Below are excellent strategies you can employ if you’ve missed out or skipped on your credit card payment for the month.
- Contact your card issuer and explain your side. Be ready to apologize for missing out on your monthly bills and explain the factors which might have prevented you from submitting complete and timely payments of your dues. For instance, if you forgot about your payments then, be prepared to discuss the matter with your card issuer and make a promise that it won’t happen again.
On the other hand, if you cannot afford to pay your bills for the month then, be prepared to negotiate for lower penalties and fines or even for none at all, especially if it’s only your first time to skip or miss out on your charges. Just remember to do so in a courteous manner to easily convince your card issuer to concede to and approve your request.
- In case you’ll be dealing with an unrelenting card issuer then, it might be beneficial to transfer your credit card balance to a low interest credit card. After all, this will buy you enough time to prepare the cash you need to settle your credit card charges in full. At the same time, you can eventually enjoy a lower rate of interest on your succeeding transactions.
- Make sure that such record won’t be reflected in your annual credit report. After all, negative items like payment delinquency can inflict damage to your credit history, cause your score to drop, and chase away prospective lenders.
So, apart from negotiating for lower fees or for more flexible payment terms, you should be prepared to ask your card issuer not to report your late payment to the three major credit bureaus. That way, you can minimize the risk of compromising your good credit profile, especially if you’re planning to apply for a mortgage loan or for an unsecured credit card, in the coming months.
- Use special payment arrangements and tools that will help remind you when your payments are due. For instance, have you heard of automatic payment? If you have a personal savings or checking account with a bank nearby then, you can approach the officers of the organization and inquire about this special payment option they offer to their existing clients. How does it work?
Well, you will simply authorize the employees of the bank to withdraw funds from your bank account, which they can use for settling your financial obligations, including your credit card bills. With this excellent payment arrangement, you won’t have to worry about being delinquent on your bills, anymore.
You can also set up personal reminders and alerts in your mobile gadgets, most especially in your smart phone. This way, you can easily be reminded when a payment is due. More importantly, you can have enough time to prepare the funds you need to submit on-time and complete payments to your card issuer, and even to your other creditors.
Keep these simple tips in mind and we guarantee that you can effectively deal with a late payment. At the same time, you can avoid committing the same mistake, in the near future.
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