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Credit Rating Recovery

  • 12-11-2016 10:31am
    #1
    Rosstopher
    Registered Users, Registered Users 2 Posts: 108 ✭✭


    Hi

    I'm wondering if anyone as any tips or ideas they've used to help rebuild their credit score quicker than if I were to just wait it out and pay off one loan?

    Through a long standing error with the bank that can't be rectified with the ICB and obviously some oversight from myself on the matter my credit rating has been absolutely decimated as I've basically had to default and restructure a loan.

    So, it takes 2 years to wipe a missed loan repayment off your record and 5 years to wipe a defaulted loan off your record.

    Does anyone have any tricks that may build up my score with the ICB?

    I have a restructured loan that I have been paying off for the last few months so obviously as long as those payments are met that will help.

    I am not sure how the rating works as in what exactly needs to be done to boost it and are there ways to increase your score by paying back multiple credit repayments?

    I'm wondering if things like getting a credit card and spending minimally and paying it back straight away would help? Now the difficulty would be even getting a credit card now but I'm hoping as time goes on I'll be able to get one successfully.

    Any help would be great.


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    I'm afraid nothing other than keeping payments up to date and waiting for the missed payments to drop off the report is going to improve it.

    There is no score as such to improve, your record of repayments is what the bank is interested in and what they will look at on a report.


  • #3
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    AFAIK banks send a digital file to ICB whose computer does the reports. It is completely automated. Banks are reluctant to go to the effort changing themselves manually. But it can still be done AFAIK, it just takes a lot of work. I imagine your bank can fix it, they just arent bothered with the work

    Although you have a restructured loan that will come up on your credit report anyway. So it is not as if you credit rating could be stellar if this issue was resolved


  • #4
    Rosstopher
    Registered Users, Registered Users 2 Posts: 108 ✭✭Rosstopher


    Thanks guys

    I was unsure if there was a difference if you were paying back multiple repayments from different credit sourceds every month or not and add extra points to the rating.

    But from what I'm gathering the ICB basically Base their credit rating on whether you are up to date or not up to date with payments regardless of the number of them or the amount of them?

    Looks like it's gonna be a long 5 years to wait for this to drop off. I'd imagine banks would be reluctant to touch anyone with a default in the last 5 years for a mortgage or relatively large loan, if anything at all.


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