Missed card repayments

sheffieldgirl10

Hi my question is how long do missed payments stay on your credit report and how long does it impact on your score?

Context

I managed to spend money on an old credit card (now cancelled) as the details were stored on my PC & I thought I was paying with my current card, also saved on there. I just didn't check my bills that month. And as I'd selected no paper statements I didn't get a bill for it through the post. So just totally missed it until I started getting text messages from the bank asking if I needed support. Thought they were fake at first.  Sod's law. So after 7 years with credit having never missed a payment I now have a black mark on my credit report. Gahhh!

Any advice / tips appreciated as want to ensure my credit report is tip top so I can apply for a mortgage (next year hopefully).

born_again

sheffieldgirl10 said:

Hi my question is how long do missed payments stay on your credit report and how long does it impact on your score?

Context

I managed to spend money on an old credit card (now cancelled) as the details were stored on my PC & I thought I was paying with my current card, also saved on there. I just didn't check my bills that month. And as I'd selected no paper statements I didn't get a bill for it through the post. So just totally missed it until I started getting text messages from the bank asking if I needed support. Thought they were fake at first.  Sod's law. So after 7 years with credit having never missed a payment I now have a black mark on my credit report. Gahhh!

Any advice / tips appreciated as want to ensure my credit report is tip top so I can apply for a mortgage (next year hopefully).

Forget your score that is meaning less.
Missed payments will be reported on banking systems, as well as credit report. So stay on a long time (max 6 years)

If it's only 1 or 2 should not have much of a impact.

Brie

There will be a couple of missed payments (how long did you miss?) and then show everything nice and rosy.  And each passing month will show things rosy. 

Just look at your credit reports to see if there is anything else lurking that you might have missed.  CCJs for not responding to a PCN are most common.  But watch out for other excessive use of credit  - mobile contracts, monthly payments for home and motor insurance.  And be registered to vote of course.

MEM62

sheffieldgirl10 said:

Hi my question is how long do missed payments stay on your credit report and how long does it impact on your score?

Context

I managed to spend money on an old credit card (now cancelled) as the details were stored on my PC & I thought I was paying with my current card, also saved on there. I just didn't check my bills that month. And as I'd selected no paper statements I didn't get a bill for it through the post. So just totally missed it until I started getting text messages from the bank asking if I needed support. Thought they were fake at first.  Sod's law. So after 7 years with credit having never missed a payment I now have a black mark on my credit report. Gahhh!

Any advice / tips appreciated as want to ensure my credit report is tip top so I can apply for a mortgage (next year hopefully).

The impact on your credit standing will reduce with time providing the rest of your payments are kept up to date.  

With respect to your score - you don't have one.  You can safely ignore the randomly generated number that the CRA's try to convince you is your score as you are the only one who sees it.  

twopenny

Yep I'm old fashioned but I get a paper bill and that stays on the kitchen counter to remind me to get it paid.
Constant checking is easily missed till the texts come.

Nasqueron

twopenny said:

Yep I'm old fashioned but I get a paper bill and that stays on the kitchen counter to remind me to get it paid.
Constant checking is easily missed till the texts come.

Or just have a direct debit setup to take payment ideally in full, or a reminder on the phone if you pay the minimum and want to pay the balance manually, no need to keep chopping down trees to print unnecessary paper

MyRealNameToo

sheffieldgirl10 said:

Hi my question is how long do missed payments stay on your credit report and how long does it impact on your score?

Context

I managed to spend money on an old credit card (now cancelled) as the details were stored on my PC & I thought I was paying with my current card, also saved on there. I just didn't check my bills that month. And as I'd selected no paper statements I didn't get a bill for it through the post. So just totally missed it until I started getting text messages from the bank asking if I needed support. Thought they were fake at first.  Sod's law. So after 7 years with credit having never missed a payment I now have a black mark on my credit report. Gahhh!

Any advice / tips appreciated as want to ensure my credit report is tip top so I can apply for a mortgage (next year hopefully).

It stays on your report for 6 years, each lender has its own assessment processes and system so how much they care as time goes on will vary by lender and otherwise how good a risk you are. For the made-up score the CRAs sell you its irrelevant as lenders dont use or see that. 

Nasqueron said:

twopenny said:

Yep I'm old fashioned but I get a paper bill and that stays on the kitchen counter to remind me to get it paid.
Constant checking is easily missed till the texts come.

Or just have a direct debit setup to take payment ideally in full, or a reminder on the phone if you pay the minimum and want to pay the balance manually, no need to keep chopping down trees to print unnecessary paper

Just make sure you understand what happens to your DD if you make a manual payment before the DD is taken... it varies between banks and the worst case is that the DD is stopped for that month if anything is paid manually. 

sheffieldgirl10

Thanks that's all really helpful. I've cancelled the old card now and just paid off my new one in full. I will just check my laptop doesn't have stored CC details. Don't want that to happen again! I didn't realise the credit score was only for me, that's good to know. Yes I managed to miss 2 payments. In time hopefully that will get sorted then. I've looked at my overall credit standing and otherwise it's good, so hopefully I won't have any trouble with securing a mortgage.