Late payment on CC

[groucho]

I missed a payment by a few days, first time ever. How much does it affect you credit score?

Edited by groucho on Monday 26th October 20:03

[Shaw Tarse]

[groucho]

You could have at least posted a pic of his missus.

A few years ago.

[Shaw Tarse]

groucho said:

You could have at least posted a pic of his missus.

A few years ago.

I weren't here a few years ago

Mrs Merton said:

So what attracted you to the multimillionare "PD"

[don4l]

Does it matter? Do you use a lot of credit?


Don
--

[groucho]

don4l said:

Does it matter? Do you use a lot of credit?


Don
--

No. It does matter though.

[Cupramax]

Late payments make up approx 35% of your credit score, if its just once and you've paid it within a few days and you've not missed before it will have a negligable effect.

[jagracer]

What's a credit score and how does it affect you/me? serious question.

[Jasandjules]

jagracer said:

What's a credit score and how does it affect you/me? serious question.

It affects your ability to secure credit. i.e. want a mortgage? You will need a good credit score.

[ringram]

Best not to need any credit then

[don4l]

groucho said:

don4l said:

Does it matter? Do you use a lot of credit?

No. It does matter though.

I don't understand.

If you only spend money that you have earned, then your credit rating should be irrelevant.


Don
--

[Tyre_Tread]

don4l said:

groucho said:

don4l said:

Does it matter? Do you use a lot of credit?

No. It does matter though.

I don't understand.

If you only spend money that you have earned, then your credit rating should be irrelevant.


Don
--

Unless you want to maintain a good credit score in case you need finance at some point.

Actually it will affect the score but one late payment will be offset by many good ones. If it was your first credit card and its first payment and you now wanted a loan then it would have a much bigger effect.

If you paid late then accept it and move on. If there are mitigating circumstances and you have a good record then you could call the company and ask nicely if they would refund any interest charges. Won't redeem your credit score though.

[Lurking Lawyer]

don4l said:

If you only spend money that you have earned, then your credit rating should be irrelevant.

Unless you're one of the very few people who can buy houses for cash, it's going to be relevant if/when you need to apply for a mortgage.

Not using credit cards is one thing. Not having any credit history and not being able to persuade someone to make a secured loan to you is quite another.

[don4l]

Lurking Lawyer said:

don4l said:

If you only spend money that you have earned, then your credit rating should be irrelevant.

Unless you're one of the very few people who can buy houses for cash, it's going to be relevant if/when you need to apply for a mortgage.

Not using credit cards is one thing. Not having any credit history and not being able to persuade someone to make a secured loan to you is quite another.

We need a "Senior Moment" smilie.
I didn't realise that credit ratings affected your ability to get a mortgage.


Don
--

[S3_Graham]

don4l said:

Lurking Lawyer said:

don4l said:

If you only spend money that you have earned, then your credit rating should be irrelevant.

Unless you're one of the very few people who can buy houses for cash, it's going to be relevant if/when you need to apply for a mortgage.

Not using credit cards is one thing. Not having any credit history and not being able to persuade someone to make a secured loan to you is quite another.

We need a "Senior Moment" smilie.
I didn't realise that credit ratings affected your ability to get a mortgage.


Don
--

It acts as a history of your ability to pay back credit, hence if you have none then they dont know how trust worthy you are with credit.. if that makes sense.