MBNA affected my credit report (in a bad way)!

TFD_2

oscar52 wrote: »

And I work for the company, so stand by my comment. Game over....

I like you.

izools

oscar52 wrote: »

And I work for the company, so stand by my comment. Game over....

oscar, whilst I totally agree with what you've said, working for MBNA doesn't automatically mean that you know what effect one missed payment will have - unless you are part of the team that designed the neural-net credit scoring and risk analysis system for them

oscar52

izools wrote: »

oscar, whilst I totally agree with what you've said, working for MBNA doesn't automatically mean that you know what effect one missed payment will have - unless you are part of the team that designed the neural-net credit scoring and risk analysis system for them

izools, our posts somewhat complement each other. We both agree there will be very little effect if any, and that within a few months, there will be no effect and the late payment will be seen as an oversight.

I agree with star fire that no late late payments would be better than one, but so would a higher income, being on the electoral roll, longer lenght of residence....

Unfortunately, I didnt create the scoring system they use .... they make that up as they go along....

izools

oscar52 wrote: »

izools, our posts somewhat complement each other. We both agree there will be very little effect if any, and that within a few months, there will be no effect and the late payment will be seen as an oversight.

I agree with star fire that no late late payments would be better than one, but so would a higher income, being on the electoral roll, longer lenght of residence....

Unfortunately, I didnt create the scoring system they use .... they make that up as they go along....

Indeed.

Not long ago star-fire was trying to convince me than an Arrangement to Pay marker on an account is as bad as a defult... I don't think he's quite grasped the various degrees of adverse information on a credit file.

I.e. my mother has had a Barclaycard in an AP for seven years now but has no trouble passing credit checks as all other aspects of her credit file and application are spot on.

I just hope star-fire can take our advice onboard and begin appreciating that there are so many shades of grey in between "Perfect" and "Dire" adverse credit information. One missed payment is still pretty much perfect

BugsyBrowne

izools wrote: »

Indeed.

Not long ago star-fire was trying to convince me than an Arrangement to Pay marker on an account is as bad as a defult... I don't think he's quite grasped the various degrees of adverse information on a credit file.

I.e. my mother has had a Barclaycard in an AP for seven years now but has no trouble passing credit checks as all other aspects of her credit file and application are spot on.

I just hope star-fire can take our advice onboard and begin appreciating that there are so many shades of grey in between "Perfect" and "Dire" adverse credit information. One missed payment is still pretty much perfect

F*ck me you lot get a grip, i only said when applying for credit it would look better having no late payments rather than a late payment..
Also if having one missed payment is almost perfect you say izools,how come if these days if you are late once with a payment the credit card company will either take your APR up or if you are on a promotional rate you would lose that straight away..
And izools i have not grasped the various degrees with adverse on a credit file because i have never had had adverse on any of my files..

noah271007

Star-fire got a valid point. One missed late payment on otherwise 'perfect' credit history would have little effect on obtaining credit. However, lenders do look at the past 12 months of payments as a guidance for example using Experian. If there is a record of missed payment then the customer concerned might not get the lowest APR available as this missed payment is recent. Also banks and lenders regularly use feed from CRA's on customer's credit files, once they are aware of the adverse data, they can review accounts and adjust the APR reflecting the current RISK.

It would not matter if this happened several years ago, but IMO, a missed payment is a bit more damaging than it used to be in the past.

The other thing for people who have old default(s) and/or missed payments 3 years plus on their credit files, it is imperative they do NOT missed any payments on the previous 3 years (keeping your credit file clean) as some lenders only search back 3 years if there is no adverse recorded. If there's a missed payment (which is an adverse data) then there is a high risk (depending on the credit scoring model used by lender) the lender would automatic resort to a full 6 year credit search and that would obviously reveal the old default(s) and/or late payments resulting in a decline.

noah271007

Does anyone agree with the above point?