First (and only) late credit card payment

gingergem

Hi all

my husband has just realised he’s missed his credit card payment (first time ever) by a week. He’s now paid it but is having kittens and basically saying it is the end of the world. I can’t see clear guidance online about what this actually means in terms of his credit rating.  Besides from setting up a direct debit to make sure it never happens again, is there anything else we should be doing? 

TIA

Ebe_Scrooge

Don't worry.  1 missed payment in an otherwise unblemished history will have a teeny-tiny impact on your history - usually so tiny as to be immaterial.

gingergem

Ebe_Scrooge said:

Don't worry.  1 missed payment in an otherwise unblemished history will have a teeny-tiny impact on your history - usually so tiny as to be immaterial.

Thank you. That is so reassuring. He’s had brilliant credit for the past 20 years and was terrified he’d obliterated it.

Ebe_Scrooge

gingergem said:

Ebe_Scrooge said:

Don't worry.  1 missed payment in an otherwise unblemished history will have a teeny-tiny impact on your history - usually so tiny as to be immaterial.

Thank you. That is so reassuring. He’s had brilliant credit for the past 20 years and was terrified he’d obliterated it.

You're welcome.  Honestly, with a 20-year unblemished history, an isolated missed payment will be meaningless.  You may very well find that his credit score drops (if he ever checks it).  But thankfully the score is as much use as a chocolate teapot, and is not used - nor even seen - by any lender.  They look purely at the data contained with your file.

[Deleted User]

Just keep in mind, while lenders might consider 20 years perfect history if he has a product with them that long, credit history is only the last 6 years 

I would suggest though he rings up and grovels and they might be generous and not do a late fee/mark his credit record if he's suitably reconciliatory and offers to get a direct debit setup for the future 

born_again

gingergem said:

Ebe_Scrooge said:

Don't worry.  1 missed payment in an otherwise unblemished history will have a teeny-tiny impact on your history - usually so tiny as to be immaterial.

Thank you. That is so reassuring. He’s had brilliant credit for the past 20 years and was terrified he’d obliterated it.

Get him to ring them & apologise for his mistake. Be nice and ask given it's the 1st time ask if they will waive the missed payment fee. Most will refund once & not report it. Even better ask them to set up minimum DD so it does not happen again 👍

But one missed payment is not the end of the world.