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applying for a loan

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  • 18-03-2015 10:52pm
    #1
    dunworth1
    Registered Users Posts: 5,326 ✭✭✭


    if i apply for a loan (first loan) and get refused does this then affect
    my credit rating

    i currently don't have any credit rating as i have never gotten a loan before
    and i'm worried that if i apply for one and get refused that it may hurt my chances later on with getting a loan


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    #2
    retroactive
    Registered Users Posts: 292 ✭✭retroactive


    You credit rating can be scored or judged by the ICB. Your ICB report shows you financial products and the repayments made and missed on same.

    I would also be aware of you repayment ability, the possibility of security or assets available should the institution need to recover it's money (security)

    I think..


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    #3
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    retroactive wrote: »
    You credit rating can be scored or judged by the ICB. Your ICB report shows you financial products and the repayments made and missed on same.

    I would also be aware of you repayment ability, the possibility of security or assets available should the institution need to recover it's money (security)

    I think..

    :confused:


    The fact that you apply for a loan would be recorded on your ICB report.
    Would a rejection affect future applications? possibly, depending on the reason(s) for the rejection.


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    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    dunworth1 wrote: »
    if i apply for a loan (first loan) and get refused does this then affect
    my credit rating

    i currently don't have any credit rating as i have never gotten a loan before
    and i'm worried that if i apply for one and get refused that it may hurt my chances later on with getting a loan

    I would advise you to open a credit union account and save a regular sum for 4/6 months and then apply for a small loan of 2 or 3 times your savings balance. Pay the loan off over a short period making sure you keep to the agreement. This will give you a credit rating for future borrowing.
    It's important when applying for credit that you have the ability it pay it off with regards to income etc.


    If you were refused credit on a first application for credit this will not affect your credit rating in the future.


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