What happens when you miss 1 credit card payment over 30 days? How can you improve this?

Question

I was just wondering what can you do to solve the problem if you were late over 30 days? Does paying off the whole card boost it back up, or am I damaged for good?

Answer 1

it could affect your apr on that card. just pay it on time from now on. maybe they won't increase the apr for just one time.

Answer 2

No your not just get caught back up on your payments and everything will be just fine

Answer 3

If this is the first time you been late and you had the account for a long time, just call them and ask if they could remove the derogatory this time only.

Answer 4

While on-time payments are the biggest factor in determining your credit score, the ratio of how much you owe to how much credit you've been given is also taken into consideration.

You can read more about how credit scores work below.

Answer 5

If you were 30 days late, that will show up on your credit report. There is no fixing.  The only thing you can do is be sure to pay all your payments on time from now on.  After about 24 months of consistent, on time payment history, your score will start to rebound.

Paying the whole thing off won't instantly improve your score, but you will save the interest.  It is always a good idea to only charge what you can afford to pay in full each month.

Answer 6

Only time will solve the problem.  Don't feel bad either, with today's economy, believe me there are millions who are in the same boat.

As long as you keep that account current from now on, it's affect will diminish over time.

BUT, check your other credit card accounts, many now have a clause  that if you are late on any of your accounts, it may cause the APR to raise on the other accounts..  It's just another way of the big boys sticking it to the consumer.