What Happens When You Pay Late?
Making late payments is one of the worst things you can do for your credit. Exactly how bad is it? That depends on how late your payments are. Your late payment can result in fees and negatively affect your credit score.
- Credit card bills -
what happens when you
- Late Fees Charged
- Reported to credit bureaus
- Increased Late Fees
- interest rate increase
- 2nd report Sent to credit bureaus
- additional Late Fee
- 3rd report sent to credit Bureaus
- Chargeoff sent to credit bureaus
- Chargeoff sent to collections or
- sold to third-party