If I miss a payment on a credit card or other bill, will it severely damage my credit report if I've never gone over my limit or missed a payment otherwise?
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ANSWERS: 2
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If it is the first time you defaulted the terms they will usually forgive the late payment. If you call and explain, it can keep them from reporting it to the credit bureaus. I have seen my credit score drop by forty points from a missed payment. The frightening thing is they can use their default rate if you miss a payment it can be as high as 32% apr. I would call because it shows you care and are not trying to ignore your responsibilities.
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If you maintained a credit report that included no late payments in the past, then you had a perfect report. Therefore, yes, this mar on your report is pretty damning in respect to the perfect report you used to have. However, it isn't the end of the world and in time your credit history will be more substantial and that one late payment won't be an issue... but never allow it to happen again. Pay all credit cards off 100% each month. If you can't do that, then you are in the credit trap and they control you.
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