Will missed credit card payments affect my mortgage application?

L

LByrne

Registered User
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75
Hi

I really hope someone can help as I am starting to get worried and stressed

I missed two consecutive credit card payments, One in July 2014 and Aug 2014.. This was an oversight.. I paid some of the balance in Sept 2014.

I have never before missed a payment and haven't missed once since..

I am going for a mortgage now what impact will this have on my credit rating? will I be refused a mortgage?
 
When you say missed payments do you mean paying the minimum amount or thereabouts. If you don't pay off your credit card in full every month or within reason then that will go against you when applying for a mortgage regardless of your credit rating. Either way the non-payment will show up when you have to give the bank your statements over the last six months so it;s hardly going to make a lot of difference.
 
It was the minimum payment I missed. It happened over 2 years ago so it won't show up on my statements. I was wondering if it would have an impact on my credit rating l
 
Request you ICB record and look for yourself. It costs €6 and you'll have the report by the end of the week. Banks are a bit more lenient on a couple of missed payments like that if you have a good reason. Otherwise, it's Pepper mortgages. Get the ICB record first to find out.

Steven
www.bluewaterfp.ie
 
elcato said:
When you say missed payments do you mean paying the minimum amount or thereabouts. If you don't pay off your credit card in full every month or within reason then that will go against you when applying for a mortgage regardless of your credit rating. Either way the non-payment will show up when you have to give the bank your statements over the last six months so it;s hardly going to make a lot of difference.
Click to expand...

If I pay off my credit card by at least the minimum amount each month (but not the full amount) does that definitely count as a black mark on the credit rating?
 
barry2012 said:
If I pay off my credit card by at least the minimum amount each month (but not the full amount) does that definitely count as a black mark on the credit rating?
Click to expand...

If you are going to be applying for a mortgage in the medium term, then you should be paying off your credit card balance in full.

It's crazy to be paying interest at CC rates. If you can't afford to pay off your credit card in full, then you can't afford a mortgage.

Brendan
 
barry2012 said:
If I pay off my credit card by at least the minimum amount each month (but not the full amount) does that definitely count as a black mark on the credit rating?
Click to expand...

If you pay the minimum, it won't effect your credit rating. But as Brendan said, if you can't manage your credit card, the bank won't give you a mortgage. They want to see applicants who are living within their means, not people living on credit from month to month. Look at it from their point of view, they are looking to lend a person hundreds of thousands of euro. Would you lend that much money to someone who lives in debt all the time? Get the credit card paid off in full for 6 months before making an application.


Steven
www.bluewaterfp.ie
 
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