credit rating

[doobey]

i had excessive loans (14000) and wasn't the best at repaying until about a year ago.from then on i consistently paid off loans but left the credit card go until i received a lump sum gift and paid all remaining loan amounts and the credit card. however unbeknownst to me the credit card was revoked and this has affected me in all applications over the past 3 months.

should i have been informed that the credit card was being revoked. i kept in contact with the credit card centre and explained the situation to them whilst i was paying off loans but this doesn't matter to them.

how will i get back in good credit with banks. what kind of time delay is there before i again have good credit. are there institutions that do not look at credit history and look at monies coming in and going out.

 

[ClubMan]

You might be interested in about how the Irish Credit Bureau operates. Note that the ICB simply maintains transaction records and not credit ratings per se - individual institutions draw their own conclusions about credit worthiness based on these records and other criteria. Note also that some institutions do not work with the ICB and that your records cover the previous five years. Unfortunately I don't know any way of "rebuilding" your credit rating other than managing your debts better from now on.

 

[Unregistered]

As a matter of interest what institutions don't work with ICB?

 

[ClubMan]

As far as I know only the Credit Unions up to recently but I think that this too is changing according to the OASIS link above:

Credit unions and credit history

In 2004, the Board of the ICB agreed requests to give all credit unions in Ireland the option of becoming members of the ICB. This means that credit unions will, in time, be able to supply information regarding loans and repayments to the ICB. customers' consent will be required before information can be passed on. There is no fixed date for when the passing of information from credit unions to the ICB will begin.