We’ve all had tight months or forgotten bills. But when it comes to credit, missing even one payment can affect your score. The good news? You can bounce back quickly if you act fast and stay informed. Let’s break down what happens when you miss a payment and how to recover.

The Impact of a Missed Payment on Your Credit

1. Your account is marked as late

If your payment is more than a few days late, lenders may report it to the credit bureaus.

Tip: Even a 30-day late payment can reduce your score, especially if you have little credit history.

2. Your credit score drops

The longer the payment remains unpaid, the worse the damage. Late payments stay on your profile for up to 2 years.

Example: A missed R200 store payment can drop your score by over 50 points.

3. You may get charged fees or interest

Some lenders add penalty fees, which make it harder to catch up.

Tip: Always check your account statements for extra charges.

4. It can lead to collections or legal action

If you ignore the account completely, it could be handed over to debt collectors or result in a judgment.

Tip: Contact the lender early to work out a repayment plan if you’re struggling.

How to Fix a Missed Payment

• Pay as soon as you can, even a late payment is better than no payment.
• Contact the lender to explain and ask for help or a payment plan.
• Monitor your credit profile to see when it recovers.
• Build back slowly by using your accounts responsibly moving forward.

One mistake doesn’t define you. Life happens, but what you do next is what counts. Fix the issue fast, learn from it, and keep building your credit confidence.

Splendi helps you track your credit and learn from every step. Log in now to check your profile.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Splendi does not provide personalised financial, investment, legal, or tax advice. Always consult with a qualified financial advisor for guidance tailored to your individual circumstances.