W
wexford2009
Guest
Age
Me: 34
Spouse: 35
Employment
Me: Employee
Spouse: Employee
Gross Income
Me: 95,000
Spouse: 23,000
Property: Mortgage currently 190,000 over 17 years (tracker +0.9% over ECB) - Repayments circa €1350 a month
Other Borrowings:
This is the bad bit -
Credit Card - €15,000 (missed a few monthly payments recently so credit rating won't be great)
Credit Card 2 - €3,300
Rabo Loan - €18,000
Car Loan - €4,000
Wife car loan - €3,000
No Overdraft but have been constantly going overdrawn, so much so that bank canceled laser card.
I know most people will say how can you be in this situation when earning such a good salary but the current loan repayment (excluding mortgage) are coming in at 1600 a month. Until recently I was earning half the salary I am currently on and I've had loan after loan after loan. So I still feel that I'm trying to catch up constantly
Savings
Put €600 into Credit Union monthly for planned purchases (furniture / holiday) - Currently 1200 left in there
Pension
Me: €1,250 monthly
Spouse: €150 monthly
Kids:
2
Life Insurance:
Life & critical illness costing circa €500 annually
Job provides death in service of 4 x salary
Spender or Saver:
Spender
My Question/s:
1. Looking at extending the house and want to look for mortgage topup. Worried that missed credit card payments will adversely affect application. Would a recent wage increase (around 25K) offset a potential poorer credit rating? Recently tried to increase car loan for wife to get a new car (10K increase) and loan was turned down
2. As part of the topup I want to clear all outstanding loans (about 40K) and never have a credit card again (I can't manage them). I'm concerned that trying to clear these will look bad as part of the mortgage top up. Need 55K for property build.
Ideally I'd like to consolodate all into the mortgage loan to free up a bit of monthly lee way but have a good feeling that mortgage topup will be refused. Any suggestions on how to improve credit rating and am I looking at 1 year + to be in a good credit place to get approval on loans again.
Thanks for any help / advise / hard truths that you are kind enough to provide me.
Me: 34
Spouse: 35
Employment
Me: Employee
Spouse: Employee
Gross Income
Me: 95,000
Spouse: 23,000
Property: Mortgage currently 190,000 over 17 years (tracker +0.9% over ECB) - Repayments circa €1350 a month
Other Borrowings:
This is the bad bit -
Credit Card - €15,000 (missed a few monthly payments recently so credit rating won't be great)
Credit Card 2 - €3,300
Rabo Loan - €18,000
Car Loan - €4,000
Wife car loan - €3,000
No Overdraft but have been constantly going overdrawn, so much so that bank canceled laser card.
I know most people will say how can you be in this situation when earning such a good salary but the current loan repayment (excluding mortgage) are coming in at 1600 a month. Until recently I was earning half the salary I am currently on and I've had loan after loan after loan. So I still feel that I'm trying to catch up constantly
Savings
Put €600 into Credit Union monthly for planned purchases (furniture / holiday) - Currently 1200 left in there
Pension
Me: €1,250 monthly
Spouse: €150 monthly
Kids:
2
Life Insurance:
Life & critical illness costing circa €500 annually
Job provides death in service of 4 x salary
Spender or Saver:
Spender
My Question/s:
1. Looking at extending the house and want to look for mortgage topup. Worried that missed credit card payments will adversely affect application. Would a recent wage increase (around 25K) offset a potential poorer credit rating? Recently tried to increase car loan for wife to get a new car (10K increase) and loan was turned down
2. As part of the topup I want to clear all outstanding loans (about 40K) and never have a credit card again (I can't manage them). I'm concerned that trying to clear these will look bad as part of the mortgage top up. Need 55K for property build.
Ideally I'd like to consolodate all into the mortgage loan to free up a bit of monthly lee way but have a good feeling that mortgage topup will be refused. Any suggestions on how to improve credit rating and am I looking at 1 year + to be in a good credit place to get approval on loans again.
Thanks for any help / advise / hard truths that you are kind enough to provide me.