Citizen Jake
Registered User
- Messages
- 30
Hi guys,
I'm saving for a mortgage right now and it'll probably be a year before I'm completely ready.
However, from reading about things like the Credit Bureau and how having a bad rating/history could affect your chances of getting a mortgage I am a little worried. Generally I'm quite good at my finances but about four years ago I messed up over a few months with my credit card by simply not paying my bill for a few months. I got a call, and got right back on track. Needless to say I still have the same card (it's the only one I've ever had and I've had it 7 years now) and make regular payments. Although I've never completely cleared the card, I still use it and make the regular monthly payments. My questions:
1. Because of this "bad period of non-payment" will this stick in my record despite my ongoing use of the card and relationship with the provider?
2. Are you endangering your credit rating by not completely clearing the credit card even though you manage all the necessary minimum payments?
Another related question I have is once, again about four or five years ago, I wrote a cheque that bounced (I took a chance on a post-dated cheque banking on wages arriving on time, they didn't). I got a call from the bank, went in and sorted the whole thing out and have been in the black ever since. It was the first and only time that that had ever happened. Would that experience impact my credit rating?
Citizen.
I'm saving for a mortgage right now and it'll probably be a year before I'm completely ready.
However, from reading about things like the Credit Bureau and how having a bad rating/history could affect your chances of getting a mortgage I am a little worried. Generally I'm quite good at my finances but about four years ago I messed up over a few months with my credit card by simply not paying my bill for a few months. I got a call, and got right back on track. Needless to say I still have the same card (it's the only one I've ever had and I've had it 7 years now) and make regular payments. Although I've never completely cleared the card, I still use it and make the regular monthly payments. My questions:
1. Because of this "bad period of non-payment" will this stick in my record despite my ongoing use of the card and relationship with the provider?
2. Are you endangering your credit rating by not completely clearing the credit card even though you manage all the necessary minimum payments?
Another related question I have is once, again about four or five years ago, I wrote a cheque that bounced (I took a chance on a post-dated cheque banking on wages arriving on time, they didn't). I got a call from the bank, went in and sorted the whole thing out and have been in the black ever since. It was the first and only time that that had ever happened. Would that experience impact my credit rating?
Citizen.