How long do late payments hurt?

hairbrain05

I am so annoyed at myself - I didn't set up my direct debit correctly on my credit card & ended up with a late payment. I notice it's showing on my credit report & I was recently refused for a 0% transfer...

How long is this likely to hurt me? Am so annoyed as it was literally a day or so late & not as if i couldn't pay it.

Memo to all - always set up direct debits if poss!!!


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Gromitt

Once you get 5 or so payments (green), you should be fine. Lenders will then know it was just a blip. After a year it'll have little effect for all but the most pedantic lenders.

BugsyBrowne

Not 100% sure but would say 6-12 months I could be wrong.

hairbrain05

phew not 6yrs then - that's reassuring, thank you both!!

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Anthorn

Yes it is 6 years. But as Gromitt says when you get more greens after it then it should be ok. But it will still show for 6 years. I have a red for bounced direct debits and over limit on my bank account history from Feb, 2008.