ICB rating

F

freddie1970

Registered User
Messages
2
Hi
As i got a divorce during the downturn I ended up having to get half my mortgage warehoused.
It helped me keep the house and I was and still am very greatly for it.
The only problem is that now I find it very difficult to get a car loan.
Moraturium shows up on my icb check and give me a very bad rating even though all other finances are very good.
I even talked to the credit union and they will not give me loan any larger than what I have in there.
Is there any way around this as its going on for 5 years now
 
freddie1970 said:
Hi
As i got a divorce during the downturn I ended up having to get half my mortgage warehoused.
It helped me keep the house and I was and still am very greatly for it.
The only problem is that now I find it very difficult to get a car loan.
Moraturium shows up on my icb check and give me a very bad rating even though all other finances are very good.
I even talked to the credit union and they will not give me loan any larger than what I have in there.
Is there any way around this as its going on for 5 years now
Click to expand...
We had to restructure a mortgage also. However our ICB was way more damaged than yours as we went through Personal insolvency.
Our approach has been to live without credit and to save and pay for things. It's made us very wary of debt. However we did start to build up a rating again with the CU. We started by borrowing the same as the savings we had and paid it back. Then made an appointment with a CU officer and sat down and explained everything and brought supporting documents. We explained we wanted to build up a rating and we'd start with small amounts. So with savings of approx 3k each we borrowed 3.5k and paid it back ahead of time. We've since had two further loans with the gap between the loan amount and security increasing each time. It's long and time consuming and won't solve your problem immediately but it's my best advice

1 caveat is that when we went to CU we were well back on our feet with good incomes and as a result of the PIA - no debt bar the mortgage which we were paying without fail.

Best of luck.
 
You see my problem is my credit rating will not improve because of mortorium.
I borrowed to buy car on very high interest rate with company and paying now for 2 years ..i checked my icb and it still remains the same after 2 years even though i havent missed a payment ..
I was told by icb it will stay like that because mortorium is on my ICB..
I have approached my CU and they told me there hands are tied because of my credit rating
 
You must log in or register to reply here.
Back
Top