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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.
Lenders are not allowed to report late payments, especially one day late credit card payment, to the credit reporting agencies until the payment is a full 30 days past the due date, and 14 days isnât 30 days. Consider that a belated Christmas gift, one that you deserve given your history of sterling credit management.