Missed CU loan payments in 2015- Credit Rating

Charco

Charco

Registered User
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Hi,

Myself and my wife are about to apply for a mortgage. Our broker reckons that we should get the go ahead based on our savings etc however i just remember a couple of missed payments on a loan i had with the Credit Union in mid 2015. I cleared off the loan in full in November 2015 (it was only around 1k).
I subsequently i took out another loan with the same CU for 1.5k which i cleared over the 2 year course of the loan without missing a payment. I have never missed a payment on any other loans, credit card etc since.
I know that the ICB rating is cleared after 5 years of the end of the loan but this is not until the end of 2020 and we are hoping to apply for the mortgage before then. I'm wondering how the lenders will view my credit rating given my record since the end of 2015.
Has anyone been in a similar situation or working in the field that could advise ?
 
When you had no problem getting a subsequent loan from the credit union I suspect that the blip in previous repayments mightn't even be recorded on your credit history.
 
RichInSpirit said:
When you had no problem getting a subsequent loan from the credit union I suspect that the blip in previous repayments mightn't even be recorded on your credit history.
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I wouldn’t suspect that. Many credit unions wouldn't refuse a loan because of a small number of missed repayment on a small loan.

Whether a mortgage lender will take account of it or not depends on the lender, but it sounds minor enough so it shouldn’t be too much of a stumbling block.
 
Yes it was recorded as I did an ICB check a couple of years back. I have ordered another ICB check to have a look at how things stand now.
My broker has advised me that in her experience I should be ok given it was so long ago so fingers crossed
 
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