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ICB report advice needed!

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  • 24-11-2013 1:34pm
    #1
    EllaRoo
    Registered Users Posts: 1 ✭


    Hi All

    I hope someone may be able to offer me some advice on this predicament I find myself in!
    First Time Buyer applying for a mortgage....I have currently have no dependancies, no loans etc. & am in full time employment with savings & sufficient deposit. All signs were looking positive from the first bank I applied to for my application - until they rang to say I was refused on the basis of my ICB report! I received a copy of this report to find; firstly there is no ICB credit score in either column. Should the bank that I applied to for the mortage not have left a score?

    Secondly (& most disapointingly!) I had a credit card a few years ago that went into arrears for 2 payments roughly 2 years ago, so there's a black mark against those 2 months on the ICB report. I admit I was aware of these arrears at the time(there was no usage on the card for months at that stage). What I'm confused about is the 3 months following these arrears there's a 'K' (revoked credit card)? Does this mean there essentially was 5 months unpaid arrears on the card? The payments were cleared in full & the card & account closed hence the last month has a 'C' (closed) entered. Why would the bank revoke my credit card after 2 months of arrears. And why is there a 'K' on the report for 3 consecetive months?

    I can't wait for another 3 years for the ICB report to be clear to buy a house! So I'm wondering if anyone out there has any advice on how I can proceed with my application? Do I need to do some explaining as to why I went into arrears? What will it take to prove that missing those payments was a blip in my finances & never before or never will happen again?!

    Any advice would be grately appreciated!


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I think the best bet is to try a broker they may be able to offer some advice, you could write to your bank and expain the issue, possibly with a statement if possible.


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    #3
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    I would look up www.icb.ie to get more info on your credit report.
    They have sample report here also & will explain the report also.
    On the credit report you got there is a reference number which you need if you have to contact the icb in regards to this.

    If you find out that your credit card company put down that your card was revoked or they put down they wrote off your balance you can get them to put on note on your icb report to say they made an error.
    I would ring them first in regards to this and then send a registered letter stating that following my conversation with /;// on date, time I want to confirm that you have put a note on my icb in regards to ///.
    I would ask them for a letter to confirm this has been done.

    I would get a copy of you credit history once this has been done before going to another bank or mortgage broker.

    I would also advise to you to do the following
    a) Pay off any loans that you may have - no loans would give you better ability to pay off a mortgage
    b) Get rid of a bank overdraft
    c) Make sure you have no missed dd payments on your bank statement
    d) Don't use your bank account for internet gambling

    At the moment the banks are asking a lot of questions and for paperwork when applying for a mortgage.
    I hope the above helps you. Let us know how you get on.


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