Lloyds Tsb

silver_1_2

I have a Lloyds credit card, I have had it forever.(or just seems that way). I have just found out that they have put my interest rate up to 26.5 because I paid late 4 times last year (late not missed, and only by days).

Im sure this is going to effect my credit rating , so how do I get out of this catch 22???

Im sure it will show on my credit score as missed payment, which looks as if I am not paying it, or will it show that I paid but just late??
I NEED HELP FAST!!:mad:

CannyJock

silver_1 wrote: »

I have a Lloyds credit card, I have had it forever.(or just seems that way). I have just found out that they have put my interest rate up to 26.5 because I paid late 4 times last year (late not missed, and only by days).

Im sure this is going to effect my credit rating , so how do I get out of this catch 22???

Im sure it will show on my credit score as missed payment, which looks as if I am not paying it, or will it show that I paid but just late??
I NEED HELP FAST!!:mad:

Few standard comments to make here, one is to make sure that you have a direct debit setup to repay at least the minimum balance to avoid this happening again. You can make additional payments, but this gives you a safety net to make sure you don't get any red flags on your file.

If you've not already, check your Experian credit report (free 30 day trial) - Llloyds use Experian as their CRA. That'll clarify whether you get a red flag or not.

If you have a red flag, don't think there's too much you can do about it, other than operate the account cleanly going forward. Doesn't sounds like you've got grounds to challenge the details on your credit file.

The effect of it will fade away with time, don't cancel the card until the red flags are gone or it'll stay on your report for another 6 years.

If your credit file doesn't show any red flags, be a good idea to get another card and transfer balance onto it.

mrmajika

CannyJock wrote: »

Llloyds use Experian as their CRA. That'll clarify whether you get a red flag or not.

LTSB report to both Experian and Equifax.

What is this red flag you refer to?

Do you mean a late payment marker for the month that you are late?

To the best of my knowledge red flags (and blacklists for that matter) do not exist on any of the 3 CRA credit reports.

YorkshireBoy

mrmajika wrote: »

What is this red flag you refer to?

It's the colour of the 'blob' on an Experian online credit report (green for payments up to date, and amber/red for payments behind/well behind).

The coding on paper copy credit reports is numeric, ie 0/1/2/3 etc signifying number of months in arrears.

Clariman

4 late payments will have an impact on your credit rating. 2 late payments is enough to have an impact, so 4 definitely will. As others have said, set up a direct debit for the minimum payments to ensure you don't pay late again and things will begin to improve for you.

Clariman

CannyJock

mrmajika wrote: »

What is this red flag you refer to?

Do you mean a late payment marker for the month that you are late?

Yup, the red light from the traffic light coding on the online report. You may not have any - I've a relative who had a string of "missed" DD bank charges on their current account, but because the reapplication for the DD a few days later cleared they managed to avoid any negative markers on their credit report. Sounds similiar to your own situation so may not be a problem.

mrmajika

CannyJock wrote: »

Yup, the red light from the traffic light coding on the online report. You may not have any - I've a relative who had a string of "missed" DD bank.

Ahh - I see. They must have gotten a bit more fancy and colourful since the last time I checked.