Stellar Snippets
Missing a payment can have negative consequences on your credit score and overall financial health.
Late payments can drop your credit score by as much as 180 points and may stay on your credit reports for up to 7 years.
However, lenders typically report late payments to the credit bureaus once you're 30 days past due.
This means your credit score won't be affected if you manage to pay within those 30 days. But check with your issuer.
Late payments can also result in late fees and penalty APRs, which can significantly increase the amount you owe.
The overall impact of a missed payment on your credit score varies significantly depending on your circumstances.
These circumstances include your credit history and the length of time the balance payment is past the due date.
The more recent a late payment is, the more severely it will affect your credit score and impact future credit efforts.
It is important to make all payments on time to avoid negative consequences and maintain a good credit score.