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Original poster

In how much shit will my credit rating be after this?

11 replies

sparklins · 08/12/2021 19:30

I've a bad credit rating due to a very long story. I have taken out a Vanquis credit card purely to try and build my credit score.
I am fortunate enough to not have any financial difficulties and I use the card sporadically throughout the month just to show a small usage and then pay the whole balance off.

I have been doing this myself for months now and have really been on top of it. Until now, I didn't press the button (distracted by small DC emergency) and I ended up realizing yesterday and made a late payment - the minimum payment was due on Monday and I made it yesterday (Tuesday) like an idiot.

I have now gone ahead and set up a direct debit to be taken each month for the whole outstanding balance .

But realistically - how screwed is my credit score I have been working on for the past year and a bit?
If anyone at all has any idea I would at least want to be mentally prepared for seeing it soon....

OP posts:

OnlyFoolsnMothers · 08/12/2021 19:32

Call them and see if they will not put a mark on your credit file

newmummy8789 · 08/12/2021 19:36

It's a late payment not a missed payment, you'll likely be charged but if you've paid it it won't show on your report.

Original poster

sparklins · 08/12/2021 19:59

@newmummy8789 what's the difference if you don't mind me asking?

OP posts:

thesockfromtheroof · 08/12/2021 20:02

Late payment: you paid it but late

Missed payment: no payment at all

Haggisfish3 · 08/12/2021 20:03

If anything, it might improve it. They make more money off you in interest if you’re late with the payment. Lots of bank apps offer free credit check. Try one of those?

thesockfromtheroof · 08/12/2021 20:06

My DH had to build his credit back up and we were actually told by several different advisors that it is better to NOT pay the balance in full every month.

Because apparently that doesn't show you can manage credit. Because it isn't credit because technically you're not paying for it (ie. Interest) or something like that.

So, we took out a credit card, made some purchases, and paid it back over say 6 months. Yes we paid interest per month, but his credit score has shot up. Because he has shown he can borrow a large amount of money and pay it back consistently, rather than borrow a little and clear it every month.

It sounds wrong I know, but again we were advised by several different places on this, and it has worked.

So don't worry, you've probably accidentally done yourself a favour

Bringonsummer19 · 08/12/2021 20:07

I did something similar once and it didn’t show.

Turtletaub · 08/12/2021 20:11

Sign up for TotallyMoney app. It shows you EVERYTHING on your credit score, what's being taken into account and what you can do to change it etc. Can't recommend jt enough

Turtletaub · 08/12/2021 20:12

And I don't think payment a day late will negatively impact, but I don't know vanquis and can only speak for my bank

dchange · 08/12/2021 20:18

This is a late payment and not missed payment. This information won't even reach the credit rating agency. I will however cal Vanquis to ensure they don't charge a later payment fee. Most will remove out of goodwill due the fact you made the payment the following day and have now set up a direct debit.

You are fine!

Also get clear score or Experian so you can start tracking your score. It should be free (never pay)

RosieGuacamosie · 09/12/2021 12:04

@thesockfromtheroof

My DH had to build his credit back up and we were actually told by several different advisors that it is better to NOT pay the balance in full every month.

Because apparently that doesn't show you can manage credit. Because it isn't credit because technically you're not paying for it (ie. Interest) or something like that.

It sounds wrong I know, but again we were advised by several different places on this, and it has worked.

So don't worry, you've probably accidentally done yourself a favour

That’s not right. As long as you clear the balance after your statement date, the amount on your statement is reported to your credit file, and then the amount on your next statement etc. etc. it doesn’t really show you can pay back a large amount of money and pay it back consistently as people looking at your credit score will have no idea whether that’s the case or whether your balance has been bouncing around during the month. Credit score also does not show whether interest has been pro so nothing to do with that.

You’d have been better taking out an interest free credit loan as that’s what shows you can pay back consistently, it’s also free.

OP, if it helps, finance companies don’t usually report late payments until the second direct debit attempt has failed which is usually three days after the first attempt. This applies whether you have a live direct debit set up or not. If I’m doubt just give them a call and explain and they should make sure it doesn’t go down as a missed payment.

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