Credit union Savings not on ICB - should I move my money?

D

dmos87

Registered User
Messages
415
Hi All,

I learned today my local Credit Union are not ICB members. I have been regularly saving money every week into my account hoping to improve my ICB rating and also save for a house.

Is it possible to change Credit Unions to one that is registered despite not living within that community? I like that my money is not easily accessable to me and I NEVER withdraw from the account because of it.

Perhaps moving my money and changing the Standing Order to a bank account is in my best interest? We have hopes to go for a mortgage within the next year so having a good ICB rating is vital.
 
Saving's (with any institution) don't show on an ICB report, only borrowings do.
 
When I eventually apply for a mortgage will they take into consideration my savings with the CU?
 
Yes, they will.


ICB only records debts. ("credit" report)


As I had never borrowed at all before my mortgage application, I didn't have any ICB record.

Your ICB record is only important if it is poor, i.e. if you have missed repayments, etc.
 
When you apply for a mortgage, you can produce your CU statement to show your capacity to repy the mortgage. Most CUs are not in ICB but that is changing. Slim
 
You must log in or register to reply here.
Back
Top