Yes! missing even a single payment for any loan EMI or credit card bill affects the CIBIL™ score.  

What Is A Late Payment and How Does It Impact CIBIL™ score?

Lenders specify a due date by which you have to repay the loan borrowed or the credit card bills. When you miss paying your loans or your credit cards, it gets recorded in your CIBIL™ report as a late payment. It may take some time to rebuild this score even after maintaining good financial and credit habits. A low CIBIL™ score is a put-off to a lender to give you a loan because lenders consider borrowers with low credit scores as risky. They are not confident about their repaying ability. So, individuals with low CIBIL™ scores may find it difficult to obtain a loan or a credit card. However, timely repayments will assure the lender that the borrower can repay on time. 

Other Impacts of Late Payment Apart From Dip In CIBIL™ score

Late payments have the following impact apart from a dip in CIBIL™ score

  • Late payments affect your future chances to get credit cards and loans. 
  • Late payments affect the approval of loan and credit card applications 

How To Improve The CIBIL™ score?

  • Check your credit report regularly 
  • Avoid multiple loan and credit card applications 
  • Make timely payments every month
  • Aim at keeping your credit utilization ratio below 30%
  • Pay your loan EMIs on time and completely
  • Avoid closing your older or unused credit card accounts
  • Try to build a long credit history