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Credit rating

  • 27-05-2014 8:31am
    #1
    Miller07
    Registered Users, Registered Users 2 Posts: 3 ✭


    On my credit report I received last year on 1 of my loans I have 1 payment in arrears but the loan is payed off. I missed this payment 4 years ago and it's the only 1 I ever had and it is scheduled to be removed from my file in 2015. I'm on the verge of applying for a mortgage with my wife and I'm worried it will affect us. Any ideas??


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Miller07 wrote: »
    On my credit report I received last year on 1 of my loans I have 1 payment in arrears but the loan is payed off. I missed this payment 4 years ago and it's the only 1 I ever had and it is scheduled to be removed from my file in 2015. I'm on the verge of applying for a mortgage with my wife and I'm worried it will affect us. Any ideas??

    Well it will have some impact. How much depends on the banks interpretation of the credit rating. The credit rating itself is more a record of payment history and its up to the banks how they deal with it.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Miller07 wrote: »
    On my credit report I received last year on 1 of my loans I have 1 payment in arrears but the loan is payed off. I missed this payment 4 years ago and it's the only 1 I ever had and it is scheduled to be removed from my file in 2015. I'm on the verge of applying for a mortgage with my wife and I'm worried it will affect us. Any ideas??

    When applying for the mortgage just explain why you fell behind one payment i.e sickness, out of work etc. and advise that you cleared same within a month. This should not hugely affect your mortgage application once all other payments were made on time.
    Best of luck


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