Hi guys, I need some information about how our Credit Rating system works.
I’ve been trying to get a credit card (not for use, but for emergency case only) and kept failing my application. And so does my loan applications.
I asked one of the people who handled my loan application to send me a copy of my Credit Report. But he sent me some Individual Consumer Report. On it, were little things like my employment, address, telephone companies etc.
I don’t understand how I could keep failing to get a loan.
So I have 2 questions.
1) Where can I get a copy of my proper credit rating for me to check?
2) How can I improve my Credit Rating? Maybe its because I have to activity in it, that I failed.
My boss suggested for me to get some ’24 month interest free’ purchasing loans from Good Guys etc and pay it off gradually, but always ahead of schedule. He suggested that it may improve my credit rating that way.
Anyone know how to improve one’s credit rating?
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
Your credit history can be obtained from Baycorp Advantage. Here is the link:
You can obtain your file for free but it will take up to ten days. If you want it within 24 hours, it will cost you $23.00.
I would bet that what you receive is almost identical to what you were given when you asked for a copy from the person who did your loan application.
You have not told us your age, income or any other history so it is hard to tell you why you are having credit problems. I would guess that it is because you do not earn enough income to service the loans or credit you are applying for.
The more you apply for credit and get refused means it will be harder next time to get approved. Each refusal works against you when applying for further credit. There is no real way to improve your credit history unless there are problems with it already that need cleaning up.
If you are changing jobs a lot or moving house a lot will cause you some difficulty. Talk to a professional who can look at your personal situation and they may be able to determine why you are having problems. If you can service the debt, have a stable residential and work history and have no adverse credit history, there is no reason why you should be getting refused. A good professional will go to bat for you with the lenders.
Robert Bou-Hamdan
Mortgage AdviserWhen applying for finance, lenders will have often a computerised scoring system. You get a point rating for stability of employment, address, number of enquiries for finance etc. This assessses the probability of you defaulting on the loan etc
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for the link, Robert Bou-Hamdan. I’ll go and check up on my credit rating and have a look.
I make around $600 net per week. I’m 27. No negative credit rating possibilities that I can think of. I did lose a library book in 97. However, I did move a lot, and I did get refused multiple times trying to get a credit card… hmmm… so Terryw could be right.
Anyways, I’ll check out the CR first. Thanks again.
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
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