Forgetting to pay your credit card bill can happen to anyone. Life gets busy, and it’s easy to miss a payment date, especially if you don’t have a system in place to remind you when bills are due. While an accidentally missed payment may only seem like a minor slip-up, it can potentially cause financial headaches if left unchecked. Fortunately, there are steps you can take to remedy the situation if you forgot to pay your credit card bill.
Act Quickly To Minimize Damage
The most important thing is to act quickly after realizing you forgot to make your credit card payment. You typically have a 30 day grace period after the due date before the missed payment will be reported to the credit bureaus and impact your credit score. As soon as you notice the missed payment, make at least the minimum payment due as soon as possible before the next billing cycle starts. This can potentially avoid a negative mark on your credit report.
Call Your Card Provider
After submitting a late payment, call your credit card company right away and politely explain that you accidentally missed making your payment on time. Ask if they can waive any late fees or interest charges that were applied. Many providers will work with you, especially if it’s your first time being late and you’ve otherwise had a good payment history. However, there’s no guarantee they will agree to reverse the fees. If your first request is denied, try calling again and politely asking one more time. Dropping hints that you are considering switching companies can provide additional leverage.
Review Your Account For Increased Rates
Check your account terms to see if your credit card contains penalty APR terms. If so, a single late payment could trigger an increased interest rate on your existing balance. However missing two consecutive payments is typically required for your rate to be raised under the 2009 Credit CARD Act. Review your account carefully to ensure your rate did not increase due to the missed payment.
Set Up Automatic Payments
Going forward, set up automatic recurring payments through your bank to ensure you never miss another payment. This deducts at least the minimum amount due directly from your checking account each month. Just be sure you have enough in your account to cover the payment amount. You can also setup payment reminders through your credit card account.
Monitor Your Credit Report
Keep an eye on your credit report to see if the late payment gets reported. If you paid within 30 days, it may not appear at all. However, if reported, it will stay on your credit report for 7 years. The impact to your scores will diminish over time. You can get a free copy of your report annually from each of the three credit bureaus.
Explore Alternate Payment Options
Many credit card companies offer the option to change your payment due date to better align with your pay schedule. You may be able to move it a few days earlier or later each month to avoid missed payments. Additionally, signing up for automatic payments often allows you to choose which day the monthly payment is deducted.
Reevaluate Your Payment System
Take some time to examine your bill payment system (or lack thereof) to determine where it broke down. Were you relying solely on memory? Did you forget to update your calendar with a new due date? Identify how the mistake occurred so you can prevent it from happening again. Develop a reliable system involving reminders, calendars, and automatic payments.
Don’t Panic
It’s frustrating and embarrassing to miss a credit card payment but don’t panic. If it was an isolated event and you took quick action to remedy it the effects on your finances and credit should be relatively minor. We all mess up sometimes. Learn from the experience, establish preventative measures, and move forward. One accidentally missed payment does not have to turn into a major catastrophe if you respond promptly and properly.
Summary
Forgetting to pay your credit card bill can happen occasionally, despite your best intentions. Fortunately, if you catch it early and act fast, you can usually resolve the situation before incurring significant fees, interest charges, or credit score damage. Contact your provider right away, pay at least the minimum amount due, monitor your account for rate changes, and take preventative measures to avoid future missed payments. With vigilance and a proactive approach, a single accidental oversight should not become a long-term financial problem.
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It can be easy to miss a credit card payment if youre juggling a half dozen different bills all with different due dates, and you havent yet set up autopay. Unfortunately, a missed credit card payment can come with expensive consequences.
The impact of a late payment depends on how late that payment is and the terms of your credit card. You may incur a late payment fee, penalty interest rate and risk damage to your credit score.
Below, CNBC Select reviews what happens when you miss a credit card payment, the fees you may incur, the effect on your credit score and how to prevent late payments.
How a missed or late credit card payment effects your credit score
A missed or late payment can have serious negative effects on your credit score. The longer your payment is past due, the more your credit score will drop. Below, weve provided an example of the effect a 30- and 90-day missed credit card payment has on two consumers, according to FICO data.
| Sophia | Maria | |
|---|---|---|
| Current FICO® Score 9 | 607 | 793 |
| Result of a 30-day missed payment | 570-590 | 710-730 |
| Total credit score drop for a 30-day missed payment | 17-37 points | 63-83 points |
| Result of a 90-day missed payment | 560-580 | 660-680 |
| Total credit score drop for a 90-day missed payment | 27-47 points | 113-133 points |
As you can see, the higher your credit score, the greater negative effect a 30- or 90-day missed credit card payment has on your account. Thats because someone with a lower credit score already has their past behavior reflected in their score. The addition of one more indicator of risk wont be as significant as someone with a clean credit history.
What To Do If You Miss A CREDIT CARD PAYMENT
FAQ
What happens if I accidentally forgot to pay my credit card bill?
How bad is one missed credit card payment?
How many days late can you be on a credit card payment?
What if I missed my credit card payment?
What if my credit card payment is late?
Your credit card payment is late when you don’t make at least the minimum payment by the due date. This can happen if you forget to pay or if your payment doesn’t go through. The issuer may have a cutoff time on your due date, typically 5 p.m. at the earliest, after which your payment is considered late.
What happens if you miss a credit card payment?
It can be easy to miss a credit card payment if you’re juggling a half dozen different bills all with different due dates, and you haven’t yet set up autopay. Unfortunately, a missed credit card payment can come with expensive consequences. The impact of a late payment depends on how late that payment is and the terms of your credit card.
What happens if I don’t pay my credit card bill?
Consequences for missed credit card payments can vary depending on the card issuer. But generally, if you don’t pay your credit card bill, you can expect that your credit scores will suffer, you’ll incur charges such as late fees and a higher penalty interest rate, and your account may be closed.
How do I know if my credit card payment is past due?
You can set up payment alerts to help you remember to pay by your due date. Budgeting is a good way to ensure that you have the funds to cover your credit card payment. When a credit card is past due, it means that you’ve failed to pay your card’s minimum payment amount by the due date.
What should I do if I have a late payment?
Here’s what you should do to minimize the negative effects of a late payment: Pay at least the minimum as soon as possible The sooner you make a payment, the better. If your payment is less than 30 days past due, you can avoid it hitting your credit report.
Can a late payment be removed from my credit report?
Unless a late payment is inaccurate or an incorrect late payment, it is difficult to get a late payment removed from your credit report. If you see an incorrect late payment on your credit report, you should dispute it immediately with your credit provider and a credit reporting agency.