Credit Rating ???

B

borisWA

Guest
Hi,

I have recently been turned down for a credit card application and personal loan with two of the newer issuers in Ireland.

I am at a loss to understand this - both my wife and I have good salaries with combined salary of 120k plus. I have all necessary life cover, good pension and some savings[3k] to boot.

Yet I have been declined twice, we own our own home and have positive equity on it. We have never been turned down for anything before, in fact we are both professionals and normally have a number of offers to consider.

When I went back to my current bank - BOI they have approved the loan but it is at a higher rate then previous offer from Halifax.

I have not been able to get any information as to why we have been declined ? Do referral charges cause immediate refusal from some banks ?

Due to a bank error, which is being refunded, we have a couple of referral charges - 3 or 4 on our account in the last couple of months could these be causing such problems ? All payments were made and the charges were not returned unpaid.

I am at a loss to understand, and am a little freaked out by this to be honest. I have requested a copy of my ICB report is there anything else I should be looking at doing ?
 
The ICB report should tell you what the banks know about you and your credit profile.

The credit crunch and economic slowdown is causing banks to be stricker with their lending practises. They will be looking at you ability to repay. You might have decent incomes BUT do you also have outgoings and other debt thatthey might feel put your ability to re pay at risk?

Also, it sound strange but its often difficult to get credit cards etc if you don't have any credit history. So if you have never had a loan, credit card before then you have no history which could work against you.

When you say you own your own house, does that mean you have no mortgage?
 
You mention you went to some of the newer issurers. As the poster above says it could be just a case in the current environment of banks not wanting to lend money or being very fussy who they lend to. Especially the smaller players. The days of getting a loan handed to you automatically are over. Check your ICB report and if that is clear, I wouldn't worry. The banks decision probably had nothing to do with you.
 
Hi Guys - thanks for the responses.

Mr DT - We do have a mortgage on our house - but we are fortunate enough to have some positive equity in that.

I was thinking as well, that there was one month due to exceptional circumstances I didnt make a minimum payment on my credit card. I didnt even realise it until today - the minimum payment was very small €6 but with everything that was happening around me I missed it.

Do the referral fees, and one small missed payments cause that much trouble. I should have the letter from the bank regarding the referral fees tomorrow, do I need to request that they forward it to the ICB or can I send it myself. Does a letter detailing exceptional circumstances on the missed credit card payment hold any water ?

I was instantly approved with BOI when I went to them for the loan rather then to the Halifax - but I am missing on out the better rate that is .

Thanks again
 
Sorry was just double checking - didnt miss a credit card payment

Statement dated the 11th March minimum payment 6 euros - made payment on the 20th.

Please ignore that section of my post.
 
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