First blemish on my credit file :(

hello19

Hello all, I just recently committed the biggest blunder of my life. For first time in 8 years I have a blemish on my credit file, which I have only just noticed. I only have one credit card to my name and there is a missed payment on it. I would like to know whether I should close the credit card account (although closed accounts stay on file for 6 years anyway) or should I keep the credit card, as it will drop off after 6 years. I'm getting married in 2018 and will be looking to get a mortgage, I understand that this may affect my ability until this drops off till 2021. What is the best option to take, or is there any other step that I can take? By the way, I had rang my credit card company, and explained the situation, but they have refused to help me in any way. Any advice is welcome. Thank you

StartAfresh

I would keep the card open and just ensure you don't miss any further payments. I wouldn't think one missed payment will have a big impact on your credit rating.

Malmo

A single missed payment will not be a huge issue for a future mortgage application, especially if that will be sometime in 2-3 years time.

McKneff

Set up a standing order to pay the payment each month, then you wont do it again.

Thrugelmir

Keep the card open. Length of a relationship speaks volumes.

Set up a direct debit so at least the minimum payment gets paid without fail every month.

YorkshireBoy

McKneff wrote: »

Set up a standing order to pay the payment each month, then you wont do it again.

I'd always to the DD route myself, for several reasons:


1. The onus is on them to collect, rather than you to send, on time.
2. The statement date, and it's resultant payment due by date, may change, meaning you pay twice in one month and not at all the next month.
3. If you make further purchases, the standing order may not be sufficient to cover the minimum payment.


Of course, even with a DD there's a need to keep funds available in the current account. Many people who 'forget' they haven't made a credit card payment in a while may also 'forget' to leave a buffer in their current account.

[Deleted User]

hello19 wrote: »

Hello all, I just recently committed the biggest blunder of my life.

Really? One missed payment?

I wish I was you.