We've all been there: the end of a long week at work, your child is sick, and you forget to pay your phone bill. What's that going to do to your credit score? If your payments are a few days or even weeks late, your phone provider probably won't report the missed amount to the credit bureaus as late. Most companies do not report late payments until 30 days have gone by without payment.

But what happens if you're more than 30 days late? Payment history accounts for 35% of your credit score, so it could have a significant impact on your score, especially if you don't have a long history of on-time payments. The longer a payment goes unpaid, the more damage it does to your credit score.

If your late payment gets reported to the credit bureaus, you can work with your creditors to set up a payment arrangement to stop further damage to your credit score. The sooner you contact your creditors, the more likely they will be to work with you favorably. They might require automatic payments after the late bill gets paid, so it's important to make sure you're able to keep up the agreement. If they can't work with you, consider contacting a credit repair service to get help.

Sometimes old accounts can stick around and damage your credit score long after it's closed. It could be worth contacting the creditor to see what your options are for removing late charges. If you have a charged off account, they can also remove that from your credit report if you can agree. Often, you can settle the balance by paying half. Paying the settlement will restart the clock on this tradeline, though, and keep it on your credit report for an additional seven years. If you're not able to work something out or don't have time to contact them, contact us for credit repair in Dallas.

Late payments reported to credit bureaus will stay on your credit report for seven years and can lead to higher interest rates on loans. Payment history can also affect your chances of getting approved for loans or credit cards. Payment history is vital for your overall financial health; you'll save money on late charges and have lower interest rates on loans that could add up to thousands of dollars over your life.

Make sure you're getting the help you need. Download our free checklist of steps you can take right now to stop damaging your credit. Then contact Credit Diva.