Stellar Snippets
A "past due" status on your credit report is definitely bad news. but it can be salvaged with the following steps.
You get a "past due" status on your report when you miss paying the minimum balance on your credit card.
This usually happens when you cross the grace period and the last payment due date on your credit card bill.
Fix it by making future payments on time and paying off any interest charges and late fees that have accumulated.
Once you clear these payments, your credit card issuer will report your "on-time" status to the credit bureaus.
If your issuer has raised the APR due to a missed payment, it will take you around 6 months to return to normal.
If you can't afford to make the minimum payment on time, talk to the biller. They may give you alternate options.
Some lenders may transfer past due amounts to your credit line balance to help you sort this on your report.
You can avoid all this by making payments on time. If you can pay the balance in full, you can improve your credit score too.