Consequences for missing a few credit card payments. 2 months late on last one?
Derek l asked:
Help me out please. I’m in a mess financially. I was late on 3 of my payments in the past. The last one is over two months late. I’m in Canada with Royal Bank. What’s going to happen to my credit rating? How/what can I do to improve my credit rating? Appreciate the help
Sue
Help me out please. I’m in a mess financially. I was late on 3 of my payments in the past. The last one is over two months late. I’m in Canada with Royal Bank. What’s going to happen to my credit rating? How/what can I do to improve my credit rating? Appreciate the help
Sue
Clifford
It will show up as 60 days late on your payment. As far as what that will do to your credit rating, I don’t know, but of course it will ding.
First piece of advice is to STOP USING THE CARD if you haven’t already. You don’t live and die by your credit rating, unless of course you follow Suze Orman’s advice. I prefer Dave Ramsey’s approach; moving toward being debt free and learning to live on a budget, then building wealth and being able to do pretty much whatever you want to do.
daveramsey.com
Don
Send them a catch-up payment to avoid a major delinquency at 90-days late.
Sit down and take a deep breath and look at your finances as a big picture instead of jumping from one emergency to another.