Dear Clever Credit,
I’m so dumb! I’m new to credit cards, and I mixed up my statement closing date with my due date. Now I’m two days late on my secured credit card payment, and I don’t know what to expect. I’m usually very good at monitoring and keeping track of due dates on my own. I’m literally kicking myself hard because of this!
Signed,
Honest Mistake
Dear Mistake,
Hey, it happens! The important thing is to not beat yourself up about it. The good news is you didn’t do any damage to your credit score. The bad news is you might get hit with a late fee.
Late payments don’t show up on your credit report unless you’re 30 days past due. If you’re only a few days late on your payment (or a few weeks even), your credit score shouldn’t be impacted. Just pay the late payment in full as soon as possible.
You’re right to worry, though! If you were 32 days late instead of just two days late, your credit score could drop anywhere between 50 to 100 points. But as of right now, you’ll most likely only have to pay a late fee.
[Read: Secured Credit Cards]
Since this late payment was just an accident, call your issuer and see if it’ll waive the late fee. If you explain the situation, the issuer might be able to work with you. Especially if it’s your first late payment with the issuer.
Also, you mentioned that this was just a mix-up, but if your current due date doesn’t work for you, you can always ask your issuer to change it. It’s not guaranteed you can change, but some issuers do offer that option.
To make sure a late payment doesn’t happen again, sign up for auto pay if you’re able. This way, you can just set it and forget it. You can also set up payment alerts with your issuer in the form of text messages and/or emails. If you need a little extra nudge, input your payment date as a monthly calendar event in your phone.
Just continue making on-time payments and you’ll be fine. But monitor your credit as well to make sure only accurate information is being reported. You deserve credit for all of your hard work!
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Oops, I Forgot to Pay My Credit Card. But That Was Just Two Days Ago! originally appeared on usnews.com