If you've made a late credit card payment recently, here's when it could start impacting your credit score.
Late credit card payments are one of the most common credit mistakes people make, yet they can have significant long-term consequences on your credit report. A single late payment can lower your credit score and raise red flags for future lenders, impacting everything from your loan approvals to the interest rates you're offered. The relationship between late payments and your credit is more nuanced than many people realize, though, and not all late payments are reported immediately.
Late payments also stay on your credit report for seven years from the original delinquency date — but the effect of the late payment diminishes over time if you can get current on your payments. Paying off the overdue balance sooner rather than later is generally always a good idea, though, as it will show lenders that you took responsibility for the debt and took steps to correct it, even if the late payment remains on your report.Find out more about your debt relief options here.
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