<p>Missed first payment for my credit card... how long does it take to "clear" it from my record/not hurt my credit rating.</p>
<p>Sucks..</p>
<p>how late were you?</p>
<p>...and to answer your question, negative items will stay on your credit report for 7 years. But there are varying degrees. For example, there are sections for 30-days late and 60-days late on credit reports. Missing your first payment isn't good, and your APR will likely go up from the ridiculous rate it is already, but its not the end of the world. Just don't go applying for new credit right now ;)</p>
<p>It was due today at 1pm EASTERN time. It's a holiday today and the bank was closed.</p>
<p>You will probably have to pay a $29 late fee or something like that. Items paid 30 days or less AFTER the due date do not show up on the credit report, you only have to pay the late fee.</p>
<p>You serious?? THAT brightens UP my day! Really??</p>
<p>A good way to raise your credit score is to have your parents buy everything with your credit card and give you the money afterwards to pay the fees.</p>
<p>^ how do you think that will raise your credit score?</p>
<p>Try calling your credit card issuer and explaining that you were simply late because you didn't realize it was a holiday. Sometimes they are forgiving and won't report that you were late and charge you late fees if it's a one-time mistake.</p>
<p>While you probably won't be marked as paying late on your credit report, how much it could hurt your credit is hard to answer--it depends a lot on what your credit card history currently is. Since you probably don't have much of a history right now, it will probably hurt a bit. </p>
<p>I do believe, however, that only the last two years' payments are reported; therefore, if you pay on time from now on, it will disappear in two years.</p>
<p>And having your parents charge a lot of stuff to your credit card will NOT help your credit score at all. In fact, it will lower your score by increasing your credit utilization.</p>
<p>If it isn't marked as late on my credit report, it would still hurt my credit rating?</p>
<p>No. If it's not included on your credit report, it will not affect your credit.</p>
<p>I meant to say:</p>
<p>"You probably won't be marked as paying late on your credit report. If you are, though, it's hard to say how much it will affect your credit score--it depends a lot on what your credit card history currently is."</p>
<p>Ah thanks. Much much more relieved. I can't believe this happened on my first payment! I intended to pay via online payment with Citibank, but after submitting my info it says it takes 6 business days to process and verify my bank info. So I decided to wait until today to pay it directly at the bank, and it was closed. I wanted to pay via telephone with $14.95, but it's already past 1pm eastern time.</p>
<p>I don't think anything is reported to the credit bureau until it is at least 60 days late.</p>
<p>This is almost certainly not going to be reported. Don't worry.</p>
<p>Be extra careful with credit card late payments, especially with some companies (and I think that Citibank might be one): they often will increase your interest rate to something really ridiculous, even after only one late payment.</p>
<p>This is true. However, if that happens, you can always get a new card and transfer the balance...</p>