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Bank loyalty?

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  • 06-02-2011 5:35pm
    #1
    rev2.0
    Registered Users Posts: 235 ✭✭


    Hi all,

    Posting on behalf of my cousin- interesting question he asked me last night while discussing property.

    He's always held all his accounts/loans with a local branch of an Irish bank. Never missed any payments.

    He took out a credit card with MBNA few years ago and last year fell behind on payments due to redundancy. MBNA wouldn't agree to what he offered to pay and it was passed to a debt collector. He has since paid the balance with the debt agency in full but has arrears showing on icb.

    If he applied to his own bank and explained the issue what's the likelihood of getting mortgage approval giving his clean record with that bank? Would his good history with them count for anything?


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    #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Zero chance. To qualify for mortgage these days you would need a completely clear ICB credit rating, dosent matter how long he's been banking with his current bank.

    This is a huge problem for people these days as a result of the recession where they will be frosen out of the credit market for between 5 and 7 years, with the only option of the local CU. But I beleive that a lot more CU are begining to use the ICB as well these days


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    #3
    highgiant1985
    Registered Users Posts: 1,777 ✭✭✭highgiant1985


    Kennie1 wrote: »
    Zero chance. To qualify for mortgage these days you would need a completely clear ICB credit rating, dosent matter how long he's been banking with his current bank.

    This is a huge problem for people these days as a result of the recession where they will be frosen out of the credit market for between 5 and 7 years, with the only option of the local CU. But I beleive that a lot more CU are begining to use the ICB as well these days

    he'll be viewed as a higher risk because of this yes. All he can do is try and have a bigger deposit. The more he has the less he'll need to borrow which will increase his chances but without having any direct knowledge I would imagine it will be v difficult given this mark against him.


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