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Credit union loan

  • 22-06-2017 10:45am
    #1
    irish_major
    Registered Users Posts: 526 ✭✭✭


    Hi all,

    I would have had a bad credit rating from my student days, had a loan which was passed onto a debt collector, this is 4 years ago so next year i'm anticipating it will be gone from my record & will be aiming to get a mortgage not long after.
    In order to boost my credit rating i've taken out 2 credit union loans in the last 2 years, one of €1,000 which i repaid in full and on time and subsequently a loan of €6,000 which i'm repaying over 2 years. I'm on a healthy salary and in a good career so repaying these loans is no problem however last month I transferred €1,000 euro into my sub account at the credit union to cover the forthcoming loan payments. I rang them a number of weeks later just to confirm they had received the funds and that the loan payment for that month had been taken from my sub account, it had not, i told them to pay it immediately, however this was nearly 3 weeks after my payment was due. My question is, is this going to show up on my credit rating as a missed payment?


Comments

  • #2
    duffman13
    Registered Users, Registered Users 2 Posts: 8,953 ✭✭✭duffman13


    irish_major wrote: »
    Hi all,

    I would have had a bad credit rating from my student days, had a loan which was passed onto a debt collector, this is 4 years ago so next year i'm anticipating it will be gone from my record & will be aiming to get a mortgage not long after.
    In order to boost my credit rating i've taken out 2 credit union loans in the last 2 years, one of €1,000 which i repaid in full and on time and subsequently a loan of €6,000 which i'm repaying over 2 years. I'm on a healthy salary and in a good career so repaying these loans is no problem however last month I transferred €1,000 euro into my sub account at the credit union to cover the forthcoming loan payments. I rang them a number of weeks later just to confirm they had received the funds and that the loan payment for that month had been taken from my sub account, it had not, i told them to pay it immediately, however this was nearly 3 weeks after my payment was due. My question is, is this going to show up on my credit rating as a missed payment?

    Depends on the credit union but my one only reports a missed payment if your more than 4 weeks in arrears, you'd best off clarifying with the credit union. Your loan that was past on to debt collector, are you still hearing from them, was it 4 years ago it was passed over?


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