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Poor credit history

  • 05-10-2009 1:17pm
    #1
    murphym7
    Registered Users, Registered Users 2 Posts: 2,036 ✭✭✭


    How bad does your credit need to be before you get rejected for a mortgage? My history is a little sketchy with the odd missed credit card payment, I have had loads of loans fully paid off and no missed payments. I'm a bit worried about it at the moment. Do you need a perfect credit rating?


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Depends on the size of the loan and your current financial standing. Mortgages are hard to come by at present, but if you're in a solid job for at least 2 years, making a good wage, you're going for a term under 25 years and the repayments make up no more than 20% of your take-home pay, then it's doubtful that they'd have any issue whatsoever.

    It's real piece of string stuff.


  • #3
    samhail
    Registered Users, Registered Users 2 Posts: 2,699 ✭✭✭samhail


    check out http://www.icb.ie/
    you can order a copy of your own credit report that the banks/building societies will get when you apply for a loan...

    although i have missed a few payments on a car loan a number of years ago, i got 2 of these reports and nothing was reported on the report atall (not even the payments i did make which i understood would be there)... I did get rejected for credit cards and loans.
    so obviously they have other rating type protocols.


  • #4
    super_furry
    Registered Users, Registered Users 2 Posts: 27,349 ✭✭✭✭super_furry


    What kind of things affect credit histories? Would things like NTL bills come into play?


  • #5
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    No, only "credit agreements" - i.e. loans are taken into account. So any loans from banks or other financial institutions, as well as credit cards and hire purchase agreements. Bills are not taken into account.

    www.icb.ie


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