Any insomniacs know anything about how credit ratings work in practice?
DH had a recent cock-up with his credit card. Basically, we opened a joint account and he switched his salary to be paid in there. He still kept his old personal account open, and had a little-used credit card which was paid by DD from that account. That account gradually drained as there was no further income going into it, and the occasional outgoing. Then he must have bought something on CC for which there wasn't enough left in the account to pay the DD. Unfortunately we had moved house in the interim, he hadn't given the bank his new address, and so the bill remained unpaid and his CC was cancelled. When he did find out - a few months later - he paid the debt (about £300) in full immediately.
So yes, it was a balls-up, and absolutely his fault, which he fully accepts, but it was an organisational problem rather than a solvency one. My concern is how this will affect our credit rating when we come to apply for a mortgage in the next year or two? We have good earning potential and no other debt at all, until this little snafu we would have been model applicants. Will it have a major impact? Should he apply for a new CC straight away so he can start 'building up' his credit rating again (is that even how it works)? Any advice greatly appreciated!