Would missing loan repayment dateline for just 24 hours damage your credit score?

[King Belieal]

My friend missed a loan repayment dateline by just 24 hours and his credit score really crashed. That's not so much to deem a person financially irresponsible.

Does a 24 hour missing of loan repayment affect credit score negatively? The person actually repaid the loan 24 hours late.

 

[Kross]

You have breached the contract but that is not enough for it to really destroy your credit score too much.

 

[Springtime]

24 hours late is still late. But I think for such situation, the person has the chance to get his/her credit score reviewed when he repays promptly in the future.

 

[Trush Jodie]

Even if you're an hour late, it is enough to be panelized. You see every businesses have structures, you don't breech a contract and expect exemption.

 

[Kera]

The best thing is to pre-inform the loan issuer of the possibility of you missing the loan by 24 hours way before time.

 

[Fidelia]

Loan institutions unfortunately don't do sentiments. Your credit score is affected even if with an hour default, especially online loans.

 

[eLdavis]

Yes i think it would still affect your credit score, though it might not be huge but it will affect it.