When is a Credit Card Payment Considered Late?

Posted on November 25, 2008
Filed Under Credit Repair, Credit Report, Late Payments |

Obviously, when paying a credit card bill, you should pay on it as soon as possible. However, sometimes circumstances may arise and your payment may not arrive until after the due date. So, when does a late payment actually get reported to your credit report?

Creditors will not report a late payment to your credit report until your payment is at least 30 days late. So, if your check gets lost in the mail and your payment does not make it until 2 weeks after the due date; don’t worry, your payment is still considered “on time”. At least it will not affect your credit score in anyway.

The reason creditors allow for this cushion is unforseen circumstances. However, once the thirty days after your due date has expired, you will be reported to the credit bureaus if your payments has still not been received. If the payment is significantly past due, it will move into debt collections.

If you have a 30 day late payment (or greater), you should seriously consider taking some steps to repair your credit score. A higher credit score will equate better rates on loans in the future. To see what your credit score is right now and to learn how to repair your credit; try my free credit repair course below.

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