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Will my credit history as a student stand against me?

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  • 05-09-2007 8:34am
    #1
    breadmonkey
    Registered Users Posts: 3,608 ✭✭✭


    Ok so I got a €2000 student loan from AIB a couple of years ago to go to Toronto for the summer. When I got back I was completely broke so I decided to just sort of ignore the repayments for the first 4 months or there abouts. They started sending me letters etc. and I eventually paid the whole thing off at Christmas in two lmps sums of €1700 and €600 (interest is a killer when you're an eejit :) ).

    The following summer I opened an account with Ulster Bank because they were giving a €600 interest free overdraft. I subsequently got that extended to €2k to finance that summer's travels. The thing is that they wanted me to use the account as my "main" bank account but the account itself was never actually in credit for maybe a year or more. They sent me a few letters expressing "concern" that there had been no deposits but I basically just ignored them. I put in €1k at Christmas that year and the overdraft was only paid off in June this summer (1 year later) when my first paycheque of my new job came in. There's something like +€2500 in there at the moment.

    I know it was stupid of me to sort of bury my head in the sand but I always assumed that no bank would really give a crap what my credit history as a student was since by the time I'm actually looking for a mortage or something, I'll have a good job and a good salary. Or have I shown that I'm an unreliable borrower? People keep telling me that I'm probably going to have problems. Yay/nay?


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    It is possible that you will have problems. Certainly, the missed payments will most likely be noted. In fairness, why you thought being a student absolves you of making payments is sort of beyond me.

    Maybe the best thing for you to do, would be to get your credit report (http://www.icb.ie/credit_rating.php) and see if they show up. If they do, then yes, you'll probably have some trouble geting new credit until they drop off your credit report.


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    #3
    breadmonkey
    Registered Users Posts: 3,608 ✭✭✭breadmonkey


    BuffyBot wrote:
    It is possible that you will have problems. Certainly, the missed payments will most likely be noted. In fairness, why you thought being a student absolves you of making payments is sort of beyond me.

    Maybe the best thing for you to do, would be to get your credit report (http://www.icb.ie/credit_rating.php) and see if they show up. If they do, then yes, you'll probably have some trouble geting new credit until they drop off your credit report.
    Ah no, I wasn't under any illusions about the repayments. I knew I had to make them and I knew it was a bad idea not to but I was totally skint so I said fcuk it. I don't think I'm special!

    Thanks for that link. I applied for the credit report.


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    #4
    breadmonkey
    Registered Users Posts: 3,608 ✭✭✭breadmonkey


    All clear on the credit report! So I should be OK then?


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    #5
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    breadmonkey wrote:
    All clear on the credit report! So I should be OK then?


    Yep , as long as your not applying with the banks involved , who will have full records....


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    #6
    ktisel
    Closed Accounts Posts: 12 ✭ktisel


    lucky...... pay back your loans next time......


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    #7
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Very lucky, though what jhegarty says is very true :)


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    #8
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    breadmonkey wrote:
    Ok so I got a €2000 student loan from AIB a couple of years ago ... and I eventually paid the whole thing off at Christmas in two lmps sums of €1700 and €600 (interest is a killer when you're an eejit :) ).

    Two things -

    1. How long ago is a couple of years ago? Can't remember off hand how long, but your credit report only goes back a certain number of years.
    2. The fact that you paid it off makes a big difference - if the loan was still unpaid it would nearly certainly still be on your credit report.


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    #9
    breadmonkey
    Registered Users Posts: 3,608 ✭✭✭breadmonkey


    dublindude wrote:
    Two things -

    1. How long ago is a couple of years ago? Can't remember off hand how long, but your credit report only goes back a certain number of years.
    2. The fact that you paid it off makes a big difference - if the loan was still unpaid it would nearly certainly still be on your credit report.
    It was 2005


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    #10
    Catcher86
    Closed Accounts Posts: 161 ✭✭Catcher86


    Hey Breadmonkey,

    I got the same letters from ulster bank when I availed of my €650. Which is a great deal.
    I did'nt have any previous bad credit history. Ulster just got worried when they saw that there was no activity for a few months. So I put about €300 back in and that was that. They have left me alone ever since.


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