Credit Checks.

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TyroneB

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#151086 13-Aug-2014 17:27

I was wondering if someone (such as myself) who doesn't have credit but a stable income and is studying would get through the credit check process?

I'm only 21 so I've never needed to loan or use a credit card before as I would just my own visa debit card.

Also how long is the average waiting time to find out if you're successful or not?

Thank you.

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#1107825 13-Aug-2014 17:37

Hi,

Couldnt comment too much but it really just checks to be sure you are not a previous (Another Telco's) customer and owe them $$$ or have a past of bad debt. if you have no credit record you wont have an issue.

BlakJak

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#1107826 13-Aug-2014 17:38

[Editing now that I've noticed this is in the Vodafone forum.. fail...]

Any credit check is putting the risk against the reward; a credit check for a cellphone contract is not going to be as hard-core as one for a significant hire purchase item.

With a stable fulltime wage in a job i'd had for a reasonable amount of time, and with no other credit history, I was able to get a Hire Purchase for a $1500 item. When I'd paid this off without defaulting, my credit history was positive. The hard part is getting on the ladder, once you're on it it's easy to maintain positive credit as long as you don't default.

Without a history of credit, you just need to establish that you're not a significant risk. If you can demonstrate steady income and no history of defaults I would be surprised if you had a problem.

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AKLWestie

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#1107827 13-Aug-2014 17:38

What kind of credit you are looking to apply? A credit card, personal loan, or just simply a pay monthly/on account mobile phone connection?

Credit check now a days are very quick. I was applying for a 2degrees pay monthly account online, one of the steps was a credit check. I just entered my details as requested and the check was done in a few seconds.

Talk to the provider of the thing(s) that you want to apply for regarding the credit check process involved, and the cost of it. Depends of what you are after I believe major banks or telcos don't charge you for a credit check, it is just part of their cost of doing business.

TyroneB

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#1107830 13-Aug-2014 17:41

I'm looking to get the Xperia Z2 on $0 upfront on $129 a month on Vodaphone Red.

And no, the only telco I've been with since returning home to NZ is Vodafone (pre paid) and over in Australia I was never on a plan with a telco just pre paid too.

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AKLWestie

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#1107831 13-Aug-2014 17:41

Also, with Comprehensive Credit Reporting www.rcanz.org.nz/sites/default/files/CR1.pdf, you might have a good credit record just by paying your bills on time. =-)

tardtasticx

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#1107833 13-Aug-2014 17:41

I think it depends what type of credit you're going for?

ASB gave me $2.5K overdraft and $1K credit card on my tertiary account with them, and I'm barely 20.
My mate who is also with ASB and has same deal as me, as well as a $2.5K Q-Card got approved for a $4K personal loan from ASB just last week. He's 21.

I've always been approved within seconds over the phone/in person with ASB and assume most banks would be the same.

Obviously if you're applying for a home loan it would probably be a bit more work than an overdraft, but you should discuss it with your bank.

edit: just realised it's in the Vodafone forum. Oops

I've been on contract with Voda and Telecom in the past, and on many pay monthly accounts with nearly every provider. Each time they did a credit check and I was approved right away since I haven't defaulted on any debt or contracts in the past. I assume you'll be the same since you said you have no credit as it is which is fine. I was 18 when I got the iPhone 5 on Telecom 24month contract, and opted for deferred payment at the time so was effectively an $800 loan. No troubles at all.

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Coil

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#1107836 13-Aug-2014 17:43

tardtasticx: I think it depends what type of credit you're going for?

ASB gave me $2.5K overdraft and $1K credit card on my tertiary account with them, and I'm barely 20.
My mate who is also with ASB and has same deal as me, as well as a $2.5K Q-Card got approved for a $4K personal loan from ASB just last week. He's 21.

I've always been approved within seconds over the phone/in person with ASB and assume most banks would be the same.

Obviously if you're applying for a home loan it would probably be a bit more work than an overdraft, but you should discuss it with your bank.

Lol, ASB have shown the love to me too and i didnt let them down.

TyroneB

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#1107839 13-Aug-2014 17:46

I applied for the phone and deal last night and haven't heard back from them just a customer service rep telling me it could take between 2-3 days and it'll be done by the end of the week.

I also applied for a credit card earlier today with kiwibank.

Adapt or Die.

tardtasticx

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#1107844 13-Aug-2014 17:50

TyroneB: I applied for the phone and deal last night and haven't heard back from them just a customer service rep telling me it could take between 2-3 days and it'll be done by the end of the week.

I also applied for a credit card earlier today with kiwibank.

Was it a home line connection? Perhaps they have other checks to do like line quality or eligibility and stuff like that?

Andib

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#1107860 13-Aug-2014 17:55

TyroneB: I applied for the phone and deal last night and haven't heard back from them just a customer service rep telling me it could take between 2-3 days and it'll be done by the end of the week.

I also applied for a credit card earlier today with kiwibank.

You should be right, The next time you hear from Vodafone it will most likely be that your phone is on its way.

The actual credit check part takes all of around 2 minutes, The longest part is waiting for credit review to actually do the check / activations to setup the connection:)

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TyroneB

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#1107861 13-Aug-2014 17:56

Nope, just the phone and plan, pretty nervous haha, first time with a long term contract that's not work.

We already have Vodafone from home line rental but its only 40gb.

Speaking of and a little off topic, I it possible to move someone's vodafone account into my name and then I have control of and am able to upgrade the service?

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Andib

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#1107862 13-Aug-2014 17:59

Is the Fixedline & Broadband in your name? if so this should speed things up as you're already a customer.

Yep you can take over someone elses mobile account, They would need to give you authorisation to the number and then you go signup a connection with that number.

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TyroneB

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#1107864 13-Aug-2014 18:00

No the fixed lined and broadband isn't in my name, that's what I want to put in my name to sort it out myself as my uncle isn't the smartest Samoan in the world. :P

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Andib

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#1107867 13-Aug-2014 18:04

TyroneB: No the fixed lined and broadband isn't in my name, that's what I want to put in my name to sort it out myself as my uncle isn't the smartest Samoan in the world. :P

In that case you will be checked as a new customer, In terms of change of ownership, He would simply need to give the customer care team a call and arrange a change of ownership.

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TyroneB

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#1107870 13-Aug-2014 18:09

Alright thank you brother, I shall get this phone stuff sorted first of all and look into that.

Hopefully I don't get declined haha. :-)

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