Late payment 97pence

harrisal

I thought I had cleared my credit card held with the same company as my current account and there was 97p outstanding, my banking is online so I didn't receive a statement or reminder until I got an online message saying the payment was late. Is this still going to adversly affect my credit rating? I wrote to my bank and asked them but they were not clear in their reply, only stating that they had now received my payment.

KiKi

Hi

It depends on the circumstances. If your statement for August was for (for example) £6.97, and you only paid £6, then your September statement was for 97p. If you didn't pay that by the October date - and the 97p was the ONLY thing on that statement then yes, it's a late payment and will be recorded on your file.

If, though, the £6.97 was your September statement, and you paid £6 of it, then it's not late, it's just partially paid. That won't be recorded as late.

I wasn't entirely sure from your post as you don't state timings, but it sounds like it was the former - you cleared your card (you thought) but you actually had 97p run onto the next statement which you didn't pay on time. Remember, they might charge you with a late payment fee, and you will also have to pay interest on the full amount, not just the 97p, as you didn't pay off the card in full. This will cause residual interest which means you will have charges on your next two statements to look out for. But as long as you clear the next two statements in full then you'll be back to 0.

If you've never had any adverse credit before, though, it shouldn't affect your rating too much, I wouldn't worry.

I hope that helps.
KiKi

Moggles_2

Lenders' procedures vary. May I ask which credit card is involved?