Normally you are on time with your payments, but somehow you managed to miss one this month. What are the consequences of a missed payment, and how do you minimize their effects?
Missing a single credit card payment may not seem like a big deal, but, as Matt Schulz, Senior Industry Analyst at CredtiCards.com observes, "…even just one single late payment can really impact your credit." How far your credit score drops and how long the drop lasts depend on how you handle the situation.
To limit damage, you must submit the missed payment as soon as possible. Usually, a bill must be at least thirty days past due to be considered as a late payment to be reported to the credit bureaus. Make your payment before that thirty-day mark, and you may be able to avoid many of the typical consequences of a late payment.
A bill that is sixty days past due is considered mor...
from MoneyTips https://www.moneytips.com/how-to-pay-bills-late
No comments:
Post a Comment