One of the things you want to do to improve your credit score is to make sure that you pay off your bill on time and don’t miss any monthly payments. However, what happens if you do miss one?
- Late fees: You’ll need to pay some sort of late fee.
- APR penalty: Late payments cause interest rates to go up.
- Introductory APRs canceled: If you have a card with a low 0% APR intro rate, it’ll be canceled for missing payments.