Having a missed payment on your credit report can have several consequences on your financial health.
A late payment can drop your credit score by as much as 180 points and stay on your credit reports for up to 7 years.
Even a single late or missed payment in your credit history can impact your credit report and credit score.
Late payments generally won't end up on your credit reports for at least 30 days after the date you miss the payment.
If you do miss a credit card payment, you may be hit with a late payment fee and a penalty Annual Percentage Rate.
The longer your payment is past the due date you were supposed to pay, the more your credit score will drop.
Even after you pay the past-due bill, it remains on your report for 7 years from the original date of delinquency.
It is important to make all payments on time to avoid these consequences and not rack up high interest or penalties.
To avoid missing payments, automate your payments so you don't miss a single payment and maintain a good score.