Credit Rating

Robert · 21 Jul 2017 at 00:02

So, got a 0% CC from nationwide to make a few purchases, setup my direct debit - but noticed no payments went out. Just logged in and a DD payment was made on the 14th July with a payment reversal on the same day, with a late payment fee on the 17th July. Anyway, it transpires that I've got the middle two numbers of my sort code back to front. I'm going to call and sort it tomorrow, but I'm slightly concerned that it'll impact my credit rating.

Any thoughts? I hope I'm over reacting.

Felon · 21 Jul 2017 at 00:28

If you sort it this month they *might* not flag it as a late payment on your credit file, also - if you explain the problem they'll probably sort it for you - just call them and apologise,

HoneyBadger · 21 Jul 2017 at 02:22

You should be fine. Just call them and explain, and pay the arrears asap.

Craig1981 · 21 Jul 2017 at 03:27

Depends on their policy. A lot of companies might be willing to reverse a late fee as a goodwill gesture, but unless its an error on their part, they might not be willing or able to remove the late payment from your credit file.

Freakbro · 21 Jul 2017 at 07:12

I'm not a credit rating, I'm a free man!

Robert · 21 Jul 2017 at 07:52

Craig1981 said:
Depends on their policy. A lot of companies might be willing to reverse a late fee as a goodwill gesture, but unless its an error on their part, they might not be willing or able to remove the late payment from your credit file.

That seems ridiculous. I have a nigh on perfect credit score with no missed payments and for this to impact it seems ludicrous.

Kuros · 21 Jul 2017 at 07:58

I get where you are coming from, but regardless of the error, you've made a missed payment.

They'll likely reverse anything, but they are fully within their rights not to.

Robert · 21 Jul 2017 at 08:31

Just called, I have to phone back on the 1st August to check. However she said it's unlikely to reflect. Still slightly concerned, after having never missed any form of payment since 18. Fully understand it's my fault, just seems harsh.

Ace Modder · 21 Jul 2017 at 08:34

one missed payment will not affect your rating really. Don't worry and move on with life.

Robert · 21 Jul 2017 at 08:36

Ace Modder said:
one missed payment will not affect your rating really. Don't worry and move on with life.

Haha, can you tell I'm panicking?

Em3bbs · 21 Jul 2017 at 08:45

Robert said:
Just called, I have to phone back on the 1st August to check. However she said it's unlikely to reflect. Still slightly concerned, after having never missed any form of payment since 18. Fully understand it's my fault, just seems harsh.

Having a missed payment listed on your credit report after you missed a payment is harsh?

Robert · 21 Jul 2017 at 08:49

In the circumstances, without being able to reverse it, yes? If I was a serial offender, no? Anyways.

Maccy · 21 Jul 2017 at 08:51

I really wouldn't worry about one late payment affecting your credit score.

413x · 21 Jul 2017 at 10:19

You did miss a payment.
And it was your fault.
If I was a bank I wouldn't reverse it. It's not a mistake in the system.

It won't make any difference one missed payment. I missed one once, because I hadn't set up the direct debit.

413x · 21 Jul 2017 at 10:20

Oh, one problem you might have is loss of the promotional rate!
If it's a big purchase that is what you need to sort out! Not the credit rating

Felon · 21 Jul 2017 at 10:24

413x said:
Oh, one problem you might have is loss of the promotional rate!

This is actually a very good point, I recently got a Virgin CC with 0% for 25 months, and it states in the T&Cs that if I miss any payments they will withdraw the promotional rate, I remember making sure the first DD worked,

I still think if you explain the issue you'll be ok, it's a pretty obvious mistake to make

413x · 21 Jul 2017 at 10:26

Screeeech said:
This is actually a very good point, I recently got a Virgin CC with 0% for 25 months, and it states in the T&Cs that if I miss any payments they will withdraw the promotional rate, I remember making sure the first DD worked,

I still think if you explain the issue you'll be ok, it's a pretty obvious mistake to make

I think most do. It's a great way for them to make money.
Always make a first payment by card directly as well as a direct debit. It's well worth it and that way you can make sure it is absolutely covered.

Freakbro · 21 Jul 2017 at 10:43

413x said:
You did miss a payment.
And it was your fault.
If I was a bank I wouldn't reverse it. It's not a mistake in the system.

I'm glad you don't work in customer service!

People are human and humans make genuine mistakes, good businesses who value their customers realise this and don't penalise them for it

Craig1981 · 21 Jul 2017 at 10:51

Robert said:
That seems ridiculous. I have a nigh on perfect credit score with no missed payments and for this to impact it seems ludicrous.

I hear you. But banks and credit card companies have strict financial guidelines they need to stick to. If anyone can just call up and demand to have a missed payment struck off their record whenever they want, then how could anyone trust the accuracy of a credit score?

wingman · 21 Jul 2017 at 10:54

Even if it sits on your file as a missed payment, it won't particularly negatively impact your credit rating, certainly not if you keep up payments going forward.

Unless you're applying for a mortgage/loan in the coming weeks/months I wouldn't give it a second thought. Even then, it probably wouldn't make a difference.