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Once you are 90 days late, however, it will almost always be reported.
So if it’s reported to the credit bureaus, how much will the late payment hurt your credit?
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.
If the steps above don’t work, then ask if they could at least hold off on reporting the late payment to the credit reporting agencies that handle your credit report.
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!
Your interest rate might go up by 10% (from say, 15% to 25%) and if you still have years left to pay off your balance, that additional interest will add up to a painful amount (see our article on the Impact of One Late Credit Card Payment for more details).
Of course, you could try to switch to a card with a lower interest rate, but that would depend on your credit score…
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.