However any missed or late payments are additionally recorded which might hurt your rating further. If you understand you’ll be able to’t pay, you are higher off cancelling the agreement before the next cost is due – you can do this at any time and can get something you’ve saved back.
If not, you’ll be able to lose any promotional provide (eg, a zero% rate) and the credit card provider will report your missed cost to the credit reference agencies. You’ll even be hit with a £10-ish payment for late cost every time it happens. A bad fee history is something you can only fix with time.
Know Your Odds Earlier Than You Apply
Your cost historical past is what impacts your credit rating probably the most. Creditors can report a late payment on your credit file when you have not paid within 30 days of the due date. For …