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Credit Rating

galwayjohn89 · 2013-08-28 22:37:55

I am in college and the banks are throwing credit at me. So far I have a €1,500 overdraft with AIB, €500 travel loan with BOI, a €4,000 college loan with BOI and a €1,150 credit card with BOI. For my credit rating is it a good thing to have loads of loans and cards all paid back on time? Or is it better just to have 1 or…

28-08-2013 10:37pm

#1

galwayjohn89

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Join Date: October 2011

Posts: 1708

I am in college and the banks are throwing credit at me. So far I have a €1,500 overdraft with AIB, €500 travel loan with BOI, a €4,000 college loan with BOI and a €1,150 credit card with BOI.

For my credit rating is it a good thing to have loads of loans and cards all paid back on time? Or is it better just to have 1 or 2.

The college loan was €2,000 last year, and another €2,000 this year and another €2,000 next year. The way they do it is this year created a new loan account for €4,000 and paid off the old loan account so it appears on my credit rating as a closed account (paid off on time).

I could hypothetical have 6 completed loans 3x College and 3x Travel by the time I finish college. Would this be a good idea to improve credit rating or not?

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