Advice for Moving Out of Home

• 1
• 2
• 3

• • 

    [Deactivated] on 29/11/2013 - 15:16

    +1 for the working girlfriend…

• 

  onlyletters on 29/11/2013 - 08:22

  +1

  My advice: Dont. lol

• 

  Euphemistic on 30/11/2013 - 08:20

  Probably contrary to a lot of posts here, consider getting a car loan to help build up a good credit rating. Borrow a few k, get a newer car, but not a pricey or new one, and pay off that loan well before it is due. The home loan lenders will then look at you favourably and you can get AC in your 'new' car. While you are doing that have a credit card and pay it off in full every month.

  • 

    ilostnemo on 30/11/2013 - 14:47

    contrary to a lot of posts here. Correct

    Not good advice.

    I just did a Credit Check Report for myself as it was needed for a licence I'm applying for.
    It came up that there isn't anything recorded against my name. This is the best scenario.

    People need to learn what goes on their credit rating report, before posting silly solutions.

    I paid cash for my car last year $14,900, going by your post I would of been better applying for a loan.

    Your credit report is just a tool the lender uses, 10 years ago I applied for a $250,000 home-loan and I had a default, on my report. The account had been paid, but the company had been taken over and to get them to search through the old records was a job they didn't want to do.

    The lenders response was, everyone stuffs up once so it shouldn't affect their decision and it didn't.

    The only thing getting a loan/credit card will do is show as an enquiry on your credit report. (There will be changes soon to the report)

    When you pay for the loan, nothing will change on your report.

    The report usually shows 3 things

    enquiries
    defaults
    bankruptcy

    • 

      JohnHowardsEyebrows on 30/11/2013 - 15:15

      Do bear in mind, the negative perception of enquiries is likely about to change. In March 2014, positive credit reporting will (finally!) come into place. Where negative reporting simply tells of defaults and bankruptcies, making enquiries the only (and very crude) measure of credit worthiness, positive reporting will show all the good things you did. So if you have paid your stuff in full, on time etc, this will probably mean a previous credit history is a valuable thing.

      The days of the boofhead loans departments charging you higher interest because some goose at another finance company opened your file before deciding the details provided on your application rendered you unfit for a loan, are soon to be over.

      • 

        ilostnemo on 30/11/2013 - 18:59

        The new system will punish the borrower more in my eyes.

        They already show positive credit reporting, ie if you don't have any default, that's a positive.

        The Government will also permit credit reporting information to include an individual’s repayment performance history, comprised of information indicating whether, over the prior two years, the individual was meeting his or her repayment obligations as at each point of the relevant repayment cycle for a credit account and, if not, the number of repayment cycles the individual was in arrears. - See more at: http://www.langes.com.au/australian_regulatory_compliance/20…

        If I miss my credit card payment, I get charged interest, if I miss it another month I get a nasty letter, I gather if I miss it for a longer term legal action will commence. IIRC there is a time limit, till they screw up my credit rating report.

        Under the new system, by the sounds of it, if I'm a week late, BANG it's on the report, for everyone to see and judge.

        When the government makes changes, the end user usually doesn't benefit.

      • 

        JohnHowardsEyebrows on 30/11/2013 - 21:53

        Except everybody will miss the odd payment, and they'll realise that the odd missed payments won't affect their ability to recoup their money. The difference is the people who struggle consistently, and do represent a greater risk, will likely be punished for it. Having said that, the one unintended consequence could be that lenders refuse to give credit cards to borrowers who, for example, open accounts, close them a few months after, or who simply pay the statement in full each time. For those of us who've had (and paid off) personal loans, this is a good thing.

    • 

      Euphemistic on 01/12/2013 - 07:44

      +1

      10 years ago when you applied for a loan the banks were throwing money at anyone with a pulse, since the GFC things have changed. Shoving you can repay a loan can assist in obtaining one.

• 

  [Deactivated] on 30/11/2013 - 11:37

  +3

  "sick of mooching off my parents and putting up with their embarrassing antics"

  Please explain; as an aging parent with "mooching" adult child I'd be keen to learn what I can do to participate in more "embarrassing antics" so as to discourage the said "mooching". :-)

• 1
• 2
• 3