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Repairing Credit Rating

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  • 27-04-2010 3:16pm
    #1
    infamous
    Closed Accounts Posts: 100 ✭✭


    Over the last few years I have had a reckless attitude to finaces due to a gambling problem. I have now tackled this and want to try and get my finances back on track. I have cleared all loans cancelled credit cards and am now in a position to put 1400 p.m aside. I know theres no quick fix to repairing credit would it be more beneficial to spread the money around a few accounts or leave it in the bank I get paid in to try and build up a relationship with them. Like for the benefit of a small diff in percent would it be worth saving elsewhere or stick with my bank regardless of rate.


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    #2
    itsyourmoney.ie: Aine
    Closed Accounts Posts: 10 ✭itsyourmoney.ie: Aine


    The main thing with your credit rating is not whether you start saving (though that will obviosuly be a must if applying for a mortgage etc) but how you operated your loans. If you missed any payments, details of that stay on your Irish Credit Bureau file for 5 years after the loan is closed.

    You can read more info. on your credit history here - http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=94&3nID=654&4nID=654&5nID=654&6nID=666&7nID=666&8nID=666&pID=666&nID=673

    As regards savings, as long as your have statements to show your savings, that's what any bank would look for if you're applying for a loan. Note that the ICB only records info re. loans - not savings.


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    #3
    infamous
    Closed Accounts Posts: 100 ✭✭infamous


    Thanks Aine, ive missed plenty of payments etc so basically it will be 5 years before I could even consider applying for a mortgage regardless of whatever savings I have. Would it be beneficial to take out a loan and pay it as per conditions or would this have any affect on credit rating


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    #4
    itsyourmoney.ie: Aine
    Closed Accounts Posts: 10 ✭itsyourmoney.ie: Aine


    infamous wrote: »
    Thanks Aine, ive missed plenty of payments etc so basically it will be 5 years before I could even consider applying for a mortgage regardless of whatever savings I have. Would it be beneficial to take out a loan and pay it as per conditions or would this have any affect on credit rating

    As long as the missed payments are up there it will still be a factor. It all comes down to banks' lending policies. But a strong savings record won't go amiss.


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