Tesco Missed Payment

happy_2008

Hi All,
I have 3 credit cards and i have never missed a payment except for one recently and wanted to know if this was reversible and how this would affect my credit score? We are planning to buy a place and did a mortgage application for £110k in October 2010 for just over 2 times on a joint income of £52k.

I have always made my payments in full or tried to clears these as fast as i can so i am wondering if this would have a major affect or if Tesco could reverse this?

Credit Card 1 - Owned this car for around 10 years and never missed payment

Credit Card 2 - Owned for 9 months and this is the missed payment.

Credit Card 3 - Owned for around 3 months and not missed a payment.

Also if i contacted Tesco would they be willing to refund the £12 default charge for goodwill?

Cheers
Eric

hops1963

If you ask nicely they should refund but please get rid of these credit cards before taking on mortgage as if the rate rises you will rely on them. Should not affect credit rating if you deal with them fast.

happy_2008

Yeah the letter is headed default sum whatever that is. Im quite good with my credit cards, i just forgot about a dd which was taken from the cc. Thought it was coming out of my main bank acc.

zppp

happy_2008 wrote: »

Yeah the letter is headed default sum whatever that is. Im quite good with my credit cards, i just forgot about a dd which was taken from the cc. Thought it was coming out of my main bank acc.

They may refund you the charge, but there is a strong possibility will show as a late payment next to the credit card entry on your credit report. They are unlikely to remove this, unless they have made an error.

realaledrinker

Suggest you set up a minimum payment direct debit on all your cards!!!!!

Fruit_and_Nut_Case

happy_2008 wrote: »

i just forgot about a dd which was taken from the cc.

To be pedantic, this will be a Continuous Payment Authority, not a Direct Debit. Read about them here, and be worried.

opinions4u

happy_2008 wrote: »

I have 3 credit cards and i have never missed a payment except for one recently and wanted to know if this was reversible

If you ask nicely, they may well refund the £12 charge. I doubt they'd refund any interest though.

and how this would affect my credit score?

It could show on your credit file as a late payment. That would be a factual record and if they do report it as such there would be nothing you could do about it. Some card companies don't report late payments until a certain period of time has passed.

We are planning to buy a place and did a mortgage application for £110k in October 2010 for just over 2 times on a joint income of £52k.

If the mortgage lender carries out a fresh credit search and it shows it is possible that they could withdraw a mortgage offer. That said, it is a one-off, it may not show on the credit file and even if it did it may not affect the mortgage, especially if you have a deposit greater than 25% of the purchase price.

In other words, it depends.

whatyadoinsucka

assuming you are putting a reasonable deposit down 10% bare minimum (does anyone else do them apart from hsbc), you have a regular income ie 3-6 monthly pay slips (same employer), and you are open and honest with the mortgage consultant you should be fine to get a mortgage.
Regarding the credit card i know most companies will refund a late payment once a year max, maybe two in a 2 year period. I've gained refunds from A&L and hsbc before now.

Cash_Flow

happy_2008 wrote: »

Yeah the letter is headed default sum whatever that is. Im quite good with my credit cards, i just forgot about a dd which was taken from the cc. Thought it was coming out of my main bank acc.

I can't make any sense of this, what DD was taken from your credit card?