Credit Card Late Repayments

J

johnmcevilly

Guest
Through my own stupidity, and not lack of funds, I have been late with 7 Credit card repayments over the past year. This has resulted in my credit limit being reduced from 5,000 euro to 500 euro. I ordered a Direct Debit form today from the credit card to make sure my payments are on time. This is very frusrtrating as I didn't fully understand the consequences of late payment, and the amounts owed were usually quite small. I have always cleared the account. Will this affect me when looking for a mortgage? How long will it take before I am likely to have a clean bill of health? Am I regarded as high-risk by financial institutions? Is it possible to change card/bank to get out of this problem?
 
Have you checked your to see if these late payments have been recorded on your credit history? If you have an outstanding balance on the card right now then perhaps switching to a 0% introductory offer card might help minimise ongoing interest charges? See the best buys list for details. Note that if you do this then it may be the case that you should not make any further transactions on the card as long as the transferred balance is not cleared as they may incur immediate interest charges as long as any of the balance is outstanding.
 
This is how the ICB deal with cc payments so if you made your cc payments within 30 days of the due date you should be ok.

Credit cards and credit history

From July 2004, credit card companies have the option of supplying more information on credit card repayments to the ICB. In the past, information was mainly supplied by the lenders only where credit cards were revoked or cancelled. Now lenders have the option of supplying full information regarding opening and closing balances to the ICB. Your card repayment performance will be measured by the ICB on a monthly basis but due to the nature of credit cards, you will also receive an additional 30 days before negative information about your record is recorded.
 
Thanks for valuable advice and information. I have sent the form to the ICB. It's great to get some help as I was fed up talking to the Credit card company, and my bank weren't much help either. Thanks again.
 
Keep in mind that although Credit card companies have the option to register details with ICB, very few actually do so at the moment. Most will send details to ICB when they instigate legal action or revoke a card due to non-payment.
 
PINK said:
I know MBNA send details to the icb for revoked cards.
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MBNA send ALL data to ICB - ie, monthly payment performance, missed payments, defaults, etc. Its the one card you don`t want to be late paying.
Got ICB report a while back and my monthly payments were listed from the time I got the card up to the previous month. I also had an AIB CC at the time, and that did not show up at all.
 
daveco23 said:
MBNA send ALL data to ICB - ie, monthly payment performance, missed payments, defaults, etc. Its the one card you don`t want to be late paying.
Got ICB report a while back and my monthly payments were listed from the time I got the card up to the previous month. I also had an AIB CC at the time, and that did not show up at all.
Click to expand...

that's good to know, gotta watch out for MBNA!
 
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