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Credit Rating Question

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  • 09-05-2013 12:44pm
    #1
    Trhiggy83
    Registered Users Posts: 731 ✭✭✭


    I was thinking of changing banks on the next few weeks but have a few queries. If i look for a mortgage with my new bank in the coming years will my short credit history count against me or will they look at the assets i have. I know in america your credit rating is very important but not too sure what its like in Ireland. Would it be foolish of me to close a bank account that i have had for 15 years with all positive credit and open a new account or does it make any difference in Ireland.


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    #2
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    No you can change bank accounts and it won't effect your credit rating.
    If you have had any loans or credit cards here in Ireland the records will be with the ICB ( Irish Credit Bureau).
    You can get a copy of your credit report from them for a cost of €6.00.
    If you go to www.icb.ie - this is there website where you can order this and where you can get further information about your credit report.

    If you are thinking of apply for a mortgage in the future I would start to do the following.
    1. Make sure that all direct debit and standing orders are paid on time.
    2. Start to save a set amount each month in a high interest savings account.
    3. Don't have online gambling showing up on your bank statement.
    4. Try not to have an overdraft on your bank account.
    If you have an overdraft don't be overdrawn on it each month.
    5. Make sure to pay off a credit card in full each month. If you have to carry a balance on it pay it off as soon as possible.
    6. Also plan to have no other debit when you apply for your mortgage ie if you are paying a car loan of €400 a month if will lessen the amount you can borrow on your mortgage even if you only have 6 months left to pay.
    7. Also get a copy of your credit report before you apply for a mortgage and check that all the information on it is correct. If there is a mistake on it get in contact with company who made the mistake - ie dd the bank did not pay on time and ask them to put a note on your credit record to say this is an error and the reason it happened.
    8. Keep all bank statements, credit card statements and any thing from the tax office in regards to your income as you will be asked for this information when applying for a mortgage.


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