Bad Credit Rating :(

hamsterboy

Hi All
Ok here's the story
Two years ago I paid off what was owed on a credit card bill.
What I didn't know is that the credit card had already been been written off
Now I have a bad credit rating for another 3 years or so, even though I paid what was owed.
Just got turned down for a car loan.
I'm guessing it's a case of shut up and take my medicine.....?

whomitconcerns

have you viewed your credit record with ICB? Just to be certain?

chris85

Written off means very little. The bank wrote it off as a bad debt and they felt unlikely they could recover it. They often then pass it on to a debt collection company or to their in house legal team to recover the debt.

It was then paid which is fair enough but this does not mean you get it cleared off your credit record that it was a bad debt before this.

hamsterboy

Aye. What I thought.
Ah well, my own fault really.
Now to find some alternative ways of financing

Thanks

HB

Waynesireland

I wouldn't just throw in the towel, if you can give honest reason as to why the visa got to that stage where it had to be written off (ie did you loose job, what happened your income that you couldn't meet repay, can you clarify that you couldn't pay rather than you wouldn't pay) and you can show that the debt was cleared as soon as you were in a position to repay, then any Bank would talk to you. From your comment I'm guessing you applied online or through some automated way? I would def recommend talking to Bank in person, be fully transparent with what happened and that it is now resolved and ask them to have a fresh look for you.
After all if every person who fell into financial difficulty over past few years was to never seek finance again, what hope has this little economy of ours in ever picking up,

Try it, expect nothing, anything else is a bonus ay!!!

hamsterboy

Thanks for the advice.
Honestly it was a long term relationship breaking down and taking over everything in my life so I don't see the bank seeing that as a legitimate reason.
Talked on the phone to them and they confirmed that it'll be 5 years from the date of repayment

HB

Waynesireland

Majority of credit unions don't send info to icb and therefore don't have access to checking it either also ......😜

hamsterboy

Indeed.
I've been a credit union member for 20+ years though it's a while since I've used the account.
It's prob the route I'm gonna go down, save a few grand over a few months and get the cash that way

HB

BuffyBot

Waynesireland wrote: »

Majority of credit unions don't send info to icb and therefore don't have access to checking it either also ......😜

Incorrect. These days most are, and the rest on their way to being.

Mr Velo

Waynesireland wrote: »

Majority of credit unions don't send info to icb and therefore don't have access to checking it either also ......😜

BuffyBot wrote: »

Incorrect. These days most are, and the rest on their way to being.

I concur with BuffyBot - most credit unions do now check credit ratings when doing loan approvals etc.

hamsterboy

Ok update. I applied to the Irish Credit Bureau for my credit report, just to see where I stand. It was waiting for me at home today. It states that..... They have NO DATA pertaining to me.... Lol. Will be ringing then tomorrow so

Waynesireland

Did you receive a decline reason for the car loan, Banks are required to provide a reason. I'm not asking what it was obviously that is your own business but just to make sure you know why declined so you can address same for future.