credit rating?

catherine22

hope I have the right forum. I was just wondering if anyone knew anything about credit ratings. I have applied for a post-grad loan and i am starting to worry that perhaps i will be turned down because of my credit rating. i know that you can check them online if you pay a fee but i dont want to do that. basically i just want a bit of advice, i have a couple of credit cards and may have had a late payment on more than one occasion but nothing more serious than that, that i can think of!! basically i am just worried that my loan will be rejected, i ahve applied my credit cards in the past and have been turned down for them- balance transfer ones.

anyone any ideas?

thanks

BuffyBot

If you've been turned down for cards before, then that probably isn't the best sign.

It's no guarantee you'll be turned down for the loan, but it shows that something must be on your credit record. It might be worth shelling out for your credit record to see what is on it.

Fozzie Bear

I applied for my credit rating from the ICB (Costs 6.50) and got it last week.

Now back when i was young and stupid i ended up missing a lot of payments on two old loans i had with BOI. Basically i had my two loans and was doing fine with them. Then the bank sent me a letter for a pre-approved credit card...... anyway when i had maxed out the card the Bank kindly upped my amount by another 1500 and i maxed it out again (i was a nieve 20 year old at the time). Then the sh1t hit the fan when cut backs at worked kicked in and i was earning less and could not make the repayments. Basically it has blighted my life ever since and i have had huge trouble getting any sort of credit.

My question is this. My credit report showed my previous bad loans as you would expect. However i have since had two new loans with the UB. The first i never missed a repayment and cleared it a year early. The second i am currently repaying and again have not missed a single payment. However neither of these loans appear on the credit report. Only the bad ones. Any idea why they don't appear on it????

digitally-yours

Just anorther question

Is there any disadvantage of requesting your credit report ?

any negatives to this ?

Chevy RV

Hello There,

The ICB reports work on an exception basis only showing where you DO NOT comply with the original loan agreement. Thus the "2 Good Status" loans do not appear on it. Miss a few payments on either of these and then see how fast they show up on the ICB report.

Getting an ICB report on yourself do not effect anything - it would appear to show that you are being proactive in managing your credit rating. You can see from the bottom of the report who has done any credit checks and when they done them.Lending institutions get exactly the same report as you which they use for underwriting loans. If they see you have missed a load of repayments on some other loan with ANY MEMEBER firm of ICB which is most banks, they will adapt the once bitten twice shy rule and refuse the application.

If you are refused a loan, I suggest you talk to a credit union where the credit rating is less stringent before you consider going down the sub prime lending route.

I have a detailed knowledge of this area so if you need any more information,them private message me for details.

Regards,

Chevy RV

the_galway_fry

how long before previous bad loan repayments no longer appear on the credit check?
i was told 5 years?

BuffyBot

AFAIK it is five years. I stand to be corrected - it's Sunday night and my brain is fuzzy.

Supercell

Chevy RV wrote:

Hello There,

The ICB reports work on an exception basis only showing where you DO NOT comply with the original loan agreement. Thus the "2 Good Status" loans do not appear on it. Miss a few payments on either of these and then see how fast they show up on the ICB report.

Chevy RV

Hmm, not entirely sure that's the case , maybe it varies by institution as to what information is shared on there?

I got one a few months ago out of sheer curiosity and it did show the various loans I had with AIB and BOI in the last few years.
I never defaulted on any payments either so the record is clean, but the clean ones are there too which surprised me, I previously thought only the bad stuff went in there.