Missed one payment by a day, will this affect credit rating?

tubateacher

I recently had a new credit card and set up direct debit. I then went on holiday, when I returned I had a phone message saying that I had not made my monthly payment.

I found out that the direct debit wouldn't start until the month after.

I rang immediately and paid over the phone, I was one day late. How much will this single missed payment affect my credit score?
Thanks in advance

stephane_2

I doubt it will affect it at all....unless they decide to put a late payment marker on your file.

tubateacher

Thankyou for your reply, if they do put a late payment marker on my file will this affect my application for a loan? Or does it not affect my overall score enough? As far as I am aware I have an excellent rating and have never been refused a loan or cards etc

Hax

It's highly unlikely that you will receive a late payment marker for being just one day late. Normally, if a payment is not received one month, it will be shown on the next statement as an "overdue" payment/amount that needs to be paid immediately. Only if you don't then bring the account up to date will they register a late payment. This isn't 100% accurate - but my understanding!

Being just one day late, your payment will have probably reached them before they have even produced your statement and as such will not even register - other than a late payment fee - possibly. You could probably even get the late payment fee refunded if it's the first time it's happened and you called them up and apologised.

A single late payment on an otherwise good credit record will have very little impact.

corgiman

About three years ago I payed 1 day late my one and only late payment on any credit agreement and yes I did have a late marker on my file.
It was barclaycard that did this to me but my credit limit has been increased since then from £3000 it now stands at £9200 and I have had 2 bank of scotland car HP agreements since then.

tubateacher

Many thanks for the replies, very useful and have put my mind at rest!!

Malky

I missed a payment earlier this year on my Amazon CC by 3 days. Checked my credit report a month or two later and my file was still flagged as paid and up to date. Maybe some card companies are a little more lenient than others.

alfred64

I think that as tubateacher phoned them immediately,explained the position and paid, the card company will overlook the one day and no adverse action will be taken

Degenerate

It's often as much to do with luck as policy. The account providers update CRAs once a month and the update is basically a "snapshot" of your account status at that moment in time. Hence, being a day late won't usually be recorded as a late payment, unless you are unlucky and that is the day of the CRA update.