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Topic # 27074 13-Oct-2008 13:38
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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?

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  Reply # 170847 13-Oct-2008 14:09
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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.

 

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