Have I stuffed my credit rating?

KathrynPenguin

I'm building a nice little stooze pot and running some regular credit cards which I pay off each month. Last month I was stupid enough to miss paying my Amazon card - my own fault but I have to pay it through a secondary bank account as it doesn't show on the list of payees through my regular NatWest account. I have since paid it in full and following a converstation with the supervisor I got the charges waived :j

2 days ago I got the bill for my Tesco card and that also showed last months payment had been missed. I knew it hadn't as I had seen the money (in excess of 1k) go out of my current account. On checking what had happened I realised again it was my mistake. They recently upgraded me to a Platinum card and this meant a new card number. When I set up the online payment I had put the number in wrong. I called them and they said the money is in their holding account and they will trace it and put it on my account - all charges and interest will be waived as I did indeed pay in full by the date due.

I am wondering if this will affect my current credit rating though as I read somewhere that overdue payments have an effect. I have just been accepted for HSBC card and was planning to apply for a Mint card soon too - will I need to wait a while?

cifpower

I would wait until next month and then get your credit reports to see if anything has been reported.

smartsaver

I'm sorry to say ur credit rating will most likely be adversly affected.

Make sure all payments are on time esp the 0% deals. If you late pay these you lose the 0% rate straight away. :eek:

woohoo_postingid

Does it affect the credit rating hugely if a payment is missed?

YorkshireBoy

woohoo_postingid wrote:

Does it affect the credit rating hugely if a payment is missed?

It will vary between lenders, who will each have their own criteria.

For further information, see here...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,

and here...

https://www.stoozing.com/credscore.htm

realaledrinker

Why are you not paying the minimum payment off by direct debit? That way you can guarantee not to miss a payment. Doing it 'manually' is asking for trouble, as you have found out twice to your cost.

Peachy_2

yeah it will affect it but if the credit co have seen fit to waive the fee/charges etc - they should be as ok with removing the info from your file, especially if you're a good customer previously and spending lots with them - try it - good luck !

Peachy X

KathrynPenguin

realaledrinker wrote:

Why are you not paying the minimum payment off by direct debit? That way you can guarantee not to miss a payment. Doing it 'manually' is asking for trouble, as you have found out twice to your cost.

I don't pay minimum by DD as I pay in full, however I do sometimes spend more than I would like to pay from my current account and make the payment instead from my savings account. I like to move the money out of the current account ASAP so that I earn max interest on it. When I have in the past had DD's on credit cards it has caused me a problem in paying from the other account as the payments have ended up going through twice, resulting in loss of interest for me!

Never mind, I can hold off building up my stooze pot for a little while.