Am I screwed!

moneypanicker

Hi my hubby and I are thinking about moving and we are putting our house on the market this week. We have found out about mortgages and we think we may be ok although I am a little complicated as I am changing jobs soon. However I went to use my credit card today and it was declined. I am 3 days late paying. I have never been late paying before in over 20 years of having a credit card and it was for the amount of £19. Will this impack to me getting a mortgage? I'm getting myself in a real state about it and feel really really stupid. I've obviously paid it in full and have set up a direct debit.

Please can someone help will it stop me getting a mortgage.

Many thanks

Dave_Ham

It will certainly not stop you getting a mortgage, although it will preclude some lenders and it will certainly be easier if the 0 is back on your credit file prior to any application.

Best to take some formal advice, or see how it manifests itself on Experian/Equifax/Call Credit before any application.

Senior_Paper_Monitor

Always, always, always put your credit cards on direct debit settlement - if you can't be confident of being able to settle the total amount on demand then set it for minimum payment (and make any other additional payment manually).


This stops you forgetting, being abroad, being sick etc and forgetting (and earning the 'dreaded 1' on your credit report)

moneypanicker

We have to stick with halifax as we dont want to pay exit fees and they have said that they will be able to accomodate with my changing jobs. I have definately learnt my lesson but soooo worried about it stopping us getting a mortgage. I always pay off in full and have set up direct debit for that. Will I get a 1 on my credit report for 1 late payment?

Dave_Ham

As existing mortgage holders, you are probably lucky to be with Halifax.

If at the time of any application the 1 is the most recent status on your credit card, it is likely to decline as shows in arrears and almost always will.

Keep check on your Experian and ensure the 0 predates the 1 on there and Halifax should be fine. May just come down to managing timing.

moneypanicker

Thank you all for replies how long does it take to update the credit report? So Dave if I have a 1 but a 0 after that should be ok? But not a 1 as the last number have I understood that right?

Thanks

Dave_Ham

Exactly right, with an assumed well conducted mortgage would expect no issue.

moneypanicker

Dave do you know the time frame roughly. How long does it take to update the records? I am so worried that the timings won't work!
Thanks for help

Dave_Ham

It really depends on the credit card provider.

If you look at your Experian report now, it will show 0 I assume and last date updated. Pretty much will then update about the 28th ish with the latest.

Sometimes a missed payment by a couple of days will not always be visible, but again down to credit card company

Good luck