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  • FIRST POST
    • Retty
    • By Retty 16th Jun 17, 5:40 PM
    • 6Posts
    • 6Thanks
    Retty
    Forgot one credit card payment - massive hit to credit score
    • #1
    • 16th Jun 17, 5:40 PM
    Forgot one credit card payment - massive hit to credit score 16th Jun 17 at 5:40 PM
    I, stupidly, made a mistake in thinking that I had made an online credit card payment from my bank to my credit card when in fact the payment had not been made correctly.

    The credit card company, Post Office Credit Card, recorded a later payment against my credit account which has taken a massive hit of nearly 90 points as a consequence. The late payment was for the amount of £24.

    It's the first time in more than 20 years I've missed a payment.

    I had the Post Office account for more than 10 years and always paid the balance in full every month so I was really disappointed by their attitude to this problem: they refused to remove the late payment record on the basis that the record is a matter of fact.

    I've closed my account in disgust (I have spoken to a couple of other people who had success with other providers in having a late payment record removed as a one-off).

    What I'm now struggling with is how to rehabilitate my credit score.

    I cancelled my Post Office account and have just applied for another credit card partly as a test of whether or not I would be refused.

    Sure enough I have been refused. This is the first time I've been refused for credit.

    Is there anything I can do?
Page 1
    • molerat
    • By molerat 16th Jun 17, 6:12 PM
    • 16,643 Posts
    • 10,858 Thanks
    molerat
    • #2
    • 16th Jun 17, 6:12 PM
    • #2
    • 16th Jun 17, 6:12 PM
    What I'm now struggling with is how to rehabilitate my credit score.

    I cancelled my Post Office account and have just applied for another credit card partly as a test of whether or not I would be refused.

    Sure enough I have been refused. This is the first time I've been refused for credit.

    Is there anything I can do?
    Originally posted by Retty
    You have just made things even worse than they already were. The most sensible thing to have done would have been to slap yourself round the head for missing the payment and kept the card. What is done is done though, just wait 6 months for things to heal before trying again.
    www.helpforheroes.org.uk/donations.html
    • zx81
    • By zx81 16th Jun 17, 6:13 PM
    • 12,575 Posts
    • 12,757 Thanks
    zx81
    • #3
    • 16th Jun 17, 6:13 PM
    • #3
    • 16th Jun 17, 6:13 PM
    Ignore the points. Everyone else will.

    The impact of a late payment will diminish quickly if you keep up to date going forward. And stop cancelling cards without a plan.
    • ossie
    • By ossie 16th Jun 17, 6:41 PM
    • 303 Posts
    • 292 Thanks
    ossie
    • #4
    • 16th Jun 17, 6:41 PM
    • #4
    • 16th Jun 17, 6:41 PM
    When you get a new card make full balance automatic payments from from your bank account every month if you can afford to!
    • sheff6107
    • By sheff6107 16th Jun 17, 10:02 PM
    • 403 Posts
    • 276 Thanks
    sheff6107
    • #5
    • 16th Jun 17, 10:02 PM
    • #5
    • 16th Jun 17, 10:02 PM
    "I cancelled my Post Office account and have just applied for another credit card partly as a test of whether or not I would be refused."

    That was daft.

    1. There is no such thing as a credit score. Sure, it's not good to miss a payment but one late payment isn't a big deal and will soon just be a distant blemish on your record that nobody will really care about.

    2. Being refused for a credit card isn't necessarily due to your missed payment. I applied for one last month AND DID A SOFT CREDIT SEARCH FIRST.
    My chances of being accepted for numerous cards was between 100% and 25%. So I applied for the 100% and got accepted. You could well have just applied for a card that would have declined you regardless of the missed payment just because you weren't their target market. If your report was so perfect before we don't know if you were very unprofitable for a card lender. If nobody makes any interest off you some lenders don't want to give you a card.
    • boo_star
    • By boo_star 16th Jun 17, 10:42 PM
    • 1,230 Posts
    • 612 Thanks
    boo_star
    • #6
    • 16th Jun 17, 10:42 PM
    • #6
    • 16th Jun 17, 10:42 PM
    It is true reflection, so they are not going to remove it.



    Their case might be different with your case. But if it is true reflection, the chance to be removed is very slim. They might want to refund the late payment fee but not removing late payment.

    I am not quite sure but what I am thinking is that they might refuse to do so due to reputational damage. If they do that it means they admit to CRAs that they are the party who made the mistake and not you.
    Originally posted by adindas
    It's much more likely that it would be a breach of the Data Protection Act where one of the requirements is that all data held is "accurate."

    Although you may not complain about inaccurate data in your favour, the DPA doesn't care about that. Inaccurate is inaccurate.
    • nic_c
    • By nic_c 17th Jun 17, 8:16 AM
    • 824 Posts
    • 508 Thanks
    nic_c
    • #7
    • 17th Jun 17, 8:16 AM
    • #7
    • 17th Jun 17, 8:16 AM
    I had the Post Office account for more than 10 years and always paid the balance in full every month so I was really disappointed by their attitude to this problem: they refused to remove the late payment record on the basis that the record is a matter of fact.

    I've closed my account in disgust (I have spoken to a couple of other people who had success with other providers in having a late payment record removed as a one-off).
    Originally posted by Retty
    Any chance they may have been willing to do probably ended when you closed your account, its one thing doing a goodwill for an existing customer and another for an ex-customer. They did nothing wrong - you missed paying and they charged a fee and did a late payment marker. Why would they refund it now or remove the marker that was correctly placed.

    What I'm now struggling with is how to rehabilitate my credit score.
    I cancelled my Post Office account and have just applied for another credit card partly as a test of whether or not I would be refused. Sure enough I have been refused. This is the first time I've been refused for credit.
    Originally posted by Retty
    So to rehabilitate your score you decided to apply for another card, which would result in a hard search that would negatively impact your score further, just to test whether you would be refused, or probably to back up your view that you will now get refused. So you had a card, now no card and both a late payment marker and hard search making it harder to get another card in the short term? Well done.

    Is there anything I can do?
    Originally posted by Retty
    Yes, next time you get a card set a DD at least for the minimum, though if you always paid in full, then why not have the DD set for full payment.
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