Credit Rating
- Thread starter JennyD
- Start date
Apologies if this answer is too simplistic but just stop missing payments on loans that you have and make sure whatever loans you have are paid up to date.
Credit arrangements stay on your Irish Credit Bureau for 5 years so it takes time to perfect your credit if there has been a legal judgement against you that is noted on your ICB
Credit arrangements stay on your Irish Credit Bureau for 5 years so it takes time to perfect your credit if there has been a legal judgement against you that is noted on your ICB
You clear your debts, make sure not to incur further debts that you might renege or get into arrears on, maybe annotate your ICB record and wait the five years for black marks to drop off. Note that the ICB store credit history records not credit ratings and lenders who refer to these records will draw their own conclusions about credit ratings/worthiness.
Post crossed with NorfBank's.
Post crossed with NorfBank's.
so basically if you have a bad credit rating you would have to wait five years to get a mortgage? My boyfriend missed 3 repayments on a loan from the bank but has since paid it off and got another loan from same bank to try and fix this. he has paid off some of said loan early and is paying the repayments on time. Would this make any difference?
Not necessarily. It depends on what conclusions about credit worthiness/risk the lender draws from the individual's credit history. I don't understand how/why your boyfriend got a loan with the same lender to deal with a loan that he already had with them and on which he had missed payments!? For borrowers who find it difficult to get loans from the mainstream financial institutions there are also "sub prime" lenders but you will pay a premium (in the form of higher interest rates) for the privilege of borrowing from them.
long story, he wanted to repair the credit rating so he thought to get a loan again would be the way to repair it, they gave it to him anyway but he had to wait 6 months before they did. it was only a small loan thats why i wonder if they would agree to giving him a mortgage.
Why not shop around and apply to a few lenders and see how they respond? Even people with black marks on their credit history/record should shop around for the best deal and not unnecessarily limit themselves to one or a few lenders just because they think that they may be refused.
MoneyPenny and Mortgage Cabin are brokers not lenders.
All reputable brokers deal with the sub prime market (Start and GE money) so you do not have to deal with the named brokers.
Make sure that you are nor being charged an arrangement fee by the broker as the lender pays the broker commission.
All reputable brokers deal with the sub prime market (Start and GE money) so you do not have to deal with the named brokers.
Make sure that you are nor being charged an arrangement fee by the broker as the lender pays the broker commission.
Yes.
They are marketed as a stop gap measure. Keep up your repayments for 18 months then you may be eligible for a prime mortgage (e/g BOI/AIB/Ulster Bank).
You will have to take the pain of higher repayments for the first 18 months at least if you do not qualify for a prime mortgage.
They are marketed as a stop gap measure. Keep up your repayments for 18 months then you may be eligible for a prime mortgage (e/g BOI/AIB/Ulster Bank).
You will have to take the pain of higher repayments for the first 18 months at least if you do not qualify for a prime mortgage.
AT LEAST 18 months, again depends on how your Irish Credit bureau looks. If it's a couple of missed payments on a loan then 18 months should be long enough. Of course if there are judgements against either of the applicants then the minimum period to perfect your credit history will be extended.
Have a word with the prime lenders to see how they rate your case before signing up with a sub prime lender.
Have a word with the prime lenders to see how they rate your case before signing up with a sub prime lender.
Hi Jenny,
Believe it or not, some banks are sympathetic to people like yourselves, just depends on who you get. Go to the manager of the said bank and explain that while you had some difficulty before you feel that you are now in a position to get a mortgage, you never know. Bizzarely, my bank rang me the other day to tell me that I'd missed a payment on my loan in August 2005 (just 1 week's payment mind) and yet they had offered me a mortgage in September 2005! So you never know.
Believe it or not, some banks are sympathetic to people like yourselves, just depends on who you get. Go to the manager of the said bank and explain that while you had some difficulty before you feel that you are now in a position to get a mortgage, you never know. Bizzarely, my bank rang me the other day to tell me that I'd missed a payment on my loan in August 2005 (just 1 week's payment mind) and yet they had offered me a mortgage in September 2005! So you never know.
I
irishpancake
Guest
Have you applied to the ICB to check what's on your BF's Credit Report.
Just ckeck it out, you won't know until you do, here's the link:
[broken link removed]
Just ckeck it out, you won't know until you do, here's the link:
[broken link removed]
G
Guest107
Guest
Thats leverage . The problem is that you need to get this evidence to a real human manager in the back office in the mortgage lender who can over ride the computer sez no computer after it automatically does an ICB check and finds 'marks' against the BF.
Its not a repair but an override.
Any "sub prime" mortgage will cost at least 1% more than a normal variable from a prime lender on the interest rate. As the prime lenders are looking at 4.2% variable rates nowadays you will pay 5.2% on a sub prime, or more.