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Worse, late payment may cause you to forfeit some or all of the rewards you've accumulated. By the time your account is 180 days late, i.e. you've missed six payments, the card issuer will typically charge-off the account, writing it off as a loss. The charge-off goes on your credit report and stays for seven years.
It can take 12 weeks or more to tidy up your credit score to get the best mortgage rate with the least hassle.Get started with this countdown.: The bigger the misstep, the longer it takes. Paying a routine credit card bill late can take three months to purge from your credit rating. Pay your mortgage 30 days late and it can take two or three years â the more you owe, the longer it takes for that ding to evaporate from your score.