Bad Credit risk?

petebates26

Hi there,

I have recently been turned down for a couple of loans (Halifax and Tesco)

I checked my credit report with Equifax and the only problems I could find were 6 late payments (all 1 month) - a couple of them were genuine late payments (my own fault entirely - not making any excuses) and some in November, December and January this year - again, technically my own fault, but I have learnt not to trust a direct debit switching service when changing bank accounts!

Apart from that, my report didn't look too bad. So, my question is, how bad do these late payments look on my file - and how long would they put mainstream lenders off me for?

Late payments (all 1 month).....

Orange Phone bill -

• December 08
• June 09
• Sept 09
• Jan 10

Mortgage payments -

• Nov 09
• Dec 09
• Jan 10

Any opinions or advice would be gratefully recieved!
Thanks

Wutang_2

petebates26 wrote: »

Hi there,

I have recently been turned down for a couple of loans (Halifax and Tesco)

I checked my credit report with Equifax and the only problems I could find were 6 late payments (all 1 month) - a couple of them were genuine late payments (my own fault entirely - not making any excuses) and some in November, December and January this year - again, technically my own fault, but I have learnt not to trust a direct debit switching service when changing bank accounts!

Apart from that, my report didn't look too bad. So, my question is, how bad do these late payments look on my file - and how long would they put mainstream lenders off me for?

Late payments (all 1 month).....

Orange Phone bill -

• December 08
• June 09
• Sept 09
• Jan 10

Mortgage payments -

• Nov 09
• Dec 09
• Jan 10

Any opinions or advice would be gratefully recieved!
Thanks

Missing mortgage payments will have a bg effect.

immoral_angeluk

The late payments will have a serious negative affect, as will the searches on those loans you were turned down for...

petebates26

Hi folks,

Thanks for the responses.

I realise they will have a bad effect - I could kick myself for not keeping on top of things - it was a case of things being a few days late each time. Still, here I am!

I know the searches will have an effect too - I won't be applying for anything else for at least 6 months so I don't make any more of a mess!

Any idea how long the missed payments will be an issue for?

CHR15

6 years.... gulp!

petebates26

I thought as much - cheers Chris.

Although, I have been accepted for a credit card since the missed payments, so hopefully it won't be a 6 year ban!

Has anyone had any experience of having late payments removed? As I said earlier, I was only a couple of days late with my mortgage payments - do you think my mortgage company might review their decisions if I ask?

I think I know what the answer will be - it was my fault and I have to live with it! But, I just thought 'd ask and see if anyone had any experience?

LeeSouthEast

The late payments will start to have less of an effect after a year or so. If you keep the accounts active and keep paying on time, they should drop off after 2 years (I'm sure someone will correct me if I'm wrong, but 'active' accounts only show 2 years of payment history?).

petebates26

Cheers Lee - unfortunately one of them is a mobile contract which is now closed. The other one's my morgtage, which has considerably longer than 2 years to go, so there's hope for that one!

brians_daughter

after 12 months it will have less sway on the phone bills etc. Missing mortgage payments is a little more serious i think. Just set up dd's and the job is done, no more missed payments!

petebates26

Thanks Brians Daughter - I have done now! 2 months of the late payments were because I was assured that the direct debit switching service from my new bank was taking care of it.

Admittedly, the third late payment was my own fault!

To ask my previous question again - does anyone have any experience of asking a lender to reconsider their decision (for the sake of a few days) and have the late payments removed from a credit file?

brians_daughter

you can ask them if they would consider it, but in all fairness your credit file is there to give a true reflection on your payment history.

If you are late paying then you are late paying and it will show on your file to give other prospective lenders a true reflection on how you managed your accounts

You could write to/call the comanies involved and expalin the bank change, back it up with the fact you dd now comes from another account and ask if they can amend their data. If you have a long history with them and its the 1st time its been late they may see fit to change it, but they will probably refuse to on the grounds stated above.

If they do amend the data you can then go back to whoever refused you credit and tell them the' incorrect' data has been changed and provide them with a new upto date copy of your report.
HTH