Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




1222 posts

Uber Geek
+1 received by user: 58


Topic # 27074 13-Oct-2008 13:38
Send private message

I have a good credit rating, and have had many overdrafts, many credit cards, loans, HPs, fuel cards, many phone contracts, etc. Always pay never had an issue.

I also have a monster student loan. This has never been a problem even when I've applied for mortgages as its a different sort of loan than a bank loan of same amount. It goes away with bankruptcy and death.

In the past the only part about having a student loan that lenders asked was what are the compulsary repayments likely to be (usually around $600p.a). It makes no difference if the loan is $10,000 or $200,000, that repayment amount would be the same as its a percentage of income.

However upon doing the ring around today to attempt to get finance to buy a second car for work, I've been told the standard line that the credit crisis has meant that lending criteria has had to be tightened, and that I will not be able to get finance for a long long time as now my student loan is NOW directly counting as a liability, and as I don't own a house to offset it, no car loan for poor me.

So my question is, has the actual student loan itself (to a lender) never been an issue as above, or is it that it really should have been, but all the places I've had "finance" through have been slack or naughty or something?

And on a different subject, do individuals have credit ratings like B or AA+ or whatever they use? Is there a way to get this information free?

The thing I never knew was that if I decide I want to buy something on finance, and go to 3 places to get it, then chances are NONE of them will give the finance, as each enquiry shows up on credit history, and apparently this makes me "very high risk". Does this mean my credit rating drops each time when I apply for finance, or is it simply that the lenders get panicky because my credit rating suddenly shows a lot of activity?

Create new topic
3512 posts

Uber Geek
+1 received by user: 986


  Reply # 170847 13-Oct-2008 14:09
Send private message

apply for a copy of your credit file from Veda,  http://www.mycreditfile.co.nz/ its free if you wait 10 days,

I suspect that car financing in general has really tightened up, first with the Finance company issue, and now with the global quarter pounder with cheese meltdown.

 

Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Geekzone Live »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.