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€10k loan criteria for aib

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  • 10-09-2013 2:11pm
    #1
    paddylonglegs
    Registered Users Posts: 3,530 ✭✭✭


    I will be looking to make some home improvements in the next year or so and want to begin saving now.

    Should I bee looking at putting so e savings away to build up for the next year or should I concentrate on getting rid of cc debts of €1200? I have a small finance loan which will be finished in a couple of months and am paying a mortgage on a €120k house that started last year. In full time employment and wife is currently on maternity leave

    What way should I work this do I will qualify for a loan next year or even closer?

    Thanks


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    #2
    coylemj
    Registered Users Posts: 25,394 ✭✭✭✭coylemj


    If you're carrying a big CC debt from month to month, it will be a major black mark against you. Pay that off before you even think of asking for a loan.

    The interest rate on a CC debt is wayyyyy higher than any other kind of personal credit (ok maybe Wonga is higher) so nobody will lend you money while that debt is hanging over you.

    Periodically going into the red on your current a/c without authorisation, failing to make the odd minimum monthly payment on your CC or carrying a balance forward every month on the CC are all thngs that will operate against your credit rating.


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