CC Balance less than min payment outstanding for 8 months?!?
Discussion
I recently received a balance transfer offer from a bank I currently hold a credit card with that appeared quite favourable (0% for 12 months) so rather than leave a balance accruing interest on another one, I thought I'd take them up on it.
Logged in to see "your account is currently limited" and an outstanding balance of £1.88 on it. Suspecting fraudulent use (small payments etc) I went back over my statements to find that it wasn't fraud, but interest accrued after transferring a balance away from this bank in May last year.
Now, the problem I have is that this £1.88 balance has been sitting there since then, however it is below the minimum payment level of the card (2.5% of the bill or £5, whichever is higher). I haven't accrued any late payment charges, nor have I been phoned or contacted by the bank although I technically (well, not technically - I have) had an outstanding balance on the card for almost 8 months with no payments being made.
I've tried to get a credit report done through Experian however it failed at the Verified by Visa check (strange as the £1.88 payment I made to the bank went straight through on the same type of system), and I'm tempted to call into the bank tomorrow to get it from the horses mouth so-to-speak, but I'm hoping that I haven't ended up hosing my credit rating down the pan.
Surely the bank would have rolled up the charges for missed payments though, or do they only apply when the qualifying balance is more than the minimum payment? Any info would be handy. I'm also hoping that there's not 8 months of missed payments showing on my credit report, or else I may as well forget about applying for anything for the next who knows how many years...
Logged in to see "your account is currently limited" and an outstanding balance of £1.88 on it. Suspecting fraudulent use (small payments etc) I went back over my statements to find that it wasn't fraud, but interest accrued after transferring a balance away from this bank in May last year.
Now, the problem I have is that this £1.88 balance has been sitting there since then, however it is below the minimum payment level of the card (2.5% of the bill or £5, whichever is higher). I haven't accrued any late payment charges, nor have I been phoned or contacted by the bank although I technically (well, not technically - I have) had an outstanding balance on the card for almost 8 months with no payments being made.
I've tried to get a credit report done through Experian however it failed at the Verified by Visa check (strange as the £1.88 payment I made to the bank went straight through on the same type of system), and I'm tempted to call into the bank tomorrow to get it from the horses mouth so-to-speak, but I'm hoping that I haven't ended up hosing my credit rating down the pan.
Surely the bank would have rolled up the charges for missed payments though, or do they only apply when the qualifying balance is more than the minimum payment? Any info would be handy. I'm also hoping that there's not 8 months of missed payments showing on my credit report, or else I may as well forget about applying for anything for the next who knows how many years...
Edited by Mr Happy on Friday 24th January 18:00
jeff m2 said:
Go out and have a nice meal, pay for it with your card.
When the next bill comes pay it.
Much easier.
I've already paid it now! I paid it online as soon as I noticed it was there, probably the lowest CC bill I've ever had to pay in all honesty!When the next bill comes pay it.
Much easier.
Knowing my luck if I went out for a meal and tried to stick it on that particular CC, it would be a 'retain and destroy' job!
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