcast platform or visit QuickandDirtyTips.com.

I hope these nuggets of wisdom have helped you feel empowered to take on 2021. These are only a few of the countless gems RBG left us with. They feel, for me, entirely relevant in this moment. So let’s honor and celebrate Ruth Bader Ginsberg's life together by letting her wisdom guide us through some murky months ahead.

Source: quickanddirtytips.com

The Average Salary of a Pharmacist

The Average Salary of a Pharmacist.

If you’ve been to the pharmacy lately, you may have found yourself wondering how much pharmacists make. Being a pharmacist, at least at the retail level, involves a lot of standing, long shifts and dealing with customers. In other words, it might not be for everyone. On the plus side, salaries in the field are on the high side, with an average annual salary of $123,670. 

The Average Salary of a Pharmacist: The Basics

The Bureau of Labor Statistics (BLS) reports that the mean annual salary of a pharmacist in May 2018 was $123,670 per year. The highest-paid 10% of pharmacists earn a mean annual wage of $161,250. The lowest-paid 10% of pharmacists make an average of $87,790. So, no matter where you end up on the pharmacist income scale your annual wage is likely to be much higher than the annual income of the average American.

The BLS also provides a job outlook for the professions it studies. The job outlook shows the percent by which a field will grow (or shrink) between 2016 and 2026. The job outlook for pharmacists is 6%, which is just shy of the 7% average across all fields. Between 2016 and 2026, the BLS projects the field will add 17,400 jobs.

Where Pharmacists Make the Most

The Average Salary of a Pharmacist

The BLS also looks at state and metro-area data on the jobs the Bureau studies. So where does it pay the most to be a pharmacist? The top-paying state for pharmacists is Alaska, with a mean annual wage for pharmacists of $139,880. Other high-paying states are California ($139,690), Vermont ($135,420), Maine ($133,050) and Wisconsin ($132,400).

The top-paying metro area for pharmacists is Tyler, TX, with an annual mean wage of $174,870. Other high-paying metro areas are Santa Cruz-Watsonville, CA ($155,330); Vallejo-Fairfield, CA ($153,820); Santa Maria-Santa Barbara, CA ($151,590) and San Jose-Sunnyvale-Santa Clara, CA ($149,790).

Becoming a Pharmacist

In order to get a job as a pharmacist, you first have to get a Doctor of Pharmacy degree, also known as a Pharm.D. A Pharm.D. is a postgraduate degree, but most programs only require applicants to have two years of undergraduate education under their belts. Many future pharmacists will spend two years taking prerequisite courses like chemistry, biology and physics. Then, they’ll matriculate and spend the next four years in pharmacy school.

Once you have your degree, you’ll need to pass two exams to receive your license. The first is The North American Pharmacist Licensure Exam (NAPLEX), which assesses your knowledge and skills. The second is either a state specific test or the Multistate Pharmacy Jurisprudence Exam (MPJE). This tests your knowledge of pharmacy law specific to the state you’ll be practicing in.

The Cost of Becoming a Pharmacist

The Average Salary of a Pharmacist

Becoming a pharmacist requires years of study and, for most people, taking on student debt. According to the American Association of Colleges of Pharmacy
Graduating Student Survey, 84.8% of pharmacists-in-training borrowed money to complete their Pharm.D. degree program. Of the survey respondents who borrowed money, the median amount borrowed (across public and private institutions) was $160,000.

Bottom Line

While pharmacists have an advanced degree and a high salary, they are often working in a retail setting. And retail, with its heavy emphasis on customer service, isn’t for everyone. Still, the high pay and job security, along with the intellectual and public-service aspects of working as a pharmacist, might make it worth it. If you’re thinking of becoming a pharmacist, it’s a good idea to talk to some professionals in the field before you commit to an expensive course of study.

Tips for Forging a Career Path

  • Your salary dictates a lot of your financial life, such as how much you can afford to pay in rent and the slice of your paycheck that goes to taxes. However, there are some principles that apply no matter your income bracket, like having an emergency fund and saving for retirement.
  • Need help managing your money and growing your nest egg? You should probably be working with a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

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Source: smartasset.com