Is this a stupid question?

daviesalie_2

Is a late payment on a credit account the same as a default? Or is a default when you've missed a few payments and the word 'DEFAULT' is on your credit file?

I'm asking because I have about 4 late payments (no more than 1 month late) in the last 3 years but have been successful getting credit even with them on there, so just wondering if a 'default' is different.

Thanks

January20

If you miss several payments in a row, your creditor may issue you with a default notice and a default will be put on your credit file. This will remain there for 6 years and make getting further credit difficult, if not impossible.

Doesn't the confusion arise because people who miss an odd payment say they have "defaulted on a payment". I remember watching a programme on the television a good while ago, about how people were getting too much credit and they used that phrase of "defaulting on a payment". I found it quite misleading at the time.

And if I'm wrong, I'm sure somebody will put me right soon

daviesalie_2

Thank you January