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Topic # 151781 4-Sep-2014 20:45
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I finished University and have entered the workforce, however I have never had any loans (apart from my student loan) and no credit cards.

So what would be the best way for me to start getting a credit rating?

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  Reply # 1122141 4-Sep-2014 20:52
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Find out if you are eligible for a banking package that gives you a credit card an/or an overdraft facility on a bank account. Many banks have such packages for people starting out after tertiary studies. Use the credit card and make sure you pay it off in full each time payment is due (this way you avoid paying interest). Use the overdraft and pay it back. Even taking money from the account with the overdraft facility, putting it into overdraft, and putting the money into another account, then moving it back will help to establish you as a good credit risk.
To establish a credit rating you need to use credit. Just make sure you have the money to repay when its due and watch due dates carefully to avoid being hit with interest charges. 

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  Reply # 1122224 4-Sep-2014 22:52
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Accept any offers of credit limit increases even if you will never need or want the extra credit. Never apply for credit or loans from second or third tier lenders. As every time someone checks your credit record. The fact that a check was made and by whom gets recorded. So it looks bad if there are lots of entries that are close together. And they will know if you have been applying to dodgy back street loan companies.

 
 
 
 


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  Reply # 1122239 5-Sep-2014 00:26
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Get some sort of graduate package from a bank. Most of them do it, and most have interest free overdrafts. 

Use the included credit card and overdraft facilities, pay them back each month and keep using it. Shows you can manage your debt.

But don't go shopping for credit so early in life. It looks bad on your history (found out the hard way ><) and keep your banking in one place since they're probably more likely to give you more increases and better deals since they can see more accurate details about your history. 




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  Reply # 1122896 6-Sep-2014 07:29
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Thanks guys, I will have a word with my bank!

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  Reply # 1122902 6-Sep-2014 07:58
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In my early twenty's I tried to get a mobile phone on HP, but got declined due to no credit rating. I had the cash to pay for the phone in full and intentions were to get a credit rating using the saved funds to pay it off (by 50% deposit and a 6 month no interest term). 
Then I decided to get a credit card with a small $500 limit (as was going overseas) and then went back to the phone company and varlar, I got myself an 6month interest free HP and paid it off using my already saved funds allocated to that purchase. 

Since then, Ive brought two houses ! 

Cash is king. Saving is Gold.  Just dont get into the credit trap and think you can whack everything onto HP just to have nice stuff. 



:)
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  Reply # 1123769 7-Sep-2014 19:01
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Slight deviation from OP, but how would one go about finding out my credit score? and then rating that against a "scale" of sorts? Is it even possible? I know in the US they can do it





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  Reply # 1123773 7-Sep-2014 19:12
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Aaroona: Slight deviation from OP, but how would one go about finding out my credit score? and then rating that against a "scale" of sorts? Is it even possible? I know in the US they can do it


Veda is your best option, you can get it for free if you wait up to 20 days, if you want it within five business days then its $10 if I remember correctly.





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  Reply # 1123775 7-Sep-2014 19:13
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Aaroona: Slight deviation from OP, but how would one go about finding out my credit score? and then rating that against a "scale" of sorts? Is it even possible? I know in the US they can do it


http://mycreditfile.co.nz/my-veda-plus

It costs $51.95 for a report including your Veda score

or: http://mycreditfile.co.nz/my-credit-file-standard

U
se that link to get a free credit report without the score. Which you should do regularly apparently, but I CBF.




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Sam, Auckland 


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  Reply # 1123776 7-Sep-2014 19:14
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Yes all credit company's have to provide you with your credit history free of charge. Most have forms you fill in and it takes a few weeks before you get them.
A lot of info here.

https://www.sorted.org.nz/a-z-guides/your-credit-history#s4.




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  Reply # 1123797 7-Sep-2014 20:02
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This isn't America. We don't have credit ratings.

You will find that at the time you need to go and borrow money or buy something on HP that as long as you have a steady income then they will be more than happy to lend money to you.

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  Reply # 1123798 7-Sep-2014 20:03
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Actually, many people have this wrong.

The simplest and fastest way to get a better credit rating is to eat your bread crusts.



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  Reply # 1123805 7-Sep-2014 20:15
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macuser: Actually, many people have this wrong.

The simplest and fastest way to get a better credit rating is to eat your bread crusts.




Pretty sure we do have credit score rating though don't we.






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  Reply # 1123806 7-Sep-2014 20:17
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Presso:
macuser: Actually, many people have this wrong.

The simplest and fastest way to get a better credit rating is to eat your bread crusts.


Pretty sure we do have credit score rating though don't we.


I know when I went to Westpac to apply for their MasterCard deal they did a credit check and apparently my score is 548 but I didn't get a glimpse as to the service they used.




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  Reply # 1123809 7-Sep-2014 20:22
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i got one from veda some time back and it had a score on it, I presume the scoring is still in place.




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