30 Day Credit
Many people are under the false
impression that missing a single credit card payment, even just the minimum
payment, won't do any harm, especially when more than the minimum payment
is applied the following month. Unfortunately this information definitely
is false, and can result in a big black mark on your credit.
Once you have not made a payment
for 30 days on your credit card, many banks will report you to the credit
bureau as being delinquent, not just late, although some banks will wait
until 60 days have passed before reporting you as delinquent.
It is also important to remember
that this will show up as a black mark on your credit reports for 7 years.
If you already have bad credit or are trying to build up your credit,
this can affect you poorly when you try and apply for a loan or a mortgage
at a later date.