If you pay a credit card late, it matters just how late you are

Credit card companies love it when you pay them late. They can charge you fees of up to $39 and even double your interest rate for up to a year. But paying your credit card late isn’t just expensive, it will hurt your credit score and influence your future ability to get credit. Fortunately, however, your credit score may not go down every time you pay late. Here’s why.

Late fees are no fun
Even if you pay your credit card bill just one day late, you’ll likely be hit with a late fee and potentially a higher interest rate. But chances are your credit card company will not report your one-day late payment to the credit bureaus.

But bad credit is worse
In fact, they may not report your one-month late payment if you bring your account current before the date they report to the bureau. That’s because credit card companies report account statuses to the credit bureaus on the same day each month, typically at least ten or fifteen days after your credit card due date. You can actually find out what day your credit card companies report your account to the bureaus by examining your own credit report.

If you’re late, pay as soon as you can
With that in mind, if you miss a credit card payment, never just “let it go” until next month. Pay it as soon as you can! You may already have the fee, but you don’t need the negative mark on your credit too. Furthermore, the later you pay, the worse your credit gets. Credit reports distinguish between 30, 60, 90, and 120 day delinquencies. Each one is progressively worse for your credit score.

Finally, call your creditors
Even if you don’t know when your credit card company reports a late payment, call your creditor anytime you are late and ask them if there is anything you can do to avoid them dinging your credit. Usually they will be friendly and comply, especially if you don’t pay late often.