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  Reply # 382589 21-Sep-2010 09:38
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Might be of relevance to you?:
http://www.scoop.co.nz/stories/ED0209/S00036/student-loans-effect-on-graduates-borrowing.htm

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  Reply # 382668 21-Sep-2010 13:37
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IlDuce: Has this idea taken affect yet?....

http://www.makingtaxeasier.ird.govt.nz/businesses-employers/i-dont-think-its-fair-some-people-owe-ta...

If it has it would explain why I, and my guarantor, were shot down.

You have a tax debt as well?  How did yuo get into this mess, just because a few people told you it would be a good idea to go to Uni?  I went to Uni, spent untold years there and didn't even get a job in the profession I qualified in (Engineering).

To be honest, in my experience, your advisers were right.  I dont know anyone that went to Uni and got a decent degree that doesn't have an OK job.  I suppose it depends on the direction you took.

I'm not trying to come across judgmentally, I just honestly can not comprehend how you got into the position you're in where your credit rating has become a problem.  It must take more than bad advice.  If you are so well qualified, I'm assuming you have a PhD?  What's wrong with academia?  Not the road you want to take?

As for how to get out of this mess, I do not know.

 
 
 
 


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  Reply # 382703 21-Sep-2010 14:44
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bazzer:  I went to Uni, spent untold years there and didn't even get a job in the profession I qualified in (Engineering).
Ha, kinda exactly +1 for me too.

bazzer: As for how to get out of this mess, I do not know.

A huge qualification doesn't entitle you to a good job, work experience and sensible career effort and choices does.  Man up and take responsability for your own life choices and finances now.  There's no silver bullet.



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  Reply # 382761 21-Sep-2010 16:25
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bazzer: You have a tax debt as well?? How did yuo get into this mess,?just because a few people told you it would be a good idea to go to Uni??


I assume every business, and every self employed person in the country is in same (inverted commas) position as me, and has a tax debt as well. Maybe I don't understand but I thought IRD sends bills, much like a power company sends a power bill etc, which says how much you owe, and then you pay. As opposed to paying in advance for a bill you have not yet got?

bazzar: I'm not trying to come across judgmentally, I just honestly can not comprehend how you got into the position you're in where your credit rating has become a problem.


Thats been answered already and is dead easy. I have since confirmed what was said (in previous post by poster I can't name just now as I'm busy writing this) is exactly right. I have unwittingly destroyed my credit rating by application suicide. Anyone could do it, in very little time. In fact if you knew another persons details it could be done maliciously very successfully too. Credit ratings now are based on perceived risk, and each application directly causes a drops in the rating. I had many applications over course of a week and now thats me done credit wise for next 3 years.

bazzer:?If you are so well qualified, I'm assuming you have a PhD?


I said most widely qualified, not highly qualified. I have over a dozen university and polytech diplomas, in a wide variety of areas. Never had a job that requires any of them.

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  Reply # 383842 23-Sep-2010 23:52
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Once you're a discharged bankrupt, no one can touch any future assets. 

But I think the student loan law was written so you can't go bankrupt over student loans.

I'm trying to see the problem. What do you want to borrow money for? If you have spare cash, save it and buy what you need. If you have no spare cash....then probably best not to borrow as whatever you spend it on ends up costing the sticker price PLUS all the interest....and the longer the term, the worse it gets. 




 




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I'm on a high fibre diet. 

 

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  Reply # 383925 24-Sep-2010 09:35
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Linuxluver: Once you're a discharged bankrupt, no one can touch any future assets.?

But I think the student loan law was written so you can't go bankrupt over student loans.

I'm trying to see the problem. What do you want to borrow money for? If you have spare cash, save it and buy what you need. If you have no spare cash....then probably best not to borrow as whatever you spend it on ends up costing the sticker price PLUS all the interest....and the longer the term, the worse it gets.?




?


