Missed credit card payment

Pinkangel

Hi

I've just fond out that my husband has missed a credit card payment, possibly two, due to forgetting to read the reminder emails from the bank :sad:

We're due to remortgage next year. Does anyone know how big an impact this will have on his credit score? He's now paid the bill in full but I know the damage is already done.

Thanks.

Willing2Learn

Hi,

Don't worry about his credit score as lenders neither use it nor see it. Lenders score you independently against their criteria and policies using the data held in your credit file, added to the data you submit in your credit application, added to data the lender may already hold on you as an existing or returning customer.

Two missed payments is not the end of the world. Having said that, two consecutive late payments might look bad to a prospective lender. Has your husband now set up a Direct Debit for his card to ensure that payments will always be on time moving forward?

[Deleted User]

Luckily his “score” isn’t a thing a lender sees or use.

It depends if the card company have reported the missed payments, which will be visible to lenders.

Why hasn’t he got a DD setup to at least pay the minimum payment?

Pinkangel

Thanks, I'll ask him to check with the credit card company whether it has been reported as a missed payment. I assume it will have been because a £12 late fee has been added to the sum owed.

And I'll suggest he sets up a direct debit for future months. We have a bit of a complicated system where we hold all 'credit card spend' money in one of my spare accounts, and then use it to pay off each of our credit cards every month. I find it helps to keep it all separate so it's not sat in a main account looking like it's money that's available to spend. So this is why we've avoided direct debits - the money isn't sat in my husband's account ready to be paid. We clearly need to change our system though!

Willing2Learn

You said you were not sure whether it was for one month or two that the payments were missed. If it was just the once, your husband could ring them up and ask if the missed payment marker is not placed on his file. He could say it was a one-off error and to look at his previous 'perfect' payment history. He will have to be real polite as it would only be a goodwill gesture on the part of his card issuer.

Pinkangel

Thanks, I've just checked it it is only one month's payment. Annoyingly it's been missed by 7 days so not even a huge amount. The phone line is closed until Monday so I'll have a nervous wait until then.

[Deleted User]

A missed payment is a missed payment.

If it’s 7 days, 10 days or even 1 day.

Remember they’re not obliged to remove the marker (if there is one) so don’t go in with the expectation of them removing it.

Pinkangel

Yep I know, it would almost be less frustrating if we'd missed it by 30 days than by such a small amount. We definitely won't go into a phone call expecting them to remove the marker, I realise it's us (my husband) who are in the wrong. Just keeping my fingers crossed. If we didn't need to remortgage next year I wouldn't be quite so worried.

Willing2Learn

Okay, so 7 days. It is possible that his file will be marked as 1 months arrears or as a late payment marker. Obviously an arrears marker is more negative than a late payment. Best of luck for the phone call on Monday.

msallen

Pinkangel wrote: »

We have a bit of a complicated system where we hold all 'credit card spend' money in one of my spare accounts, and then use it to pay off each of our credit cards every month. I find it helps to keep it all separate so it's not sat in a main account looking like it's money that's available to spend. So this is why we've avoided direct debits - the money isn't sat in my husband's account ready to be paid.

Set the direct debit to come out of your 'credit card spend' account instead then.

Pinkangel

Well we had success - they said that because it was obviously a one-off they wouldn't be putting a marker on my husband's file, and they've even refunded the late payment fee! Just goes to show it's worth ringing straight away in situations like this. Thanks for all the advice given