Credit Card Question

damiendublin

Hi All,

I have a question regarding a credit card application. Since the middle of summer, I've been experiencing financial problems, and was unable to pay of my monthly credit card bill. This resulted in my bank reducing my card limit to €0. When I pay off the outstanding amount, I will have to apply for a new card. I fully expect to have it fully paid off by the end of the year.

My question is - will I have to wait a certain period of time after paying it off before I can apply for a new card so the bank can see I'm out of my financial trouble. I am earning €28000, does anyone have any ideas what credit limit would be available to me. I'm not looking for a high limit!

I'm with BOI

Thanks

Random

Nobody really knows without putting all your personal and financial details into their system and multiplying by the random number generator.

Bad credit stays with you for 5 years though (www.icb.ie is where you can order a copy of your credit report/history that other banks share).

unclebill98

Id say the chances of the same CC provider giving you another CC limit is highly remote. Best to go else where when you've got it cleared and hope foe the best.

IsThatSo?

There are a couple of points that should be raised here:

You ARE paying it off, so you are not leaving a unpaid debt.

A few questions you need to ask yourself, you don't necessarily have to post the answers here, its just to give you an idea of whether you would have been reported to ICB or not.

When you missed payments did you contact the cc company to resolve the problem or did they contact you? Did you ignore their calls or respond immediately?

Did you make the minimum payments at the time?

Did you reach an agreement to pay off a fixed amount every month to reduce and eventually clear the debt? or are you just paying it off as and when you can?

How many months did you miss? What kind of figure are you talking about?

Like I said, don't respond to those questions here This is the kind of information that will effect whether you were reported on ICB or not. It will also be the deciding information in granting you another cc, along with the standard earnings info etc. It is unlikely that the same company will give you another card, but if you are not up on the ICB as defaulting then you should be able to get one elsewhere.

Its really important to note that you ARE paying this off, its NOT a bad debt. Lots of people run into financial distress, its how you handle it that determines the size of the problem

Bottle_of_Smoke

Are you sure you'll be able to pay it off? I find it difficult to believe you could go from not being able to pay 2.5% per month for three consecutive months but think you can clear it in the next six months.

They won't give you a new card for at least a year of very good current account operation. Probably longer. There's a guy who posts here regularly who could probably give you a better answer.

Do you not think it might be a bad idea to take one out again? If you do get one don't get a limit higher than a a quarter of your monthly salary.

samhail

seemingly i was in "bad debt", but the icb said absolutely nothing about it.
i have had a loan for the past 3 years, bouncing payments - though icb think i have not had it... i dont trust that company... or they just stole 10 quid of me and gave me nothing back.

i got refused credit cards and loans, so i just kept trying every few months. cos the loan approved last week, and credit card app is going in this week (sitting in front of me now but dont have time to goto an AIB bank for them to stamp my details)