Results of Missing a Payment

Even though accidentally missing a payment does show up in your credit report, most lenders will recognize a single missed payment as a mere slip up on your part, and they'll overlook it when considering you for a loan. However, if you have regular missed payments on your credit report, this is a good indicator to prospective lenders that you will miss a payment if they lend to you as well. Many lenders may choose not to lend to you because of your high associated risk. Other lenders may choose to lend to you, but they'll only do so if they charge you a higher interest rate than they would for someone without missed payments.