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Do you care about your "credit rating", and how much does it matter in Ireland?

  • 05-09-2018 2:11am
    #1
    [Deleted User]
    Posts: 17,378 ✭✭✭✭


    This is coming solely from what I read online but my take on it is that in America, credit rating is really important and can be affected by institutions etc. which from my understanding, wouldn't be able to impact it in Ireland.

    Do we even have credit scores in Ireland? Would a mortgage be rejected even if you had the upfront required and proof of income, just because you don't have a score?


    I have pretty much no banking history anymore in Ireland. I paid off around 11k of debt no problem before leaving, but then my automated online savings account put my current account into overdraft and I just never bothered fixing it. I'm guessing my credit score is shot because of that mistake eight years ago.

    Do you care about yours? I don't ever plan on a car loan or anything so I'm struggling to see why it'd matter.


Comments

  • #2
    suicide_circus
    Registered Users, Registered Users 2 Posts: 19,802 ✭✭✭✭suicide_circus


    if you never want any loan then it dosnt matter.


  • #3
    McMurphy
    Registered Users, Registered Users 2 Posts: 13,365 ✭✭✭✭McMurphy


    Do I care about my credit score?

    Yes.

    Besides wanting to keep my side of any credit agreement (mortgage/business loan etc) having a decent credit score history can be financially beneficial to you through cheaper interest repayment rates etc.

    Apart from that, you never know what lies ahead, and having access to credit is a fairly good safety net to have.

    Also, your own misdemeanor is going back 8 years, I think it gets wiped afer 4/6 but am open to correction on that.


  • #4
    xi5yvm0owc1s2b
    Closed Accounts Posts: 1,325 ✭✭✭xi5yvm0owc1s2b


    Ads by Google wrote: »
    Do we even have credit scores in Ireland?

    Yes, we do, and they're about to become a lot more significant.

    Leading up to the financial crisis, many institutions made loans to individuals with dubious credit histories, which didn't work out all that well. So the government passed the Credit Reporting Act 2013, under which it will soon become compulsory for lenders to access the Central Credit Register when considering a loan application of €2,000 or more.


  • #5
    somesoldiers
    Registered Users Posts: 13,844 ✭✭✭✭somesoldiers


    you can also freely access your own rating

    http://www.icb.ie/credit_rating.php


  • #6
    fxotoole
    Registered Users Posts: 1,661 ✭✭✭fxotoole


    Doesn’t matter in Ireland. Banks will just throw money at you regardless of your ability to repay. Sure ya can just stop paying your mortgage and get to live in your gaffe for years with zero consequences. Then if/when the bank eventually repossess your house, you can just call on your local Freeman group or Solidarity/PBP/AAA TD to delay your eviction as long as possible


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