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    • Millennium
    • By Millennium 26th Apr 13, 1:34 PM
    • 61 Posts
    • 31 Thanks
    Millennium
    • #2
    • 26th Apr 13, 1:34 PM
    • #2
    • 26th Apr 13, 1:34 PM
    From my experience, payment history is kept for more than six years. The six years starts from when the account is closed. So if you missed a payment 5 years ago and you close the account today, it will still show all history for another six years.
    Can anyone confirm that this is the case?
    • NeverEnough
    • By NeverEnough 26th Apr 13, 1:47 PM
    • 900 Posts
    • 735 Thanks
    NeverEnough
    • #3
    • 26th Apr 13, 1:47 PM
    • #3
    • 26th Apr 13, 1:47 PM
    Yes, I am sure it works like that, I have old agreements which still show on the CRAs as the final payment date was say five years ago, even though the loan started 3 years before that.
    • Pincher
    • By Pincher 27th Apr 13, 4:10 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #4
    • 27th Apr 13, 4:10 AM
    • #4
    • 27th Apr 13, 4:10 AM
    "Just making minimum repayments can also affect someone's ability to borrow more cash in some cases, as lenders may assume that the borrower is struggling to clear their debts"

    You only pay the minimum on 0% Balance Transfer, of course.

    Been doing this for so many years, if it makes a difference it's only a positive one, since I get around £14k credit limit when I apply for a new card.
  • jamesd
    • #5
    • 27th Apr 13, 5:35 AM
    • #5
    • 27th Apr 13, 5:35 AM
    Even for balance transfer offers a credit card provider can set the minimum payment only flag that is shown in enhanced credit card reports, not used by all card issuers. I tend to set up a £1 standing order for around the payment due date to avoid this. The difference to the BT is insignificant but not having that flag might be useful.
  • opinions4u
    • #6
    • 27th Apr 13, 6:41 AM
    • #6
    • 27th Apr 13, 6:41 AM
    To be honest, this is little different to how it's always been.

    I was told in the early nineties that 25% of credit applicants have nasty things on their credit file.

    The whole ethos of Provident lending to almost anybody is based on the centuries old "at least 70% will pay you back so price accordingly".

    The numbers aren't a shock.
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