What Happens If You Miss a Credit Card Payment? Impact on Your Credit Report

12th May 2025

Missing a credit card payment may seem like a minor slip-up, but it can have serious consequences for your financial health—especially when it comes to your credit report. In the UK, your credit report plays a vital role in securing loans, mortgages, mobile contracts, and more. So, understanding what happens if you miss a credit card payment is crucial.

Here’s what you need to know about the potential impact on your credit score, how long it lasts, and what to do if you’ve missed a payment.

The Immediate Consequences

Most credit card providers offer a grace period—typically a few days—after your due date. However, if the payment isn’t made shortly after, the lender will usually:

• Charge a late fee (usually around £12)

• Apply interest on the outstanding balance

• Stop promotional interest rates (such as 0% offers)

In some cases, the lender may also suspend your credit card until the account is brought up to date.

Impact on Your Credit Report

If your payment is 30 days or more overdue, the lender can report it to the UK’s credit reference agencies—Experian, Equifax, and TransUnion. This is when the real damage to your credit profile begins.

Here's what gets recorded:

• A missed payment marker on your credit report

• A drop in your credit score

• The late payment stays on your report for up to 6 years

Even if you eventually catch up and pay off the balance, the missed payment remains visible and may raise red flags for future lenders. One missed payment might not ruin your score, but repeated late payments can seriously impact your ability to borrow in the future.

Long-Term Effects

The effects of missing a payment can extend well beyond just a lower credit score. Lenders may:

• Reject future applications for credit or loans

• Offer higher interest rates due to perceived risk

• Decrease your existing credit limit

This can create a vicious cycle, especially if you rely on credit for emergencies or everyday expenses.

What to Do If You Miss a Payment

If you've missed a payment, take action quickly:

1. Pay it as soon as possible – Even a few days late is better than 30+ days.

2. Contact your lender – They may offer a temporary solution or payment plan.

3. Check your credit report – Monitor the impact and ensure no errors are recorded.

4. Set up a direct debit – To avoid missing future payments, automate at least the minimum amount due.

Final Thoughts

Missing a credit card payment can feel like a small misstep, but it can have lasting effects on your credit report and financial options. Acting quickly and responsibly can minimise the damage. And remember—staying informed is your best defence.

At https://creditcheckonline.co.uk/, we help you stay on top of your financial health with expert insights and fast, secure credit checking tools.