If an account is past due, you have missed at least one payment, but the account is still open.
It’s important to act as quickly as you can, so that the account stays open. If the creditor closes the account, it will have a bigger negative impact on your credit score.
If you can afford the payment, make it as soon as you can.
If you can’t afford the payment, contact the creditor and ask how you can get caught up. Let them know how much you can afford and ask if they will work with you. They may offer a payment plan or a lump sum payment to catch up.
A past due account that is still open can be used to build credit! Once you get back on track, make on-time payments every month, and your score will start to improve.
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To Do: Make a plan to deal with your past due accounts. Contact your creditors and ask about your options if you can’t afford the payment.
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Tip: Creditors will often work with you! They want to be paid, and usually are willing to help you get back on track.
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