Icb?

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lenovoguy

Registered User
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Hi everyone

I''m just curious as to what circumstances warrant banks giving you bad credit ratings. Is it in extreme cases when you miss several payments in a row, or for something like exceeding your credit limit by a tenner :p? Any info would be appreciated
 
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Note that both schedule repayments on loans that are met as well as those that are missed are recorded. Basically the institutions simply record your repayment history on loans and others will draw their own conclusions about missed repayments. In the case of credit cards I think they log a failure to make a minimum balance repayment as a missed payment. Some CC providers (especially MBNA as far as I know) do this quicker than others (e.g. some others may not do it on the first missed minimum repayment).
 
Yeah I'd already checked there but that doesn't really answer my question. I for instance have a student credit card, have always met the minimum payment (100%!) bar one instance, exceeded my limit once or twice, dont clear the card regularly but again always meet the payments. Im just wondering how that would stand to me?
 
100% (bar one instance!) :)

Are you just interested in how they do it or are you wondering what your credit rating is? Defaults are usually the reason. If the latter, just get a copy of your ICB report as ClubMan advised.
 
Im just interested in how they do it. lots of conflicting opinions in these forums. Im more concerned with exceeding my limit than anything else
 
Seems to me that the logical thing would be to get your own file and see what of the events that you mentioned earlier are logged.
 
lenovoguy said:
lots of conflicting opinions in these forums.
Click to expand...
To be fair, the information in the main (obviously some posters will post inaccurate data but this will usually be pointed out pretty fast) is correct.... even that which tends to conflict.

The problem is some posters post the technical details (e.g. the theory of how it should be done) and some post the actual scenario as it happened to them (how the banks/institutions handled it in their case).

Neither is technically wrong, just the difference between theory and practise (and the individual practises of different companies).
 
Exceeding a credit limit is not an offence notified to the gestapo aka ICB.

So long as you pay the min payment there is no issue with it.
 
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