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*credit union* Bad credit rating advice needed

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  • 16-06-2014 8:41pm
    #1
    lauraelaine
    Closed Accounts Posts: 86 ✭✭


    Hi all,
    Just wondering if there is any possibility of building back up credit rating with a credit union ?
    After previously having some difficulty a few years ago repaying the last 450 of a 2500 student loan ?

    I am now in full time employment and a completely different financial state then I was back then

    There is no outstanding balance on the loan it got paid albeit, it was late.

    So basically can I rebuild my rating with them does anyone know??


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    #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    The credit problems will stay on your record for five years after you sorted out the arrears. Check if your local Credit Union is on the ICB membership list and talk to them from there. Regular saving would be a great start towards getting a loan with them or any bank so get started right away.

    Edit: It also might be worth your while paying the €6 fee for your own credit report to see when your record was marked and how often. That way you'll be able to figure out when you'll be in the clear.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    There may be no record at all on your ICB. Paying back slower than you intended is not such a serious offence. It's the manner in which you made those payments. Did you put the CU in the picture or did they have to seek you out? Did you pay what you said you would ( the reduced amount) or did they have to chase you for it
    Basically if the CU has to hire a staff member to collect your repayments you are not such a great risk.


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