I think I took the wrong road on this thread. I should have asked "Has anyone had credit declined for no good reason, or no apparent reason - due to the changes in the credit rating system last year - leading to you having a bad score card, when you have never done anything wrong to deserve it?".

Thats really what I was curious to know, and to hear about from people.

From this thread plus my own research it seems that in summary every single application for credit makes ones credit rating go down, and only time makes it go back up. It seems the people with the highest rating are the ones who have never loaned money/bought HPs, which to me seems strange as there is no proven history that the person can manage to pay anything off. The ones who have had many HPs/loans are ones with worst credit score card, which seems strange when each application is screened by application forms and affordability tests, and with so many current or previous finance contracts, if they were a bad payer or unreliable in any way, surely a payment would have been missed, etc to warrant such an assumption.

I had my first car on finance at 28, first bank loan at 28, and first HP at 29, before this I always saved and paid cash. Even when I had finance on those things, I always had the cash to pay for them. All the cars I have owned I paid cash from savings, property I bought paid cash from savings.

The reason I got those loans and HPs was a friend of mine explained that having no credit rating was as good as bad credit, as a lender has no history to go on to see if one is a risk. He had trouble getting finance, so he bought a PC from TWH on finance even though he had cash. I tested his theory and got declined credit for something when I had 40x its cost in money in the bank. So I got a few things on finance, then within the year the credit system changed, my history showed a lot of activity, and just like that I get a red scorecard.

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  Reply # 383960 24-Sep-2010 10:37
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IlDuce: I think I took the wrong road on this thread. I should have asked "Has anyone had credit declined for no good reason, or no apparent reason - due to the changes in the credit rating system last year - leading to you having a bad score card, when you have never done anything wrong to deserve it?".

Thats really what I was curious to know, and to hear about from people.

From this thread plus my own research it seems that in summary every single application for credit makes ones credit rating go down, and only time makes it go back up. It seems the people with the highest rating are the ones who have never loaned money/bought HPs, which to me seems strange as there is no proven history that the person can manage to pay anything off. The ones who have had many HPs/loans are ones with worst credit score card, which seems strange when each application is screened by application forms and affordability tests, and with so many current or previous finance contracts, if they were a bad payer or unreliable in any way, surely a payment would have been missed, etc to warrant such an assumption.

I had my first car on finance at 28, first bank loan at 28, and first HP at 29, before this I always saved and paid cash. Even when I had finance on those things, I always had the cash to pay for them. All the cars I have owned I paid cash from savings, property I bought paid cash from savings.

The reason I got those loans and HPs was a friend of mine explained that having no credit rating was as good as bad credit, as a lender has no history to go on to see if one is a risk. He had trouble getting finance, so he bought a PC from TWH on finance even though he had cash. I tested his theory and got declined credit for something when I had 40x its cost in money in the bank. So I got a few things on finance, then within the year the credit system changed, my history showed a lot of activity, and just like that I get a red scorecard.

I wouldn't say you did nothing to deserve it.  Take their view, looking at your record you've applied for lots and lots of finance.  Why?  They don't know, but it would (and should) raise alarm bells.

I remember the first time I bought something on finance, I also wondered how they knew I'd be a good credit risk even though I didn't think I'd have much of a "credit record".  I suppose having a credit card since Uni may have helped, but who knows?

To be honest, I can't see anything wrong in your situation.  In a couple of years you won't have to worry and you'll know not to do the same thing again.

P.S. You bought property with cash?! Where and when?!  You must be loaded!

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  Reply # 383993 24-Sep-2010 11:38
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bazzer: I remember the first time I bought something on finance, I also wondered how they knew I'd be a good credit risk even though I didn't think I'd have much of a "credit record". 


We all start off good, and then progressively chip away at it.
In your example they knew nothing about you, but that didn't matter as this also meant you'd never defaulted, or never been desperate for money and been trying to get cash from lots of different places, who may have been turning you down etc.
It's bollocks, but hey, if you know this at least you can work with the system.

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