Missing a credit card payment isn’t the end of the world. If you’ve missed one payment by a few days, you can often get your credit card provider to waive any fees by citing your history as a good customer and reaching out to them directly. But if you’ve missed multiple payments for long periods of time — think a month or two — your credit will take a hit. Here are some ways to rebuild your credit score, should that ever happen.

Be Patient

The first thing to know about rebuilding your credit is that the process could take months, or even years. The time it will take to repair your credit depends on the severity of the late payments.

Make Contact

Contact your credit card provider and explain your financial situation to them. Ask about any financial hardship plans that are available. Chances are they’ll be willing to work with you.

Tighten Up

Review your budget and make cuts where you can. Use those extra funds to make your late payments and to stay on top of future payments.

Keep Going

This might sound obvious, but a key to rebuilding your credit after missing payments is to not miss any future payments. Be diligent about never being late again. Consider setting up an automatic minimum payment if you are able.

Get Low

Another big factor in your credit score is your utilization. This is the percentage of your available credit that you’re actually using. Keep the percentage as low as possible (aim not to exceed 30% ever) and slowly (but surely) your credit score will begin to improve.

Check Up

While you’re busy making timely payments, remember to closely monitor your credit report. Make sure there are no errors. You don’t want incorrect info keeping your credit score down.

Looking to stay on top of your credit? Check out CreditSavvy. It’s a free resource for our members that gives you access to your credit score - and personalized tips on how to improve it. You can even monitor your score daily, with no impact to your credit, and take advantage of money-saving offers!

This blog is available for Granite State Credit Union members through CreditSavvy, in partnership with, and powered, by SavvyMoney. To learn more about CreditSavvy click here: https://www.gscu.org/learn/creditsavvy.html