Do loans under 2000 affect your credit rating

C

CONAILL27

Registered User
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i am applying for a mortgage but have failed to pay off a loan for 2000 euro 3 years ago as i lost my job and couldnt afford the repayments. somebody told me loans under 2000 are not recorded on your credit rating.does anybody know if this is true
 
Mortgage Applications

If i apply for amortgage and get refused will this affect future applications
 
Never heard that. Have you requested your ICB file to see what's recorded?
 
no not yet and im under pressure for time as weve seen a house we really like and want to get mortgage application rolling but am afraid as ive been told if im refused once ill find it hard to get approval in future ps.thanks for your reply i know its late but have mortgages on the brain
 
As far as I know searches by financial institutions will register on your ICB file but not loan application refusals. You should probably be more concerned about whether or not the defaulted loan appears and whether or not you can realistically afford to borrow as much as you need and service the loan. You should apply for your ICB file to find out if there are any black marks. Maybe you can post your details here for people to comment - e.g. earnings, existing debts/savings, amount you need to borrow etc.
 
my salary is now 36500 with another 7000 in bonuses annually ihave had 2 loans in the past two years 6700 car loan 7000 personal loan i never missed apayment on these and recently settled both loans in full as i was told this would increase the ammount i could borrow unfortunately the loan for 2000 remains unpaid as the bank closed the loan or declared it a bad debth or something like that about 3 years ago
 

When I read your op I thought no way can this be so. But you managed to get two more loans in the past two years having defaulted on the 2k loan so maybe there is some truth in what you heard - or were the two more recent loans taken out from institutions that are not registered with the ICB? [broken link removed]
 
Why don't you approach the bank and offer to pay back the EUR 2000 since you can now afford it and get your credit record straight again.
 
I worked with a finance company, lowest loan value €250 and we recorded ALL loans with the ICB.
 

I now bank with ulster bank and recieved both loans from them.
 
Yes 2K was from AIB .the fact that ulster gave me a loan after this , would that suggest its not on my credit history
 
CONAILL27 said:
Yes 2K was from AIB .the fact that ulster gave me a loan after this , would that suggest its not on my credit history
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You might have been lucky or it might be recorded against someone else with similar name!!! I think and I stand open for correction on this that you may have to declare that you haven't defaulted on any loans on your mortgage application.
 
CONAILL27 said:
Yes 2K was from AIB .the fact that ulster gave me a loan after this , would that suggest its not on my credit history
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It might mean that but I still think that it's an unlikely scenario that institutions in general who are registered with the ICB don't record loans of 2k or less. As Sunny alluded to ,a clerical or admin. error might explain why your 2k loan didn't come to the attention of UB if they did a search on you.
 
Sunny said:
Why don't you approach the bank and offer to pay back the EUR 2000 since you can now afford it and get your credit record straight again.
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A noble aspiration but what if this noble gesture only serves to remind and alert them to his real credit score and gets the black mark put on his record where it always should have been ?
Perhaps a strategy of keeping ones head down might be the safest thing to do.
My advice is check your credit record at icb.ie before you do anything. The problem may be real or imaginary and once you check your rating then you'll know where you stand and then without any doubts be able to either proceed with the loan or try to patch up your rating.
 
 
I was thinking along the same lines why rock the boat im gonna check my rating and go from there ill let ye know how i get on thnk for all yere advice
 
Banks tend to have far stricter criteria for mortgages than for much smaller personal loans. So just because you got personal loans, I'm afraid it doesn't follow that you're out of the woods.
 
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