Missed 3 card payments - how bad?

ThreeStrikes

Hi,
I recently moved house and forgot to change the address on a credit card that I hardly use. Unfortunately the card had a balance of just over £200, that I incorrectly thought I had cleared.

The upshot is that I missed three payments. I have now paid the card off, and the account is closed (they said that I could reapply but I decided against it).

I have checked my credit report on Noddle and my score has gone from very near the top to very near the bottom of their scale.

Given that I have had a good rating for years, with no adverse issues, how much will these missed payments affect my rating and for how long?

I only took out a 5 year fixed mortgage a few months back, so at least that won't be a problem for a while, but it I'm still hoping that my rating can recover quickly.

forgotmyname

The "Scores" is meaningless. You could get the highest score they have ever given and get turned down by everybody.

What counts is that you have 3 red marks for missed payments. Thats what lenders will see. Would i lend money to you with 3 red marks?

Lots of people have good ratings for years, but that doesnt say they wont suddenly stop paying.

Your missed payments will drop off in 6 years. The closer you get to that the better your chances.

Fireflyaway

Seeing as you have a mortgage already if I were in your shoes I wouldn't worry too much. I've just checked my clear score file after months of not bothering to look and its up and down unlike a yo yo! A score isn't a marker of success or wealth. My household income is OK. We could afford a mortgage but might not get one as my credit score is so bad! Do you actually need credit anytime soon? The default will stay 6 years. Its so frustrating how a small mistake can make you look like a bigger risk than you are.

DCFC79

Why was a dd not setup on the card ?

Shakin_Steve

You forgot to let the CC company know you’d moved house because you thought you’d cleared the balance but you hadn’t? The above posters are too kind...far too kind.

ThreeStrikes

Shakin_Steve wrote: »

You forgot to let the CC company know you’d moved house because you thought you’d cleared the balance but you hadn’t? The above posters are too kind...far too kind.

Presumably they are more interested in being helpful, than judgemental. Weirdos!

Shakin_Steve

I wasn’t being judgemental, I was being something else. But never mind.

PixelPound

It also sounds like they closed the account too, since you were told you could reapply i.e. it was no longer open. That might mean a default marker rather than just 3 late payments you need to check.

fatbelly

They're allowed to register a default after 3 missed payments.

Does your credit file show a default?

ThreeStrikes

fatbelly wrote: »

They're allowed to register a default after 3 missed payments.

Does your credit file show a default?

All I can see on the Noddle page is that the status says "Late payment" and there are three orange circles under Sept, Oct, Nov which are numbered 1, 2 and 3. Under those are, in order, AA, AA and BB.

I can't see anything else that seems related. Do I need to look anywhere else for default information?

Credit score is listed as 544 and credit rating is 1/5

fatbelly

It looks like you've dodged a bullet. Defaults are registered after 3-6 missed payments so you've not got one.