Why is the maximum three months for what happens if I miss a payment on an account?
Timely payment on your accounts is important for your credit health. A payment is considered late if it’s made past the grace period (typically about 4 – 5 days) and before 30 days past due. At 30 days past due, which is a full payment cycle, your account will be considered in default. You’ll owe two monthly payments and incur the risk of damaging your credit. It gets worse at 60 days past due (when you now owe three monthly payments). At 90 days past due, your account will be considered delinquent.
The effect of late payments, default, and delinquency make up 35% of your FICO® Score and 41% of your VantageScore®.
Start enhancing your credit today.
With CBNA Credit CompanionSM, you can view your VantageScore® and Experian® credit report—for free! It includes access to tools like debt analysis, score simulators and credit education, which can help you build positive credit habits that support a healthy credit score.
To enroll, log in to your online or mobile banking account, look for CBNA Credit CompanionSM, and follow the instructions to sign up.
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Don’t have an online banking account yet? Enroll today.
The credit score provided is based on the VantageScore 3.0 model using data from Experian®. There are various types of credit scores, and lenders may use a different type of credit score to assess your creditworthiness.
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