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Couple of quick questions.
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christologymum
Posts: 74 Forumite
Thanks in advance.
How long do late payments have a real impact, I know they stay on file for 6 years but someone mentioned after 12 months they have less impact? Husband has 2 to Vodafone genuine mistake from June and August last year, so will be a year soon. Should it start to have less impact?
Secondly when underwriting a mortgage will they look closely at if people have gone over credit limit on cards even though payments made in time! On my file there isn't any record of payment amount or balance again my credit card, can a lender see things I can't? And in husbands some of his show payment/balance info others don't. He went over limit in jan and paid off in full and hasn't used since, and also always paid well over min payment even though didn't always clear the account, apart from one he had a balance transfer. Bee nicer limit a handful of times in last 5/6 years.
Hoping to apply for mortgage soon at high ltv so panicking a bit, am I looking into things too much. Will be manually underwritten.
How long do late payments have a real impact, I know they stay on file for 6 years but someone mentioned after 12 months they have less impact? Husband has 2 to Vodafone genuine mistake from June and August last year, so will be a year soon. Should it start to have less impact?
Secondly when underwriting a mortgage will they look closely at if people have gone over credit limit on cards even though payments made in time! On my file there isn't any record of payment amount or balance again my credit card, can a lender see things I can't? And in husbands some of his show payment/balance info others don't. He went over limit in jan and paid off in full and hasn't used since, and also always paid well over min payment even though didn't always clear the account, apart from one he had a balance transfer. Bee nicer limit a handful of times in last 5/6 years.
Hoping to apply for mortgage soon at high ltv so panicking a bit, am I looking into things too much. Will be manually underwritten.
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Comments
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Have you checked all three files for the missing info?0
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Yes doesn't appear on any.0
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Late payments are very negative if recent to an application, and wear off over time. The key thing to remember is that each lender will have their own rules on the recency of late payments being an issue. There is no guarantee that the Vodafone payments won't be an issue unfortunately.
As for the missing card, I would double check the report you're viewing, if the card shows on the report, the lender should at least display a monthly balance and payments made. Depending on the lender, they may also give extra detail about whether a minimum payment was made, a promotional offer in place etc. If the card doesn't appear at all let me know.0 -
Thanks the card appears, but the only info given is credit limit no payment or balance history.0
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I find this very odd. Are you viewing your report online, or have you had a statutory report posted?0
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