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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.
how long does credit card payment take to reflect on your credit score? Say I pay off all my credit cards one day or significantly reduce my usage, how long does it take for this transaction to affect my credit score? As soon as this does I would like to apply for an auto loan and want my score to be at its best.