Query regarding credit rating

kev2009

Hi,

i have a nationwide Credit card and i've generally always paid the balance in full each month. Acouple of times, i've missed the payment date by a day or two as I had forgot to make the payment but then i have settled in full and obiously i have incurred the charges for late payment.

My questiosn is - does that mean it will affect my credit rating as i've only missed by a coupel of days and then paid in full or does it still show up as a issue?

Reason for askign as I ws curious as to weather this wodl affect me gettign antoehr credit card or getting a morage etc.

I've had the credit card for a few years now, it was the Classic nationwide but thsi year i upgraded to the Gold card as i figured why not as the interest rate is lower, not that i pay interest on the credit card but incase thigns get bad, might as well pay as low as possible

Thanks!

CannyJock

Missing payments will affect your credit rating. Only question is whether it's significant in relation to other credit/loans, the frequency and how recently the missed payments were. The "reasons" for missing a payment or whether it was missed by 1 day or not makes no difference.

You should order a copy of your credit report or take the free 30 day trial and ask yourself whether you'd loan money to you.

Also worth reading Martin's article on improving your credit rating, links above.

Moggles_2

There's a difference between late payments and missed payments. Fortunately, it sounds as though yours are the former.

Missed payments can wreck your credit rating for years, but late payments are viewed as negative only if you attract more than a couple in a short space of time. Even then, the effect is fairly short-lived. The actual late payment drops off your file after 36 months. It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months

kev2009

Hi all,

thanks for your replies.

I had a coupel of late payments in 2007 i htink it was as i was working durig the day and then becuase we had a migration happening at work due to another company buying the whole company (compway was previosly joint own 50/50 by two companies) we had to spend alot of late nights untill midnight or later migrating everyones computers to the new domain as well as mobile devices etc so unfortunately during this time, getting in late and workign durign the day, i completely forgot about the credit card on a couple of occasions... so i didn't miss a payment completely, i payd it but was late ehnce igot the charge for late payments, i htin 2 in total, maye 3 but no more than that - i'd have to check.

Glad it isn't have too much of an impact!.. My credit card is all i owe and i clear it every month so i dont payu any interest etc. i dont have any personal loans etc, I did have a student loan but that is all paid off now.

Thanks all.