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Credit History

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  • 08-09-2010 2:00am
    #1
    four18
    Banned (with Prison Access) Posts: 460 ✭✭


    I have blown the living **** out of mine, Maybe I should be worried but not having the ability to ever get another loan, I find quite comforting. I have a few quid and my health. I have worried about it for years but dont anymore. They are too busy chasing the big fish.

    I paid off all my debts but at MY pace...Life is too short etc...
    Cash is King !


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    I believe that in the future banks will not be able to rely on credit ratings in their present form as indicators on which to advance credit. Far too many people now have problems repaying loans through no fault of their own, (other than the over spending that went on), I mean unemployment mainly. I think when and if the dust dies down on this crisis banks will have to make decisions on credit based on how the person dealt with their debt, did they converse with their creditor, offer to pay what they could and most important did they then stick to that agreement. That is what is going to show credit worthiness in the future, the present icb system will be unsuitable as it wont give any indication of why the problem arose.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    phormium wrote: »
    I believe that in the future banks will not be able to rely on credit ratings in their present form as indicators on which to advance credit. Far too many people now have problems repaying loans through no fault of their own, (other than the over spending that went on), I mean unemployment mainly. I think when and if the dust dies down on this crisis banks will have to make decisions on credit based on how the person dealt with their debt, did they converse with their creditor, offer to pay what they could and most important did they then stick to that agreement. That is what is going to show credit worthiness in the future, the present icb system will be unsuitable as it wont give any indication of why the problem arose.

    ICB will be a big determining factor and more so then in the past. Banks gave out loans too easy in the past and the ICB will be looked at with more detail from now.

    Conversing with creditors and dealing with debts wont be involved. They need something that be scored and can be transparent to all the banks and institutions.

    Fair play to you OP having it all cleared. Good work. It will look good on your credit rating that you have cleared all other liabilities.


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