Payment one day late

olly300

kenshaz wrote:

We are talking about an over zealous attitude to reporting minor late payment,accidental or forgetful ,which bear no relation to the borrowers ability to pay ,and yet are recorded,because they can.

They have to record them to see if there is a pattern so no it doesn't reflect the borrowers ability to pay.

For example if you have had the card for 12 years and always paid it off every month, then suddenly paid it late then repeated this the CC company could see that you are probably in finiancial difficulties. Then could decide (this is where I become really cynical) whether to offer you more money at a higher rate, or send the debt collectors in.

If they didn't record it then they wouldn't be able to see if there was a pattern to your behaviour.

And paying your CC late once or twice doesn't destroy your credit rating if you have a habit of paying all your bills on time and the majority of the outstanding amount off. Most companies offering more credit are interested in how many CC you have and how long you have been with your bank. (This I find amusing because my current main bank account has an old teenage savings account so I have been with them longer than the bank I chose as a uni student.)

Also the CC companies don't keep upto date with people's financial situation even if they are told. I got a CC out as a student and had to put my graduation date on the application form. 2 years later after I graduated, I complained because I was given a new card that was marked as a student card. The student card had a lower credit limit set as standard, and the only reason I got it was so I could buy stuff like computers and be protected if the PC company went bust.

kenshaz

But I am a free person ,not a pattern on a data base.

GSD4ME

I have followed this thread with interest.

Over the years I have paid my C.C.s late several times, always within the month, but a few days late. I have incurred late payment fees for this, but when I recently checked my credit rating I was surprised that all of my C.C.s had 0 for every month, none of the late payments seem to have been recorded.

I also have no trouble getting new credit. I cannot understand how they work it all.

**purplemoon**

I've applied to Experian to see my credit files so will be checking when the next update goes through to see if they mark me down as late payment.

littlejimmy

MBNA don't report lateness to the agencies for I believe the first 30 days late, in fact they don't even keep record of lateness themselves unless a payment is over 5 days late!

dazed

littlejimmy wrote:

MBNA don't report lateness to the agencies for I believe the first 30 days late, in fact they don't even keep record of lateness themselves unless a payment is over 5 days late!

Its 60 days late. and they do keep a record for 1-5 days late as the late fee is applied after the 1 day grace period.