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when does a late payment affect your credit rating?

  • 04-01-2011 6:58pm
    #1
    pog it
    Registered Users Posts: 2,912 ✭✭✭


    Just a quick question here. How late does your payment have to be , say to your credit card, before it goes on your credit rating? Also, does your bank give you an extra set of days to make the payment before they send the info to the irish credit bureau or do they give you a bit of notice?

    say in the context of a minimum payment being 2 months late?


Comments

  • #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Once the payment is late its late and is recorded on the ICB. Had this problem with a mortgage application and had to jump through several loops to explain why the payment was late which held up the application several weeks but i had a genuine reason which the bank accepted eventually.


  • #3
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    Are you sure?

    In the case of a payment being late say by one/2 weeks before the second month is passed, it seems it isn't recorded on your credit rating.

    Correct me if Im wrong but that has happened me on several occasions and my credit rating was clear.


  • #4
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Yes, up until the financial crisis the banks didn't really mind once the payment was cleared within the quarter but now with stricter lending conditions they seem to be looking for any excuse to refuse an application, but maybe all the banks are not the same???


  • #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Kennie1 wrote: »
    Once the payment is late its late and is recorded on the ICB. Had this problem with a mortgage application and had to jump through several loops to explain why the payment was late which held up the application several weeks but i had a genuine reason which the bank accepted eventually.

    30 days overdue is when a missed payment is recorded on the ICB.


  • #6
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    chris85 wrote: »
    30 days overdue is when a missed payment is recorded on the ICB.

    Does the bank notify you or do you need to check out your credit rating report?


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  • #7
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    pog it wrote: »
    Does the bank notify you or do you need to check out your credit rating report?

    no the bank does not need to notify you of this. Its on all account applications and credit card applications that this will be done.


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