On-time payments are the biggest factor affecting your credit score, so missing a payment can really throw you off track. Even if you have otherwise excellent credit, a payment that's more than 30 days past due can knock as many as 100 points off your credit score.
Less than 30 days late: You were probably charged a late payment fee and perhaps your credit card APR went up, but your credit score won't suffer if you pay before the 30-day mark. Also, try calling the creditor and ask whether they will waive the late fee and/or lower your APR.
More than 30 days late: Bring your account current as soon as possible. The later the payment, the more it impacts your score, so the sooner you can catch up, the less damage you’ll have to your credit score.
If it's an error: Credit reports aren’t perfect. If you spot incorrect information, it’s important that you dispute the errors ASAP. As part of your Best Egg Financial Health membership, we’ll scan your report to see if you have a high likelihood of having an error.
To join Best Egg Financial Health and access a wealth of resources about monitoring and improving your overall financial wellness, click here to get started.