bad credit rating

freddie1970

Hi i wonder could anybody here help me ..I have just been refused a loan by the local credit union to buy a car and im a bit stuck ...
I have a very good job and get good wages ..I got seperated 5 years ago and had to move out of the house during tnis period i fell behind on my mortgage ..this has all been resolved but my credit rating has been destroyed ..
I badly need to change my car so does anyone know any lenders out there who may ignore the icb even though it will be high interest

phormium

Did you try appealing the credit union decision? That is what I would do first, either contact loan officer or write a letter preferably explaining why your credit record is bad. It will then probably be sent to the credit committee for review, if things are as you say and all is good now then they might approve it. I'd do that before going looking for high cost lenders.

freddie1970

i talked to the officer ..he told me i need to get a loan else where and prove i will pay back ..catch 22 situation

phormium

Not a very helpful answer!

Are you with them long? Now I don't know the particular cu obviously but I would be asking if there was a higher authority you could appeal to, as in a committee rather than just the loan officer. Now it might not still work but worth a try.

Trish56

You should get a copy of your credit report by applying online to www.icb.ie. I would advise that you write to the credit committee explaining your situation and perhaps include statements from your mortgage and your separation agreement and if you had any agreement with the mortgage company. Can you offer to get a guarantor for the credit union.