Concerned that a late payment on a credit card bill will show on your credit report? Generally speaking, creditors do not report late payments to the credit reporting agencies unless they are more than 30 days late. Missing the due date by a few days or a couple weeks will likely have no negative effect on your credit score, but it certainly has a negative effect on your pocketbook, thanks to late fees.
An inability to pay your bills on time and getting stung with late-payment fees are bad habits that can hurt your personal finances. Whatever you pay in interest on credit cards is more than enough: Don't add to it by missing payment due dates. Your creditors are earning enough. Late-payment fees are just a bonus for them.
Sooner or later, you may slip a little too late and then your credit score will be affected. Get organized and make life a little simpler and much less expensive. To help avoid paying late fees, consider one of these strategies:
Pay your bills the day they arrive in the mail. This works well for people who are not very organized when it comes to bill paying. You do, however, have to be diligent about sticking with the plan. Sit down and write out the check or pay the bill online, even when you don't feel like it and even if it's well before it's due.
Mark your due dates for credit card bills and other accounts on a calendar. Then back up two weeks for a mailed payment or four days for an online payment and pay the bill on that date. For this strategy to work, you will have to be willing to mark the dates on the calendar each month and keep the calendar in a place where you see it every day.
Determine what time of the month is best for you to pay your credit card bills and contact your creditors and ask that your due dates be changed to that time of month. That way you can pay each bill at the same time and not have to worry about multiple due dates. Watch your statements carefully to assure that the due dates do change.
Making payments on time is one of the best ways to assure a good credit rating. It is also a great way to keep more of your money rather than wasting it on late-payment fees.
