As hard as you try, there may come a point when you miss a credit card payment. This isn’t the worst financial mistake you can make, but it could have a negative impact on your credit report.
Here are several things you should do if you miss a credit card payment:
1. Act fast. The due date may have come and gone, but that doesn’t mean you should sit around and wait for the next statement cycle to end. At the very least, make the minimum payment due on the account.
2. Call your credit card company. This does a few things. First off, you can make sure everything is in order moving forward. Secondly, if missing the payment was an honest mistake, you can ask to have the late fee removed from your account.
3. Protect against the same mistake in the future. You can do this by setting up payment notifications via text or email. You may also want to look into automatic payments, as this guarantees that you never miss another payment.
Final tip: even though your credit report may not be affected, especially if you make the minimum payment within 30 days, this doesn’t always hold true. Review your report to see if this is being held against you.
Missing a credit card payment happens for many reasons. Maybe you made an honest mistake. Or maybe you simply didn’t have the funds to pay on time.
Regardless of why you have missed a payment, take the steps above to feel better about your situation.
Have you ever missed a payment in the past? What process did you follow to get back on track?