Will one late payment affect my credit lending?

seema_1001

So I am really upset, I have been using a 0% interest card for abalance transfer and always been up-to-date with my payments. I cancelled my direct debit last month with a view to paying off the full amount this month and when I phoned, I found out I had a late payment fee.

I asked them if it would affect my credit lending/report and they said they will amend this on my credit file to say I have paid the balance in full.

Does anyone know if I will be adversly affected?

I am beyind upset as I have always been really good with repaying cards, The worse thing is our mortgage fixed rate runs out in January 2015 and we need to apply for a new rate/new product and now if I get credit searched I dont know how badly we will be affected....

thebritishbloke

If they've said that they'll just make it so you've paid in full, then I doubt they'll add the late payment marker. Just wait a couple of months for the credit bureaus to update, then get your report and have a look.

seema_1001

I just spoke to the bank and they said they can't remove a late payment marker because I made a missed payment regardless. Does anyoen know if this affects my credit rating?

DevilsBakBone

Hi,

They wont be able to remove the mark, however they should be able to add a note to that mark expaining the situation. when creditors look at your credit file they will be able to see that not.

Credit files are updated automatically so there is very little they can do.

Have you viewed your credit report? you can do this for free.

Thanks.

GingerBob_3

seema_1001 wrote: »

I just spoke to the bank and they said they can't remove a late payment marker because I made a missed payment regardless. Does anyoen know if this affects my credit rating?

If it's just the one instance, probably not. I've collected the odd late payment over the years and it's never affected me. The only thing it tells potential lenders is that you're human. Mind you, even that's not good enough for some of them.

chattychappy

seema_1001 wrote: »

So I am really upset, I have been using a 0% interest card for abalance transfer and always been up-to-date with my payments. I cancelled my direct debit last month with a view to paying off the full amount this month and when I phoned, I found out I had a late payment fee

OK.... you had a fee. But was it a late payment fee? Was it some other kind of fee (failed DD?) If you cancelled the DD but manually paid off the balance before the due date, then you weren't late.

So were you really late?

I remember a long while back there was a thread concerning a transient problem with MBNA where people were getting late payment markers when they weren't late. I think it was when they made multiple manual payments which individually were less than the minimum, but together were more than the minimum and all had arrived in time.

IF (bit if) the account was reported late when it wasn't, then it must be corrected.

Anthorn

seema_1001 wrote: »

So I am really upset, I have been using a 0% interest card for abalance transfer and always been up-to-date with my payments. I cancelled my direct debit last month with a view to paying off the full amount this month and when I phoned, I found out I had a late payment fee.

I asked them if it would affect my credit lending/report and they said they will amend this on my credit file to say I have paid the balance in full.

Does anyone know if I will be adversly affected?

I am beyind upset as I have always been really good with repaying cards, The worse thing is our mortgage fixed rate runs out in January 2015 and we need to apply for a new rate/new product and now if I get credit searched I dont know how badly we will be affected....

In such a circumstance the account will be shown as up to date and the late payment shown in the history of the account. Equifax for example makes it easy to spot those in their on-line service by making the square for that month red. Such things in the account history does obviously affect your credit standing since lenders can see them but the effect diminishes as time passes.

But they have said that they will make it fully paid so you don't have a lot to worry about but probably wise to check your credit report.

greenorange

I received a late payment marker from Capital One.

I sent them a letter admitting it was completely my own fault, I was sorry and would they consider removing the marker as a gesture of goodwill. I received a response a few weeks later saying they'd removed the marker from all credit reference agencies.

Send them a letter if they do indeed put a late payment marker on your credit file. You've nothing to lose.

keith1950

I know of a couple of instances where a late payment marker has resulted in mortgages being withdrawn where the mortgage provider have carried out another check days before the money was due to be paid out !

seema_1001

Hello all, thanks for your advice, yes I cancelled the Direct debit stupidly and paid it off after the due date so it was a late payment

I am very nervous that our mortgage provider (Nationwide) will do a credit check just before we exchange/complete however most people I have spoken to said that it's unlikely and if they do, they would look at the whole pic, the fact that I have excellent credit (before this mistake) should help make my case stronger. I am just hoping it all goes through ok.

This whole house buying and selling has been so stressfull and having a glitch like this just makes things ten times worse. I just hope it all goes well.

I would imagine Nationwide wouldnt do a check at such a short amount of time after they offered a mortgage as it would go on our file but never know

giblet10

If it's any comfort, whilst not Nationwide, the Halifax didn't do a further last minute credit check before we completed. They did a full search at the time of mortgage offer then a soft search a couple of days later..we completed five weeks later..