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credit union loans and the new system

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  • 20-04-2010 11:39am
    #1
    blacksmith105
    Registered Users Posts: 147 ✭✭


    just been to ask my local credit union for a small top up loan to cover getting the shock absorbers on my daughters car fixed . I was looking for 100 euro , i have a 1000 loan against shares of 700 and never had any problems with repayments .

    Now they are using a credit scoring system since the 22nd March and despite the fact that i have been with them over a year and kept up all repayments my credit score has come back as low and now they are refusing me a 100 euro .
    I had a problem with a credit card 12 months ago , i am making repayments to them but missed a couple since i lost my job 12 months ago
    The credit union are aware i am not working and never had a problem lending me money before now as I say all my repayments with the CU are up to date and manageable . I would not mind if it was for 10000 but its for 100 euro and they are saying NO
    But since they now have to employ a credit scoring system they will not lend to anyone who has had a problem in the past
    Is this not going to kill the economy even further as the CU has always been the only place that anyone can obtain credit if the major banks say NO
    As i said all CU repayment up to date I have 700 in savings with them my outstaniding loan is just over 1000 and i want an extra 100

    This is crazy that CU cannot judge every application on its own merit and if someone is with them for a period of time and has a good repayment record that they can override and make their own judgement . Has any one any similar experiences ,
    Fitzpatrick and Fingleton are swaning around pretending not to have any money while we bail them out , I am looking for 100 euro and being told becaue of their actions that the new regulator see me as a risk

    VIVA THE REVOLUTION


Comments

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    #2
    romah
    Closed Accounts Posts: 150 ✭✭romah


    You do have the right to appeal the decision to the board of directors.
    It might be worth your while following that course of action and hope for the right outcome.


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    #3
    Goldenquick
    Registered Users Posts: 228 ✭✭Goldenquick


    I am extremely surprised at the Credit Unions having a credit scoring system. I wonder if it is each individual credit union bringing this in. I can't see anything on their site about it and I don't remember this being mentioned at the last AGM I attended.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    There's nothing new about credit unions asking to see your ICB report - more than likely that the "credit grading system" they're on about. And I really hope more credit unions start searching the ICB because it's far far to easy to get a loan in the credit union.

    No offence, a 100 eur loan? Are you serious?

    Tell me why the credit union won't allow you take the 100 eur from your savings? (there should be absolutely no problem doing this, they won't allow you take the whole lot) Perhaps they do think you're a risk? In fairness you've already said you are (missing credit card payments).

    I suspect there's more than this than meets the eye and perhaps you have more debt than you are letting on.


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    #5
    soden12
    Closed Accounts Posts: 154 ✭✭soden12


    Like the Banks credit unions were handing out money left right and centre. The banks did complain at the time (IIRC) but they were just as reckless.

    It's not surprising now that faced with potential bad debts (all those folk who borrowed to the hilt for their 57" plasma and to give Joany her dream communion) the CU will start to become more rigid.

    It's hard for potential borrowers but it helps some way to assuage the depositors - after all we can't afford to bail them out as well.


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    #6
    blacksmith105
    Registered Users Posts: 147 ✭✭blacksmith105


    stepbar .. just to reply to your comments re more debt than i am declaring no i dont , i finished paying back a bank loan last year after 5 years never had any problems , the reason i had problems with the cc is that they would not accept lower repayments and kept charging me for sending me letters .. HALIFAX ...
    I had no problem paying them an agreed amount but they would not agree
    the minimum was 120 per month i offered 70 and asked they freeze the interest until i could get back to work

    The whole idea of a cc is that they judge if you have the ability to repay and also that you have at least 40 pc of what you are looking for already saved with them so if you get into problems they can call on the savings to offset the amount owed


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