I am looking to borrow 2k off the credit union. I currently have €3200 there in savings. I've never borrowed off them before, have always just withdrawn a few hundred here and there but have saved with them, on and off for the last three years.
I will continue to save €1000 a month for the next 5 months, and then in August I'll be looking to borrow €9500.
I am earning enough to be able to pay that off along with my mortgage and other commitments, and have my payslips ready to prove it.
My problem is this: when I lost my job last year, I missed three payments on my Tesco credit card. It shows up on my credit report as three payments in a row missed, with the current amount owing on the card as €550. I was out of work for 4 months but haven't had a problem since then, and my record shows that in the 8 months since that happened, I've had a perfect repayment record.
Could anyone make an educated guess as to how this will affect my borrowing ability with the CU? They are registered with the ICB so they may well check my credit history. On my credit report I also have two other loans with no repayment problems, both adding up to about €4000 in total.
I could just pay off that card before I apply for either loan, would that make a difference?
I will continue to save €1000 a month for the next 5 months, and then in August I'll be looking to borrow €9500.
I am earning enough to be able to pay that off along with my mortgage and other commitments, and have my payslips ready to prove it.
My problem is this: when I lost my job last year, I missed three payments on my Tesco credit card. It shows up on my credit report as three payments in a row missed, with the current amount owing on the card as €550. I was out of work for 4 months but haven't had a problem since then, and my record shows that in the 8 months since that happened, I've had a perfect repayment record.
Could anyone make an educated guess as to how this will affect my borrowing ability with the CU? They are registered with the ICB so they may well check my credit history. On my credit report I also have two other loans with no repayment problems, both adding up to about €4000 in total.
I could just pay off that card before I apply for either loan, would that make a difference?