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How To Make Late Payments Without Hurting Your Score

Contrary to popular belief, in most cases, you do not have to pay a credit card bill by the date of which the bill is due. The reason for this is because most credit card companies offer a 25-30 day grace period. This little known secret could come in handy if you're running short until payday.

Here's how the grace period works: Let's say that your bill is due on the 1st of the month. You can pay your bill anytime before the 25th or 30th (depending on your grace period) without it being reported as a late payment to the credit reporting agencies. They've allowed you a few days grace.

Now, this does not mean that you won't be charged a late fee for making the payment after the due date, because in most cases you will. It simply means that credit card companies that offer a grace period will not report your late payment to the credit bureaus as long as they receive a payment within the stated grace period on your credit agreement.

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