ICB Score Question

swht

Hi, just wondering if an ICB Crif score of 501 would be considered good? Have spent a lot of time trying to improve my credit rating after a few months of unemployment in 2009.

I was still turned down for a credit card with this score :mad:

viper006

gonzo.phd wrote: »

Hi, just wondering if an ICB Crif score of 501 would be considered good? Have spent a lot of time trying to improve my credit rating after a few months of unemployment in 2009.

I was still turned down for a credit card with this score :mad:

Hi Gonzo,

Was this the reason you were given for being declined? If you apply for a credit card many banks have an automated system that calculates a scores and if not high enough you wont be the card. Things like how long you live at an address, having a landline number, contract work or just starting a perm job i was told can count against you. It may not be your credit score thats knocking you down.

I know that you can appeal the decision in writing and they will ask you for more detailed info like bank statements all that and investigate further then and provide you with an exact reason as to why you were declined.

macplaxton

gonzo.phd wrote: »

Hi, just wondering if an ICB Crif score of 501 would be considered good?

Well it's not bad, according to the ICB range of scores http://www.icb.ie/credit_rating.php (Answer: 20.), the Crif can range from 330 for high risk and 550 for low risk, so it's towards the good end of the spectrum.

However, it's down to individual lenders to decide which scoring system, if any, is used and what the cut level is for an application to be successful.

smcgiff

Income is another criteria. As is...
Employed Vs Self Employed (Have Revenue assessements)
Time with current employer
Other Debts (although being repaid) may be considered high.

So, even if you have a high credit score, the above could go against you.

bluescorpion

My credit rating was recently shot to pieces. Mine is just 50. So i currently just use my Visa debit along with a prepay Ryanair Mastercard (no credit rating required). Interest rates on credit cards are insane at the moment, averaging 19%.

swht

Yeah I had another look at the forms and looked through the ICB website and think I might have figured out why. I take small credit union loans to cover things like exam fees and flights because I don't want to be dipping into savings for them. This was the main reason I wanted a credit card, but maybe the applications for credit showing up on the report are what's done it.

Ill try talking to them in my branch and explain this, I don't fancy my chances though.

swht

viper006 wrote: »

Hi Gonzo,

Was this the reason you were given for being declined? If you apply for a credit card many banks have an automated system that calculates a scores and if not high enough you wont be the card. Things like how long you live at an address, having a landline number, contract work or just starting a perm job i was told can count against you. It may not be your credit score thats knocking you down.

I know that you can appeal the decision in writing and they will ask you for more detailed info like bank statements all that and investigate further then and provide you with an exact reason as to why you were declined.

Yes they did say it was as a result of my ICB report.

short_of_cash

Gonzo, the banks are not lending at the moment....don't think ICB scores matter when credit is so tight

galwayjohn89

short_of_cash wrote: »

Gonzo, the banks are not lending at the moment....don't think ICB scores matter when credit is so tight

They are definitely lending but are just more strict with who they lend to. I'm a student and have over €7 grand worth of available credit to my name.