Credit defaults

Billy213

First post here, was just looking for some advice for the future.

Just did a credit check and I have three missed payments in the last three years, probably about a year apart each. All missed by a day or so because I'm an idiot.

I've been looking at mortgages recently as so decided to check on my current credit status. I won't be moving out for at least another 24 months which means they missed payments will be well in the past but obviously still on my record.

Will paying off a loan early have any positive affect to the way lenders see me? Or maybe negative? I don't know how that works..

How much is this likely to affect me when it does come to getting a mortgage? I'm only 21 so I'm in no rush as of yet. Thanks in advance.

Billy.

happy_bunny_2

Missed payments will stay on your report for 6 years. Mortgages search the last 6 years.

I would imagine the older it gets the less impact it will have, as long as everything is kept up to date from now.

You could write to the companies involved and ask nicely to have it changed as only a day late. Easier if once per company. They don't have to do this though.

Oddly, some companies only report late after 30 days, some do it after 1 day.

The_Boss

happy_bunny wrote: »

Missed payments will stay on your report for 6 years. Mortgages search the last 6 years.

I would imagine the older it gets the less impact it will have, as long as everything is kept up to date from now.

You could write to the companies involved and ask nicely to have it changed as only a day late. Easier if once per company. They don't have to do this though.

Oddly, some companies only report late after 30 days, some do it after 1 day.

I thought missed payments stay on for 36 months, although also the possibility of up to a maximum of 9 years.

happy_bunny_2

I think CRAs used to show payments for the last 36 months, but my report shows the last 6 years.

They stay on file 6 years from the date the account is settled, so if you settle before it falls off, it will stay there for another 6 years.

They will fall off after 6 years if the account is still active.

Missed payments have less of an impact on settled accounts from what I read on here

The_Boss

happy_bunny wrote: »

I think CRAs used to show payments for the last 36 months, but my report shows the last 6 years.

They stay on file 6 years from the date the account is settled, so if you settle before it falls off, it will stay there for another 6 years.

They will fall off after 6 years if the account is still active.

Missed payments have less of an impact on settled accounts from what I read on here

Interesting. So now they show on reports for up to 12 years depending on how long you have had the account and when you settle it.