How to improve credit rating?

girl in the striped socks

Hi,
I recently looked for a loan of €5000 for PTSB & was rejected. I had a car loan with them & I was occasionally late making payments as my wages were late getting into my account.
Would this have affected my credit rating?

Also I have a balance of €1000 on my credit card which I plan to have cleared in the next two months. The card has expired but the company are not re-issuing another one until the balance is cleared & even then they say they will do a credit check on me! As the above I have been late paying a few times because my wages were not paid on time.

What can I do to improve my credit rating because I assume it has been affected by the late payments?

chris85

girl in the striped socks wrote: »

Hi,
I recently looked for a loan of €5000 for PTSB & was rejected. I had a car loan with them & I was occasionally late making payments as my wages were late getting into my account.
Would this have affected my credit rating?

Also I have a balance of €1000 on my credit card which I plan to have cleared in the next two months. The card has expired but the company are not re-issuing another one until the balance is cleared & even then they say they will do a credit check on me! As the above I have been late paying a few times because my wages were not paid on time.

What can I do to improve my credit rating because I assume it has been affected by the late payments?

Depends how late the payments were. If over 30 days late obligation to be reported on the ICB. Nothing can be done to remove these but you can improve your credit score by ensuring payments dont go late in future.

Since you applied to PTSB they would not only be viewing your ICB but would also be able things not on the ICB. Such as your late payments if under 30 days. This would be factored into it.

girl in the striped socks

chris85 wrote: »

Depends how late the payments were. If over 30 days late obligation to be reported on the ICB. Nothing can be done to remove these but you can improve your credit score by ensuring payments dont go late in future.

Since you applied to PTSB they would not only be viewing your ICB but would also be able things not on the ICB. Such as your late payments if under 30 days. This would be factored into it.

OK, thanks.
So how long does it take for me to be considered 'good' again?
Provided all payments are met on time etc.

R P McMurphy

Best way to improve credit score is by making regular payments. If you can get your credit card cleared and activated again pay it off in full every month

girl in the striped socks

Would it make any difference if i tried to switch the card to another provider?
Or can I even do this?

Wile E. Coyote

The only way you can improve it is keep making regular payments on time until the late payments fall off your report. But even at that your not guaranteed a loan from any bank. They'll take current earnings and outgoings into account as well.

chris85

girl in the striped socks wrote: »

Would it make any difference if i tried to switch the card to another provider?
Or can I even do this?

You cant change what happened before so previous missed payments will appear on the ICB and will stay there for 6 years. You can improve it by making regular payments.

Moving your credit card elsewhere wont change anything. You still same amount of money and would be visible to the bank that you have a card elsewhere.

Jet Black

Your best and probably only option is to start saving. Applying for more credit if you have problems at the moment will only make things worse. Once your clear your credit card and if the bank allow you to keep it, only spend what you can afford to repay by the time you get the bill.

Once you do that wait a few months and build a balance in your current account. Don't apply to any other banks as it will come up on the ICB. It might be worth checking your ICB report to see what late payments are there.