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How Does a Single Missed Payment Affect Your Credit Score?

How Does a Single Missed Payment Affect Your Credit Score?

When you miss paying your credit card dues on time, the interest added on it is compounded daily. So you can end up paying an interest of 3-4% per month depending on your credit card limit. The same applies to your outstanding amount when you pay the minimum amount. In short, if you do not clear your monthly credit card dues on time, you will see your amount blow up significantly and can increase your repayment period as well!
In such cases, lenders see you as an unfit borrower- someone who is more likely to default on timely payments.


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