Best move for decent credit history?

in Credit cards
5 replies 131 views
Hi all,

I recently lost my 0% interest on a Tesco credit card due to a late payment. This was completely my error & I paid it a week late, in full.

Now besides my separate issue that I was not sent the text reminder alerts that I was set up to recieve. I am now wondering what the next best step to take would be.

Of course I have no personal desire to pay interest on any borrowing but, I am wondering what the smartest move re: credit score & my future is.
Previous to this I had always paid my balance on time & in full, & have had the card for 1 year. It is the only credit card I have ever had & I am 24 going on 25.

What would be the smartest step to take now? Should I carry on using the card & just pay the interest, close my account, look for another card?

Any advice would be appreciated, thank you :)


  • MEM62MEM62 Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    I am wondering what the smartest move re: credit score & my future is.
    Other than the randomly generated number which is produced for amusement purposes, you do not have a credit score.  So do not worry about any number assigned to your credit worthiness by CRA's. 

    What you do have is a credit history and you cannot cheat the system. One late payment is not going to have much of a negative impact.  Continue to run your finances responsible and you will be fine.  Using your CC regularly ands clearing the full balance each month will add positively to your history.      
  • Would be worth a sob story to their customer services and ask nicely if they can restore it, assuming it wasn't your first payment and you missed that?
  • Ebe_ScroogeEbe_Scrooge Forumite
    7.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    As per the previous comments, you can safely ignore your score as it has no bearing on how a lender will view you.  I agree with Farfetch - a very polite and grovelling phone call can often see the promotional rate reinstated, sometimes even a refund of the late payment fee.
    It's probably too late to have the late payment marker "not reported", as it were.  But an isolated incident in an otherwise well-managed history have have a tiny-to-zero impact.

    What would be the smartest step to take now? Should I carry on using the card & just pay the interest, close my account, look for another card?
    Just carry on using the card and repaying in full every month.  Closing the account and opening another card will have a slight detrimental affect on your rating.  Lenders like to see long-standing, well-managed lines of credit.  And as I said, a single late payment will have almost zero impact.
    Oh, and set up a Direct Debit to pay the full balance each month.  That'll prevent the same thing happening again - especially if, for instance, you're away on holiday or just simply forget for some reason.
  • MalMonroeMalMonroe Forumite
    5.4K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Hi, I just wanted to pop up to agree that you should set up a direct debit. To clear the balance, if possible. I hate paying interest!

    As Farfetch says, above, you could always phone them and try the sob story... it will only cost you a phone call and I have found it better asking for things like that on the phone, they can't see you etc., and wouldn't know you from Adam if they saw you in the street - so no embarrassment.

    It's worth a try. And sometimes works.
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • if you plan to move to another card I would do it sooner rather than later before the late payment marker goes on your file.

    as above I would call them and ask for them to reinstate as good will first if was a genuine oversight.

    failing that barclaycard / mbna have decent offers, use their eligibility checkers they will give an idea if they'll accept you or not
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