Late payments..

V-Spec

V-Spec

V-Spec

Soldato
Joined
8 Jun 2005
Posts
3,698
Location
London
Argh,

I used to have an excellent credit rating, and now its gone to "fair" because I've got 2 late payments on an ancient store card which I forgot about, balance is only like £30, I know its my dumb fault but I was thinking about getting into the housing market in the next year or two, will 2 late payments totally screw up my chances of getting a mortgage or is it impossible to tell...?

Part of me doesn't care at all, because having an excellent credit rating as got me into quite a bit of debt, and this might help me change my ways...
 
I doubt it.

I missed a couple of payments on credit card in the past due to being lazy and had no problems buying a house. I can't imagine my rating was any better than 'Fair' as I very rarely bought anything on credit anyway (let me put it this way, I had a single credit card with a limit of £600 and hadn't used it in around 3 years). They were throwing far more money at us than we actually needed.
 
The credit card agencys / Stores target people who miss payments. The more people who miss payments the more interest they earn.

I really don't think that just because you missed 2 payments it went down. Highly doubt it at all to be honest.
 
Also I would have thought, no credit expert though, that as a mortgage is a loan secured against the house you can have a slightly worse credit rating than if you were just applying for a normal loan.
 
Samiad said:
I took a look at your camera kit list, and I think I can see the link between the person and the debt ;)
Click to expand...

lol

no its just a burtons card i've had since like 2002, and I dunno why but I just refused to setup a DD on it, silly really I guess as I forgot about it :(
 
You probably thought "pfff Direct Debit, Im not having that bleed my dry when I'm low on funds" as most of us do at the time when we get store cards. You'd be thinking the opposite if you did have a rough patch and it took the last of your money.
 
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