Missed mortgage payment

[Proudmummy67]

I have missed a mortgage payment and this has been reported so it is on my file. I've spoken to Nationwide and I'm sorting it out with them but it is still on my file that I've missed the payment.
How much will this effect my credit rating? I've read it will be on my file for 6 years. Will it stop me getting car finance etc? I'm feeling quite sick about it.

It'll be reported for 6 years but your score can recover in that time if you keep up with payments etc. Depending on lots of other things (the rest of your borrowing and payment history, you credit score before you missed the payment, how much you want to borrow in future) you might find your options for borrowing are limited by it.

Sorry to say that it will. It will stay on your file for 6 years but a lot of banks/high street lenders will look at the last 3 years history. It will likely make it very difficult to obtain any credit in the next few years with a mainstream lender

Urgh! Thanks for the information. It just feels a harsh punishment for a one off. I would understand if this continued but for one time it seems quite unfair. But not much you can do is there!

Any idea on how fast you can improve your credit score?

Nothing you can really do to improve it with the missed payment on your file. Worst one to miss I'm afraid, looked on as much worse than a missed on a credit card or loan.

I had a missed payment for car finance, traded in car and the dealership were meant to pay off the remaining balance but they didn’t do it in time so it went down as a missed payment.

It hasn’t affected getting future credit or a mortgage.

Im not sure how much worse a missed mortgage payment is though.

Thanks both!
I was hoping to get car finance in a couple of months but don't know if it's ruined now.

Is it definitely on your file? Nationwide allow you the whole month to pay the mortgage, so if it's this months payment, it won't effect it.

Your credit file is a factual statement of payments made and missed, credit held etc, so it'll be up to the finance company to assess the risk. If showing, it probably won't reflect well in the short term, but you can always apply.

I know someone who missed payments for months here and there. Car finance ok. Remortgaged ok. F knows how

I know! God knows how it all works 😫
I need to stop feeling miserable about it now. I'll ring Nationwide back in the morning.