Mortgage denied because of unpaid credit card debt

Hi

Just got news our mortgage was denied because of my revoked credit card 2 yrs ago. I offered to clear it but still denied. The bank didn't give much advice just told me try other banks.

Any one have any advice or in similar situation? Does this mean I have to wait 3 yrs for it to come off the icb?

Would really love any tips or advise before approaching other banks

Thankyou

Sunflower48 said:

I offered to clear it

Click to expand...

Does that mean you still owe the money?

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Yes I still own the credit card. I pay a monthly payment now.

From the ICB site:

2. How do lenders know about my previous loans?

Most lenders in Ireland send information about borrowers and their repayments to a central agency, the Irish Credit Bureau (ICB). The ICB holds information about borrowers and their loans for 5 years after the loan is closed. This information is held in an individual credit ‘report’ that is kept by the ICB about each borrower.

Your credit report includes:
[broken link removed]
your name, date of birth, address(es) used by you in relation to financial transactions
[broken link removed]
the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;
[broken link removed]
repayments made or missed for each month on each loan;
[broken link removed]
the failure to clear off any loan;
[broken link removed]
loans that were settled for less than you owed; and
[broken link removed]
legal actions your lender took against you
So, the ICB reflects a full picture of your credit history, good and/or bad.


You are better off getting rid of that credit card debt now so you can start improving your ICB record. It is the first place that the bank looks when an application comes in. Paying 20% interest is never a good idea anyway.

It is unlikely you will get a mortgage with a bad credit history. Your ICB record also shows the amount of times you've applied for credit, so other banks will know you have been refused.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

If you can't or won't pay your credit card debt, why on earth do you think anyone else would lend money to you?