What Happens If You Miss Your Credit Payment
There are a few instances where while juggling between work, you might miss the due date. Payment after a day or so might not harm your credit score if it’s the first time, but if you have a habit of late payment, it can adversely affect your credit score . The effect might vary on how late your fee is and what are the terms of your loan. Many lenders would just impose a late payment fee, penalty interest rate, but in worse cases, put the tab in your credit report that can degrade your score. Consequences of late payment As mentioned above, the consequences of a late or missed payment differ on how many days you missed. If it is a week late, the effects might not be fatal on your credit report . Generally, the lenders don’t put the tab of your late payment on your credit report for one month, but after thirty days, the consequences start to pile up. The five standard results of late payment are: Late payment fee: The immediate repercussion of missing a due date ...