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The Banks and Credit Reports

  • 06-02-2018 11:53am
    #1
    Plasandrunt
    Registered Users, Registered Users 2 Posts: 858 ✭✭✭


    Hi

    So in 2014 I got a personal loan of 10k from AIB, however not long after I lost my job and got myself into some financial difficulty for a period of about a year. I got back on my feet somewhat and started paying back the loan at an increased rate and after coming into some money recently I managed to clear the loan outright a good bit ahead of schedule.Doing a credit report on myself a few months ago it does state that the loan was 9 months in arrears.

    I own my own appartment which I bought in cash (recieved from a house sale) a little under then 2 years ago. However i'm looking forward to step up and maybe buy a house in with a mortgage of about 120k. I've started saving and when selling the appartment I'd get 200k+.

    However i realise that due to the past that I'd probably struggle to get a mortgage when applying (aiming towards the end of the year). Realistically do I stand any option of getting one in the near future or should i just bide my time and continue saving? I'm 30 at the moment and single


Comments

  • #2
    LuckyLloyd
    Registered Users, Registered Users 2 Posts: 36,434 ✭✭✭✭LuckyLloyd


    It will clear off your report after a couple of years. The ICB site has advice in that regard. You’ll be well placed to get a mortgage when it does.

    Also, in the short term there’s no harm in applying.


  • #3
    dubal
    Registered Users, Registered Users 2 Posts: 778 ✭✭✭dubal


    no harm in getting a copy of your credit report to see what it says, costs €6 and only takes a couple of days.

    Apply here online: http://www.icb.ie/cr_options.php

    Dubal


  • #4
    Plasandrunt
    Registered Users, Registered Users 2 Posts: 858 ✭✭✭Plasandrunt


    I got a credit report last year and it showed how the loan was at one stage 9 months in arrears. Was wondering (hoping) that because I've paid the loan in full before schedule that maybe it might alter how i'm looked at by the banks or will the black mark stick for 5 years?


  • #5
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    Plasandrunt wrote: »
    I got a credit report last year and it showed how the loan was at one stage 9 months in arrears. Was wondering (hoping) that because I've paid the loan in full before schedule that maybe it might alter how i'm looked at by the banks or will the black mark stick for 5 years?

    Five years. Your credit report should say when it is due to be removed


  • #6
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,378 ✭✭✭✭jimmycrackcorm


    You should go to a broker. They might be able to help get around the historical issue. For example you might have to get a mortgage at a higher rate than expected, but once your record is clear then you can change.


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