Does a missed payment affect your credit score?

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missed payment

Knowing all you can about finances is important when it comes to your own money. If you are missing any payments or are afraid you might miss any payments you need to know what could happen. As you could guess it’s not good but it is important that you know how it affects you and the ways that you can prevent it. 

When is a payment technically late? 

Late payments are technically late any amount of time after the set due date. You will receive a late fee and while that can hurt a bit it feels like not that big of a problem. That being said, it can result in higher rates after the fact and if you have multiple late payments, the late fees may increase. 

How can a missed payment affect your credit score

It is possible for a late or missed payment to show up on your credit report. The way it works is that most credit companies will not report it to credit bureaus until after 30 days. A 30-day late mark is a very bad influence on your credit score since payment history is one of the most influential factors on a credit score. A 30-day late payment will show up on your credit report for 7 years after the fact. 

This is a heavy consequence that you will want to avoid at all costs. If you have that on your credit score, it will affect any future forms of credit you may take out. It will result in things like higher balances and increased fees and interest rates, ultimately it takes more money away from you and what’s important. 

How to prevent late payments

Late payments and the fees that are involved hurt you in many different ways. It is important to try to find ways to prevent this for yourself by any means possible. To help with that, here are some helpful tips on how to avoid late payments. 


Preventing late payments is an easy task. There are multiple ways to set up reminders for yourself whether that be on your phone, writing them on a calendar that you look at regularly, or using an automated payment method. There is a multitude of applications that you can get that will help you automate your payments when they are due so you don’t miss a beat. 

Another great way to help prevent late payments is by setting a specific day every month and using that day to take care of all payments that are due that month. Make sure you keep track of each payment required, as well as how much is left on each one. All of these methods are great ways to prevent late payments but what if you simply do not have the money?


Running short on funds is unfortunately not uncommon, especially in today’s environment. When you have bills to pay, it is best to pay them on time if not early. But to do that sometimes you need to get your money quickly. Not all cash advances are created equal, look for a lender who offers credit-building programs without hefty predatory charges. 

What to do if you have a late payment

Sometimes it is inevitable that a late payment happens. So here are some things that you should do as soon as you find out you missed a payment. 

Pay it

As simple as it sounds, the best first step after you miss a payment is to pay it as soon as you can. The longer you wait the more fees you will incur and the heavier the penalty in the future could be. In these instances, an online payment is best rather than doing a check in the mail. Even though online payments may come with additional surcharges and processing fees, it is better than getting hit with a 30-day late mark on your credit report because it took too long in the mail.

Contact your creditor

Believe it or not, creditors can understand that life happens. If you have a clean and positive credit history with this creditor, you should call them and talk to someone who is able to work on your account. Explain to them how this is an uncommon occurrence for you and show them your history. There is a chance that if you ask you can get late fees removed from your bill. 

Prepare yourself for payments

Being prepared for all your bills is just an unfortunate part of life. It can become tricky juggling all of your bills especially when you are waiting on your next paycheck. With a cash float, you can cut down your wait time and get your bills paid on time. Keeping your finances on track without going into massive debt can help you make a better future for yourself and your wallet!


Do late payments go away after the account is closed?

If a late payment is reported to your credit report, it will only go away 7 years after it was first reported whether or not your account is closed. 

Can a missed payment be removed from a credit report?

You can dispute inaccurately reported late payments to negotiate their removal. Depending on the circumstance, lenders can understand the conditions of the missed payment. 

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