How F**ked is my Credit Rating

john34

Hi
Over the last 10 months for one reason or another I've been in mortgage arrears, ranging from 1 payment to 3 payments in arrears, the value was relatively low as my monthly mortgage is 875e.

I didn't enter into formal restructuring and last month cleared the arrears.

I've think I've probably done irreparable damage to my credit file, ive ordered a report from the ICB,

Just wondering starting today if I keep a clean sheet, how long will it be before I could get car finance,

I actually get a car allowance from my employer,

Thanks

wordofwarning

john34 wrote: »

Hi
Over the last 10 months for one reason or another I've been in mortgage arrears, ranging from 1 payment to 3 payments in arrears, the value was relatively low as my monthly mortgage is 875e.

I didn't enter into formal restructuring and last month cleared the arrears.

I've think I've probably done irreparable damage to my credit file, ive ordered a report from the ICB,

Just wondering starting today if I keep a clean sheet, how long will it be before I could get car finance,

I actually get a car allowance from my employer,

Thanks

In 5 years you credit rating was be 'clean'.

Im sorry, but if you have been missing loan repayments for the last 10 years on a relative small mortgage of €875 and even 3 months in arrears. In my opinion, you should not be taking on a car loan. You should drive a car you pay cash for.

If you have spent 10 years in and out of arrears, taking on more debt should be your priority. Paying it off should be

You can get subprime car finance from dealers. But you are looking at 12% which is insane. You should not be looking to take on more debt

maximoose

john34 wrote: »

Just wondering starting today if I keep a clean sheet, how long will it be before I could get car finance,

ICB only records the last 24 months data, if you kept up to date now those missed payments would be gone from the mortgage ICB profile in 2 years.

3 months in arrears definitely won't look good if you apply for car finance - but it's not going to point blank rule you out.

Sebastian Dangerfield

If you're happy to pay a higher interest rate - not that I'm advising it - there are car finance companies out there who I'm told are willing to look at less than perfect credit scores. Bluestone are one such company I believe.

john34

Hi I missed repayments over last 10 months not 10yrs, ive had the mortgage 13yrs and this we the first time we fell into arrears; the reasons are actually very reasonable; in any event your probably right, I need to stick with my old car for a yr or so until missed payments fade into the back ground a bit

Thanks

wordofwarning

john34 wrote: »

Hi I missed repayments over last 10 months not 10yrs, ive had the mortgage 13yrs and this we the first time we fell into arrears; the reasons are actually very reasonable; in any event your probably right, I need to stick with my old car for a yr or so until missed payments fade into the back ground a bit

Thanks

Why did you call your bank and say you were in pre-arrears ie you knew you would struggle and asked for support? They would have given you reduced payments or interest only