Missed payment - credit rating

Jersy

Hi

I feel a bit stupid,

I have just checked one of my online statements and I missed a payment. Not for very much money - anad I got hit with a £12 charge.

I can live with the £12 charge, but that are the impact of this on my credit rating.

Usually, I pay my credit card before the bill comes in. I dont know how this one slipped through.

Regardless, what is done is done.

What damage will this cause?

And furthermore, what actions can be taken to minimise this damage?

Should I use my card more often now and ensure that it is paid on time? Would this help restore my account?

Would it be worth getting in touch with the bank?

Justy

If it's a one off missed payment, Jersy, it's unlikely to have any long-term damage to your credit rating unless it's the only credit account you have or is right at the beginning of that account.

No need to use the card more often, just make sure the next payments are all on time.

CLAPTON

no great damage done but why not set up a DD for at least the minimum payments on all your CCs.

Jersy

thanks for the help/.

basically over the next few years I hope to be getting a mortgate, should this have an impact?

I have 3 credit cards (one is a works one tho)

First ever payment problem, and I have also had a contract phone for 4 years with no payment issues.

how long before this black mark dissapears?

Edit. yes i had thought this evening of setting up a DD for the min balance. will sort that at teh weekend!

Lonewolf10

Hi,

You have 3 credit cards? Do you really need 3 cards?

I have managed with just 1 for the last 10 years, and I originally missed one payment on it around the time I first got it. I had no problems sorting out a mortgage around the same time either, so unless you regularly miss payments (for whatever reason) I don't see it having any major impact.


Regards,
Lonewolf10

Jersy

In fairness, I dont really need any credit cards!

One is a work credit card, so when you remove that fro mthe picutre that leaves two.

Now the reason why I have two is that my first one is a student card from (well, when I was a student) and it has a very small limit. (ulster bank)

I have another which I got for travelling however I could probably do without either. But it is cheaper to use than my debit card