How missing credit card repayments could impact your credit score

How missing credit card repayments could impact your credit score

Last updated: 07 October 2019

Since the introduction of Comprehensive Credit Reporting (CCR) last year, many Australians are still unaware that missing credit card repayments can have a negative impact on their credit score and could prevent them from getting approved for more credit in the future.


Late or missed payments are now included on your credit file for up to 2 years as part of your “repayment history information” if your payment is over 14 days late


If you’ve previously missed a credit card payment, here’s how your credit score could be impacted and what steps you can take to get yourself back on track.


Missed repayments & your credit score

Based on recent analysis conducted by our partner credit reporting body, Experian, missing a credit card payment for the first time could lead to a 22% decrease in your score, a 26% decrease if you miss 2 repayments, followed by a heavy 42% drop by missing 3 or more repayments in the last three months.


Under the CCR regime, a greater focus by lenders on your repayment habits could potentially impact your future applications for credit.


Did you know you can check your credit score for free at Credit Savvy?

Check my credit score now


Limit the number of credit cards you hold

Experian’s research also shows that as the number of credit cards you hold increases, your credit score tends to drop. If you carry multiple credit cards, you could overextend yourself and ultimately result in missed repayments.


Higher credit card ownership and late credit card repayments = lower credit scores


Consolidating multiple credit cards into a debt consolidation loan could be an option to help you better manage your credit and your monthly repayments.


Your credit management and repayment habits

Experian’s findings from a consumer research survey of 1,000 people revealed that keeping on top of credit card repayments is a current struggle for many Australians, with 2 out of 5 Australians unable to make their repayments because they either forgot or can’t afford to pay it off.


If you’re having issues managing your debts, speak to your lender as a priority and request for hardship assistance. Most lenders will be able to arrange more suitable payment terms or reduce the monthly repayment amount required to help with your financial situation.


Requests for hardship assistance does not affect your credit score


There is also a range of other free avenues available if you’re seeking confidential financial support. You can visit our Key Resources page for more information.


Here are 7 savvy steps to help you stay on top of your credit card repayments:

  • Create a budget and repayment plan
  • Tackle and prioritise your debts
  • Consider consolidating your debts
  • Set up automatic payments
  • Make your repayments on time, every time
  • Don’t be afraid to seek help if you need it
  • Don’t apply for further credit


Demonstrating positive credit behaviour and repayment habits is now more important than ever. Even if you’re not planning on applying for credit in the future, it’s important to regularly assess the way you manage your finances and find ways to improve your financial position.

If you haven’t yet, sign up to Credit Savvy to track your Experian credit score and credit file information for free. See your past repayment history information and find out where you stand!


Get my credit score today


Want to learn more about CCR and how it could affect you? Head over to the Learning Hub to get the latest news & updates today.



The Experian credit bureau research was based on 14 million open credit cards and a population of 9.4 million individual open credit card holders as at April 2019. The Experian consumer research survey was conducted in June 2019 using an online survey method. The survey was completed by 1,000 Australians representative of the nation aged 18 and over. Visit Experian for more information.