A missed payment can stay on your credit report for up to 7 years from the date of the first delinquent payment.
Even after you pay the bill, it remains on your report for around 7 years starting from the original date of delinquency.
The late payment's effect on your credit score decreases over time, but it can still have a negative impact on your score.
Late payments can drop your credit score by as much as 180 points and continue to impact future credit efforts.
Creditors must wait to report missed payments to the credit bureaus until they’re at least 30 days late.
This means your credit score won’t be affected or drop if you manage to pay within those 30 days.
However, some creditors will charge you a late fee for missing your due date. Check with your issuer.
Missing a payment and not paying up will increase your interest rates and add more debt to your finances.
Make all payments on time to avoid negative consequences of a missed payment on your credit report and credit score.