Your credit score affects how likely you are to qualify for loans and other forms of credit, and what interest rates are offered when you do get credit. Missing a payment can lower your credit score and make it more difficult to obtain credit in the future.
Effects
People who already have lower credit scores will not see as big of a hit from one late payment as those with higher scores. For example, someone with a credit score of 780 would lose about 90 to 110 points, but someone with a credit score of 680 would only lose about 60 to 80 points, according to the Fair Isaac Corporation.
Time Frame
If the missed payment has not yet been paid and the account is still reported as past due, you will see the biggest effect on your credit score. Your score should rise again as you make on-time payments on the account in the future. In addition, payments that are 90 or 120 days late will have a larger impact and affect your score longer than 30-day late payments.
Considerations
If the payment is not a full 30 days late, the lender may not have reported it to the credit reporting agencies yet. Call the lender as soon as you notice you have missed the payment and ask if the company can forgive it and not report it to the credit bureau.
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