Poor credit history

murphym7

How bad does your credit need to be before you get rejected for a mortgage? My history is a little sketchy with the odd missed credit card payment, I have had loads of loans fully paid off and no missed payments. I'm a bit worried about it at the moment. Do you need a perfect credit rating?

seamus

Depends on the size of the loan and your current financial standing. Mortgages are hard to come by at present, but if you're in a solid job for at least 2 years, making a good wage, you're going for a term under 25 years and the repayments make up no more than 20% of your take-home pay, then it's doubtful that they'd have any issue whatsoever.

It's real piece of string stuff.

samhail

check out http://www.icb.ie/
you can order a copy of your own credit report that the banks/building societies will get when you apply for a loan...

although i have missed a few payments on a car loan a number of years ago, i got 2 of these reports and nothing was reported on the report atall (not even the payments i did make which i understood would be there)... I did get rejected for credit cards and loans.
so obviously they have other rating type protocols.

super_furry

What kind of things affect credit histories? Would things like NTL bills come into play?

seamus

No, only "credit agreements" - i.e. loans are taken into account. So any loans from banks or other financial institutions, as well as credit cards and hire purchase agreements. Bills are not taken into account.

www.icb.ie