I want to know if I can apply for a IP loan and keep quiet about a credit card debt. Do banks have access to this information or do they only know if I get reported for a late payment(which I’ve never done).
They can find out. Usually checking credit history shows up finance enquiries by institutions, and if you pay the cerdit card by transfer, chq or bpay it shows up in bank statements that they check for good conduct.
Best to perhaps have the card in anothers name or just come clean up front – they don’t like being misled.
Problem about keeping quiet about a credit card debt is that it will require you to lie on your application and then sign a declaration that all information provided is correct.
All credit cards will be detailed on your CRA.
Think it over.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Mike,
I wouldn’t do it if I were you. If you did so, you’d essentially be making a false representation for the purpose of receiving a financial benefit. That is classic fraud. You probably didn’t realise that, but it is. The consequences (hefty fine and even jail) mean that it’s not even worth your time contemplating whether to do it.
Cheers
MFull disclosure is required.
Couple of things you can do is:
– put all cards in partners name.
– decrase limits and increase them again after settlement.
– use charge cards instead of credit cards (Amex/Diners). These do not affect your borrowing capacity.Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
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