£12 ruined credit score

curlytop12

please advise....
i set uo a standing order for santander CC for £15,min payment being approx £12 per month. then got a phonecall saying i'd missed payment so owed them late payment fee and have lost o% deal now.
rang A&L who looked into it for me,turns out i'd not set up SO properly so £15 had been returned to my bank account.have paid CC payment and late charge and set up DD now but have just been refused a loan due to my credit score.I am 41yrs old and this is the only blemish on my credit score,am so upset.my mortgage is on variable rate at the mo,will this affect my chances of getting a mortgage in the future?is there anything i can do to put my credit file back to how it was?how long will it take for me to repair my credit score?
thankyou in advance.

stephane_2

A late payment will have little or no effect at all in the short term. The fact that you got refused a loan may have nothing to do with that, they would have considered your overall financial situation and maybe they felt that you would be too much of a risk to them or that you did not meet up their minimum requirements (income, time at address, employment status etc...)

curlytop12

if i rang santander is there anything they could do?i.e explain to experian the situation?

Burlesque_Babe

1 late payment won't have much (if any, to be honest) bearing on your loan application.

As Stephane says - the application takes into consideration lots of other factors as well. Are you on the electoral roll?

Santander just report the data to experian who update the records. I can't see Santander changing the data because it is correct. I wouldn't worry about the missed payment.

Banks are much more stringent on their lending criteria now, it could be a number of factors which meant you fell below their approval level.

curlytop12

thankyou,that makes me feel better actually,that its not my stupidity that got the loan refused,its just their rules,
wanted the loan to consolidate my CC / overdraft so will just do withoutany idea if i'd be able to get a 0% CC( now iv'e lost my deal)if i've been refused a loan?
thanks again!

Burlesque_Babe

it will depend on the individual CC company and their lending criteria as to whether they say yes or no. Any more than a couple of searches within a 6 month period won't help as lenders get a bit wary so don't make lots of applications.

and then close the other CC and ask your bank to remove your o/d so you aren't tempted to run them back up again

curlytop12

thank you.I may just try one CC and see, if i get a no then i will wait a while.

Burlesque_Babe

if you want any help with ideas how to clear the CC and o/d (with or without a 0% card), pop over to the debt free wannabee board. Post a Statement of Affairs (there's a link in the stickied posts) and everyone will help with how to make changes to your budget to help pay it back even quicker. Everyone is really helpful.

triticale

Gem, I would also not be too hard on yourself about the 'stupid' mistake with the SO - it isn't unknown for 0% providers to 'accidently' mess up the first DD/SO payment so the customer loses their 0% deal and instead be stuck giving them nice interest payments...

bengal-stripe

gem68 wrote: »

wanted the loan to consolidate my CC / overdraft so will just do withoutany idea if i'd be able to get a 0% CC....if i've been refused a loan?

It appears you have quite a bit of debt.

The loan company wouldn't have know you wanted to consolidate your debts. They just see a person with debt applying for more credit. That debt is likely to be the difficulty when you apply for a new 0% CC deal. Even if you were to say it is to consolidate, there is no guaranty, once the old card is cleared, that you would/could run up new debt on that card and have suddenly twice the debt as previously.

It might be a good idea to make inroads into your existing debt, before you apply for new credit.

curlytop12

i have £1,600 of debt ( not inc mortgage!) and earn approx £15,000,its just in 3 different places (2xCC and an overdraft) and paying it into one loan seemed easier but actually will just carry on as i have been,just a shame i lost the 0% deal.