Missed credit card payment due date by accident - consequences?

Trying_To_Find_Happiness

And maybe set up a DD to stop the possibility of it happening again?!

WillyWonga

Shouldn't be recorded as late payment. There are 2 dates - payment date and statement date. The statement date is usually about 5 days after payment date. As long as paid by statement date, when your new statement is produced that's the date when they send the info off to the CRAs. You will get a late payment fee but no further recourse.

chattychappy

WillyWonga wrote: »

Shouldn't be recorded as late payment. There are 2 dates - payment date and statement date. The statement date is usually about 5 days after payment date. As long as paid by statement date, when your new statement is produced that's the date when they send the info off to the CRAs. You will get a late payment fee but no further recourse.

Yep, chances are it won't have been notified. CCs do not "grass you up" when the payment doesn't arrive on time. Instead they report the status of the account monthly. On that date, they report whether the account is up-to-date or how many months behind you are. So it is quite possible to pay a day or so late and nothing shows on the CRA report.

Even if it was reported, a single missed payment is of little consequence. I get the monthly credit score from Experian and it is usually 999. When I was reported as having missed a payment, it dipped down to 900 (I think) and within 3 months was around 980 and 6 months was back at 999. I believe it would only be an issue if combined with other factors - other missed payments, only paying minimums etc.

As noted above, it would be difficult to get the CRA file changed - the CCs are reporting facts and to doctor the report to say you paid on time when you didn't would defeat the purpose of the system. But I'm sure they'll refund the £12 if you ask them nicely. Frankly the £12 thing is a cheek anyway, given they don't bother to phone up or send out letters.

chattychappy

!!! wrote: »

Why are you worried about your score dropping?

No one sees it but you and the CRA's

I used to write that too, until I got an account with Experian for credit checking people. All lenders will calculate their own score according to what the reports say plus information they have to hand including what you write on an application form.

That said, the Experian service my company uses DOES provide a score and it seems to match the score they provide consumers via their subscription service/free service via Barclaycard. (I credit checked myself....)

24102017

Thanks for your responses - very helpful. It's really put my mind to rest.

24102017

I am really not bothered about the £12 penalty. It's not unreasonable given I didn't keep my side of the agreement. I was more concerned about the impact on a mortgage application, but it seems the late payment will fall in the payment-statement date gap, and not be reported, and even if it is, that it's not a big issue as an isolated occurence.

Thanks again.

PeacefulWaters

24102017 wrote: »

I am really not bothered about the £12 penalty. It's not unreasonable given I didn't keep my side of the agreement. I was more concerned about the impact on a mortgage application, but it seems the late payment will fall in the payment-statement date gap, and not be reported, and even if it is, that it's not a big issue as an isolated occurence.

Thanks again.

A polite grovelling phone call likely to get your £12 waived as a one off.

Anthorn

24102017 wrote: »

I am really not bothered about the £12 penalty. It's not unreasonable given I didn't keep my side of the agreement. I was more concerned about the impact on a mortgage application, but it seems the late payment will fall in the payment-statement date gap, and not be reported, and even if it is, that it's not a big issue as an isolated occurence.

Thanks again.

A late payment is a late payment is a late payment and if reported to the CRA(s) falls into the history of the account. It's that history that lenders are interested in. But if as you say it's the only late payment in a 10 years history lenders are unlikely to penalise you for it: They will just assume at best that you made an error or at worst that you were going through a bad patch and you recovered.

But and it's a pretty big BUT if lenders apply it, the month in which you paid late is relative to the months which come after it as well as the months before it. So if there has been no successive months yet lenders don't know if you will again pay late in future months unless they have the power of foresight. Therefore your credit history could show that you've gone bad until succeeding months prove the contrary.