Credit Rating

Laura2021

Hi would getting a loan say for a car and paying monthly payments build my credit rating in a good way?

I always thought its better to not have any loans or finance.

I don't no alot about this but would like to learn more about it especially as going for a mortgage in 2 - 3 years time

Atlantic Dawn

We don't build credit rating in Ireland, it's not like UK or US. You are right in your thinking, the more loans you have outstanding prior to applying for a mortgage the more limited your repayment capacity is and so lower the amount of finance will be offered.

Bad repayment history is recorded, that's where most people will fall down when applying for credit if they have failed to repay previous financial arrangements. You can apply to see your credit rating via ICB...

http://www.icb.ie/

Stratvs

https://www.centralcreditregister.ie

For ref the ICB has ceased doing credit requests since 31/10/21. The Central Bank now handles all those from the link here.

Dempo1

https://www.boards.ie/discussion/comment/118103539#Comment_118103539

Just curious, are ICB still supplying credit rating reports , I understood the CCR is now the place to request credit reports 🤔

Atlantic Dawn

Yes ICB no longer doing them, sorry didn't know it had changed, used them a couple of months back to get mine.

Dempo1

https://www.boards.ie/discussion/comment/118103971#Comment_118103971

Yes, was just curious, I got a CCR report a while back and vaguely recalled ICB winding down 😏