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The credit bureaus maintain your credit report and compile your credit score, which lenders use to determine whether to let you borrow money – and at what interest rate.
When you have missed a payment, your credit card company can play “hardball” and report you immediately after the 30 day window is up, or they can give you a bit of time to fix the problem before reporting it.
For example, if you have credit score of 740 it might drop all the way down to 640.
That means you’d have to pay higher interest rates on any future credit cards or loans you get – including home mortgages, auto loans, etc.
However, if you make the payment before it becomes 90 days late, you will escape the worst of the damage to your credit score.
There’s a grey area between 30-60 days late where some companies will report and some will not.
Unfortunately, it will have a pretty dramatic effect.
Experts say that regardless of your current credit score, a mark of 30-60 days late will usually lower your credit score by 60 to 110 points!
Which brings us to the other big question: will one missed payment (or late payment) affect your credit score?
The answer is that it depends entirely on the discretion of your credit card company, which has the right to report a late payment to the 3 major credit bureaus (Equifax, Experian, and Trans Union) after 30 days.
Once you are 90 days late, however, it will almost always be reported.