Only one late payment on card since held.

oldwiring

My son has had an HSBC Mastercard and it its predecessors for at least fifteen years, and has never until one single instance recently by oversight a payment was made a day or so late.

He is a little concerned as the term of a fixed rate mortgage ( with another institution) comes to its end in the next twelve months.

I think a single blip should not be a worry, but am I right in current financial world?

stephane_2

Being late by 1 day or 2 will have no impact whatsoever...especially if he has an excellent credit report.

oldwiring

Thanks.

Bravehearted_2

stephane wrote: »

Being late by 1 day or 2 will have no impact whatsoever...especially if he has an excellent credit report.

Blanket statement much - more so with no real stats.

The fact is different lenders have different tolerance levels for late payments. Some lenders couldn't care less, some give a toss.

You cant say .... will have no impact whatsoever

stephane_2

1 late payment will have no impact on an unblemished report

izools

stephane wrote: »

1 late payment will have no impact on an unblemished report

Yes it will.

Especially until the account is brought up to date.

What you mean to say is it will have an impact, but because the impact is slight and the applicant's credit worthiness is so high already it isn't likely to bring them below the pass mark unless the lender they are applying to is particularly stringent.

In the case of OP's question the chances are it won't even be recorded as a late payment being literally one or two days late anyway. Don't worry, in the very unlikely event that it is recorded as a late payment they will probably let him remortgage anyway.

Heck, I've just had a mortgage underwritten despite having several (settled) defaults and a discharged bankruptcy order on my credit file - at under 3% APR