 TITLE: Can One 30-Day Late Payment Hurt Your Credit? CONTENT: What if Your Payment Is Only a Few Days Late?\n---------------------------------------------\nBeing even a day late with your monthly payment can have different consequences depending on the type of loan or credit card and your agreement with the lender. For example, mortgages and car loans often have a grace period, during which you can still make your loan payment without paying a late fee. A typical grace period on a mortgage is 15 days—but check your loan agreement for details about the grace period your lender may extend.\nCredit cards don't usually offer this type of grace period: If you're as little as one minute late, you may be subject to a late fee and may be switched to a higher interest rate as well. When credit card companies refer to a grace period on their accounts, they're usually referring to the period before you're charged interest on a credit card purchase. So, if you buy a sofa for $2,000, and pay the entire $2,000 balance before your grace period ends, you don't owe the credit card company any interest.\nHow does a payment that's just a few days late affect your credit report? A payment that's not yet 30 days late—or one full billing cycle—probably won't be reported to credit bureaus if it's brought current before 30 days are up. Until that point, your late payment is an issue between you and your creditor. You may be subject to fees or higher interest rates, but you shouldn't suffer a hit to your credit score. END