With the new credit rating system starting today how does it work. I heard if you pay bills five days late it gets added to your record. I normally pay on time but i have missed a bill here and there. Just wondering if it'll effect borrowing power or jt the application?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
*just
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
effects application …which CAN in turn effect borrowing power if the bank you wanted to go with ( ie a good "serviceability lender" rejects your " application" .
Example: Homeside has a good serviceability model, however they do credit score…
Suncorp don't credit score but has a average serviceability model
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I saw an article on TV an this guy from Veda said a lot of credit providers don't have the infrastructure in place to do the new checks even if they wanted to at the moment, he said it would take time till they have it in place.
This is just one more risk factor being plugged into the credit scoring matrixs. Consider the huge proportion of the population which pays their bills late (how many utility companies provide a discount on their rates if you pay ON TIME), makes me believe that they will not be targeting the applicants with a water bill a week late here and there, but serial offenders with other defaults listed. Each brush stroke adds to create the total picture in the end.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
There was a good summary article on the do's and don'ts to get a good credit record on a broker site the other day – http://www.accreditedbroker.com.au/knowledge-portal/articles/555-dos-and-donts-to-get-a-good-credit-record
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: info@passgo.com.au
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