1 late payment and am I back to square one?

edited 30 November -1 at 1:00AM in Credit File & Ratings
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lushshez14lushshez14 Forumite
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edited 30 November -1 at 1:00AM in Credit File & Ratings
Looking for either some hard truth or reassurance...
From 2017-2018 I made some very stupid choices being very uneducated on credit scores and had a lot of missed payments on a credit card ..luckily no defaults ... I sorted myself out August 2018 , made every payment on time for over a year, even increasing my poor Experian credit score to 916 and in the Good sector .. Now so stupidly Ive made a late payment by two days in October resulting in a month late payment on my Barclay credit card. My score plummeted 130 points and I feel I've ruined everything... I've tried to beg Barclays to remove it on goodwill with no luck...
My partner who has an excellent credit score and we was planning to apply for mortgages late next year and I'm heartbroken I've ruined any chance ...
Has anyone been in this situation and been able to still get a mortgage with a partner with a good credit score or had a late payments overturned even with previous declines . Any advice would be appreciated

Replies

  • zx81zx81 Forumite
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    One late payment isn't the end of the world. Don't worry about the drop in credit score - they're not an accurate reflection of your credit worthiness and have no role in lending or credit assessment.

    Both you and your partner need to work on you credit files and make sure everything is accurate and minimise the negatives.

    So basically, ignore the scores and just stay on top of your finances.
  • BoGoFBoGoF Forumite
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    And get a direct debit set up for Barclaycard to ensure it doesn't happen again.
  • onomatopoeia99onomatopoeia99 Forumite
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    BoGoF wrote: »
    And get a direct debit set up for Barclaycard to ensure it doesn't happen again.
    Yep, don't understand why people don't do this, even if it's just for the minimum to make sure they don't get late payments and they pay the rest manually when they know if they can afford to.
    Home is where my books are.

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  • PennyPopsPennyPops Forumite
    16 Posts
    Yeah I had the same issue a few years ago. I have since setup a DD. My score dropped, but bounced back about 3 months later. the score was only designed by the credit agencies to get to pay for your monthly report. If it meant anything, they would all use the same standardised score.
  • T-G-CT-G-C Forumite
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    Whilst there are occasions when a credit provider will either not report or chooses to remove a node for late or missed payment, it is not common practice and a credit record should be an accurate reflection of the account history. Lenders rely on this data to make informed decisions.

    One occasion would not have a devastating impact, however future occurrences should be avoided. Continue managing them in good standing and this will lose its significance over time. You might find that credit limit increases and certain benefits are held back for a little while on the concerned account, but this is to ensure that you are able to manage your current commitments.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • lushshez14 wrote: »
    Looking for either some hard truth or reassurance...
    From 2017-2018 I made some very stupid choices being very uneducated on credit scores and had a lot of missed payments on a credit card ..luckily no defaults ... I sorted myself out August 2018 , made every payment on time for over a year, even increasing my poor Experian credit score to 916 and in the Good sector .. Now so stupidly Ive made a late payment by two days in October resulting in a month late payment on my Barclay credit card. My score plummeted 130 points and I feel I've ruined everything... I've tried to beg Barclays to remove it on goodwill with no luck...
    My partner who has an excellent credit score and we was planning to apply for mortgages late next year and I'm heartbroken I've ruined any chance ...
    Has anyone been in this situation and been able to still get a mortgage with a partner with a good credit score or had a late payments overturned even with previous declines . Any advice would be appreciated

    You indicate you are "Looking for either some hard truth or reassurance...". Hopefully I can do better than that and offer you both.

    Your credit history will reflect your "very stupid choices"(your words) you made in 2017-2018, and will continue to do so for 6 years from when they occurred.

    Despite your attempts to change, you appear to have made the same mistake again in 2019; the cause may be different but the end result is nonetheless the same.

    Think of managing your credit history like a game of snakes and ladders, and unfortunately you have indeed just landed on one of those snakes.

    But all is not lost, as a credit score of 786 is certainly not as bad as it could get, so you luckily avoided that big snake that would take you back to square one this time.

    Your credit history reflects what you do over 6 years, not what you did or didn't do over the last 6 weeks.

    Keep the the hard work, and with a bit of luck, you will avoid the snakes in the future. Speak to your partner and learn from him how he has achieved it.

    The advice to set a up a direct debit to at least pay the minimum monthly amount on time is good, especially if you are not good at managing your payments or setting appropraite reminders in your diary, filofax, iPhoneX, etc
  • ndf9876ndf9876 Forumite
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    Without wishing to take away from some of the good advice the previous poster offered, I just wanted to pick up a couple of things :
    SlippyEdge wrote: »
    Think of managing your credit history like a game of snakes and ladders

    Sorry, but I think this is terrible advice. It implies that (a) there is some random chance to your credit history when there is not, and (b) it is some sort of game - again, most reasonable people would probably suggest otherwise. I would advise not treating your credit history like a game or a joke, and not leaving it to random chance (setting up direct debits for minimum payments as suggested, is a great way to do this).
    SlippyEdge wrote: »
    But all is not lost, as a credit score of 786 is certainly not as bad as it could get.

    The number is absolutely meaningless. Ignore it. A bankrupt might have a "score" of 999; it is not this number that matters but the history itself. Please, pay no attention to it.
  • ndf9876 wrote: »
    Without wishing to take away from some of the good advice the previous poster offered, I just wanted to pick up a couple of things :



    Sorry, but I think this is terrible advice. It implies that (a) there is some random chance to your credit history when there is not, and (b) it is some sort of game - again, most reasonable people would probably suggest otherwise. I would advise not treating your credit history like a game or a joke, and not leaving it to random chance (setting up direct debits for minimum payments as suggested, is a great way to do this).



    The number is absolutely meaningless. Ignore it. A bankrupt might have a "score" of 999; it is not this number that matters but the history itself. Please, pay no attention to it.

    Well there you have it, OP; the choice is yours.

    You can either accept my post for the good intentions I posted with.

    Or you can decide to listen to this person who (a) sets out to trash my post and (b) suggests you make yourself bankrupt to get yourself a perfect scredit score :cool:
    (and that's from someone who had the audacity to suggest I gave terrible advice)
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