how bad is a missed credit card payment?

pippa80

Hi all,

My boyfriend and I are hoping to apply for a mortgage in a couple of months' time. We don't owe any money apart from around £200 on his credit card. He missed a payment on this last month but has made a payment and will clear the balance when he gets paid in a couple of weeks (the missed payment was forgetfulness rather than a lack of funds). When we checked our credit histories recently we had no missed payments for the last two years. I know nobody can say for sure, but would something like this have a serious impact on our application?

Thanks,

Pippa

dunstonh

it can take a few weeks to hit tthe credit report. If it does, then it will be damaging. How damaging will depend on your overall application and how good the other areas stack up.

WTTM

If he needs to wait until he gets paid to clear a £200 balance......

How are you both going to afford a deposit for this mortgage ?


MOMENT

Goodtimesahead

1 missed payment isn't that damaging, especially on such a small credit card balance! Still I would immediately get onto the card company as ask them if they won't mark your credit file with 1 late payment, if you have had a perfect history of previous payments, I can't see them being difficult about that. You will need to explain why its late though. Best way too see if you are likely to be accepted for a mortage is to check your credit file from both Experian & Equifax and also get your latest credit score. Scores need to be very good or excellent to help get an offer letter, obviously a big deposit is important too, as well as proof of required income etc. If your credit score is not good, don't waste your time applying as it will only leave a credit seach on your file.Good luck!

cococoladebt

Depends on your overall application.

Before I applied for a mortgage I had one missed payment in 5 years. I still didn't get the mortgage.

kaych

my bf was actually late for his one credit card payment a few weeks back because he forgot to transfer the money! the bank also charged him immediately for the late payment.

he called the bank (lloyds) immediately and explained that he genuinely forgot and he has always paid them on time. after i think just 5 mins on the phone, lloyds refunded him the £15 and we asked if that is going to affect his credit report (as we are in the process of applying for a mortgage). they said that it is not going to leave any mark unless it happens more than once. so i really hope that is not going to affect us...

pippa80

Thanks all for your replies! That's an excellent idea to see if they will not mark our/his record.

We have a good sized deposit (80-85%) and clean records otherwise - so fingers crossed!

worriedindebt

Goodtimesahead wrote: »

1 missed payment isn't that damaging, especially on such a small credit card balance! Still I would immediately get onto the card company as ask them if they won't mark your credit file with 1 late payment, if you have had a perfect history of previous payments, I can't see them being difficult about that. You will need to explain why its late though. Best way too see if you are likely to be accepted for a mortage is to check your credit file from both Experian & Equifax and also get your latest credit score. Scores need to be very good or excellent to help get an offer letter, obviously a big deposit is important too, as well as proof of required income etc. If your credit score is not good, don't waste your time applying as it will only leave a credit seach on your file.Good luck!

was going to reply to original poster but couldnt have put it any better than the above

good luck