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Applying for personal loan - how's my credit rating

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  • 26-05-2010 2:04pm
    #1
    Partizan
    Banned (with Prison Access) Posts: 629 ✭✭✭


    HI guys, I'm at the moment about to apply for a personal loan for a holiday. I plan to borrow €2k and pay it off over a 12 month period at instalments of €174 per month. I had 2 previous loans one taken out in 2007 and the other in February 2008 which totaled nearly €8k. I merged both loans and now have only around €2k left and have a further 2.5 years to pay off. I plan to pay it off even before then. I have only missed 2 payments and that was in 2008 when I was unemployed but I got them sorted out. I also have a credit card with a €2k limit but I am well within the limit with €1,100 spent on it and paying off circa 400 a month on it. I'm in a full time job and I earn approx €600 pw. I am way ahead of both loan and credit card payments.

    On the basis of this will the bank give me the loan or will they say pay off your existing loan first? Is my credit rating good?

    I never availed of an overdraft facility btw.


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Partizan wrote: »
    HI guys, I'm at the moment about to apply for a personal loan for a holiday. I plan to borrow €2k and pay it off over a 12 month period at instalments of €174 per month. I had 2 previous loans one taken out in 2007 and the other in February 2008 which totaled nearly €8k. I merged both loans and now have only around €2k left and have a further 2.5 years to pay off. I plan to pay it off even before then. I have only missed 2 payments and that was in 2008 when I was unemployed but I got them sorted out. I also have a credit card with a €2k limit but I am well within the limit with €1,100 spent on it and paying off circa 400 a month on it. I'm in a full time job and I earn approx €600 pw. I am way ahead of both loan and credit card payments.

    On the basis of this will the bank give me the loan or will they say pay off your existing loan first? Is my credit rating good?

    I never availed of an overdraft facility btw.

    Ok the criteria for all banks will be different and obviously the only people who can tell you if you get the loan would be the bank. The missed payments in 2008 will be recorded on the ICB. showing statements of all credit facilities for the last 12 months should help. You may be able to apply for a top up on your current loan which may be easier to get if you have a good history on your account.


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    #3
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    get your report from www.icb.ie and it'll tell you what the banks see (except your own bank which know everything about your current account etc obviously)


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