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ICB Report - Holding Back Mortgage Application

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  • 06-04-2012 10:17am
    #1
    connundrum
    Registered Users Posts: 5,563 ✭✭✭


    Due to student loan(s) payment delays in 2008, I've a bad ICB rating.

    To be exact, my ICB report is clear since Aug 2008, but up till then I've a couple of payments 1 month delayed, and a couple 2 months.

    In talking to brokers, they've basically pawned me off, saying there's no point applying for a mortgage.

    2 questions I guess:

    1 - is there any point in applying or is it actually pointless.

    2 - come Aug 2013 (5 years since last bad entry) will my credit score be clean and I'll be able to apply immediately? Or will I have to wait another 3-6 months as a 'cooling off' period?


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    #2
    testicle
    Closed Accounts Posts: 5,430 ✭✭✭testicle


    connundrum wrote: »
    Due to student loan(s) payment delays in 2008, I've a bad ICB rating.

    To be exact, my ICB report is clear since Aug 2008, but up till then I've a couple of payments 1 month delayed, and a couple 2 months.

    In talking to brokers, they've basically pawned me off, saying there's no point applying for a mortgage.

    2 questions I guess:

    1 - is there any point in applying or is it actually pointless.

    2 - come Aug 2013 (5 years since last bad entry) will my credit score be clean and I'll be able to apply immediately? Or will I have to wait another 3-6 months as a 'cooling off' period?

    ...


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    testicle wrote: »
    connundrum wrote: »
    Due to student loan(s) payment delays in 2008, I've a bad ICB rating.

    To be exact, my ICB report is clear since Aug 2008, but up till then I've a couple of payments 1 month delayed, and a couple 2 months.

    In talking to brokers, they've basically pawned me off, saying there's no point applying for a mortgage.

    2 questions I guess:

    1 - is there any point in applying or is it actually pointless.

    2 - come Aug 2013 (5 years since last bad entry) will my credit score be clean and I'll be able to apply immediately? Or will I have to wait another 3-6 months as a 'cooling off' period?

    ...

    Has any financial institution lent money to you since 2008?


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    #4
    connundrum
    Registered Users Posts: 5,563 ✭✭✭connundrum


    killers1 wrote: »
    Has any financial institution lent money to you since 2008?

    Yep, since then I've been isued a credit card, taken (and repaid) 4 loans from my ICB linked Credit Union, and had one small loan from AIB.


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    connundrum wrote: »
    Yep, since then I've been isued a credit card, taken (and repaid) 4 loans from my ICB linked Credit Union, and had one small loan from AIB.

    We'll that should be your argument when applying for the new loan. The fact that you had arrears a long time ago (as a student) but have since become more financially responsible and have a clean track record as evidenced in 6 facilities repaid in good order since. If the student loan was that big an issue you wouldn't have been issued further loans since then... You've probably spoken to brokers and said I have a bad arrears history and their natural reaction was a bank won't lend to you with a bad history. Although you can show that 6 facilities have been repaid in good order since might overcome the previous issue..


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