Question:

How bad is one late payment?

Answer:

Not too bad. One late payment (if less than two months late) cannot damage your score too much, especially if it had one-time occurrence and was at least 12 months ago.

In the case of credit card debt, however, a single crossing our card limit or making just one late payment triggers a series of reaction.

Firstly, rates on your card are automatically raised.

Secondly, very expensive late or overdraft fees will be charged.

Thirdly, if you are doing debt consolidation, even one late payment with the wrong card may get your debt irresolvable.

To avoid making even one late payment, make sure you talk to your bank/lender/credit company. They'll be more forgivable if they are warned of the possibility of you making a late payment. Another way to resolve one time late payment is through online or by-phone payment of due bills.

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