I remember working in ‘Toys R US’ as a teenager and a customer who came to buy a PS3 on finance got declined. He was outraged and complained it must be our systems because he was a “high income earner” and there was no way he would be turned down for credit…. Well the truth is, your credit score doesn’t really care how much you earn, and if you’ve had poor credit conduct in the past it can get in your way of accessing evening the simplest of things.

Missing payments on things like phone bills or utilities can lead to your provider registering a Default against you. Once registered It will stay on your file for 6 years, even if you pay off what you owe before then. The lender could also sell on the debt after a period of time, (to a debt agency) who may add their own fees to pursue you for the bill.

Moral of the story, don’t let any temporary decisions end up with you having a marker that you’ll carry around for 6 years of your life.