Credit Rating

[Maydup]

I stupidly managed to ignore my credit card bill last month, a grand sum of £72. I rarely use the card, keeping only really for a few irregular online purchases, and I managed to leave the bill amongst a small pile of mail and magazines unpaid.

This month's bill arrived last Friday with a penalty fee, which I paid midweek at the bank.

At about the same time I received another letter to say that the card had been temorarily stopped until payment was processed and that this stop would be recorded on my credit rating.

The oaymet has cleared now I'll be better organised next time, but I wonder if I can clear the negative credit rating? Or will a single missed payment not really make a huge difference in reality?

[DarceyK123]

Just one late payment won't make a huge difference, don't worry.

[ummmm]

Set up a direct debit for the minimum payment and then you can pay extra as and when.

We missed a payment by accident and the bank phoned us. We were on holiday. They didn't put it on our credit file.

[Maydup]

Thanks both. Nicer bank than mine ummmm!

The letter specifically stated that the stoppage of the card would be noted on my credit rating.

Anyone any idea if that will make a difference and how long it will affect my rating? Out of interest, where do we go to check?

[davegosling]

As has been mentioned, a solitary missed payment will be the credit rating equivalent of a drop in the ocean. You say the "arrears" (for want of a better word) have been cleared now, and your credit report will reflect that next month.

A lot of fuss is made about credit ratings. Unless you're looking to borrow money, or maybe change job, they're irrelevant to you. Think of it like negative equity - that's of no importance at all unless you want to sell your house or borrow against it :-)