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Hi Team,
looking for advice re using ZIP Pay. Given the current state of credit reporting in OZ. Are there are any disavantages with using ZIP pay and credit rating.
Use of Zip Pay and Impact on Credit Rating
nat why on 12/08/2019 - 12:46
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Specifically credit rating - no, unless you default and the debt is passed onto a debt collector at this point you will take a hit to your credit rating.
In terms of getting a mortgage, banks now go into your expenses pretty closely so I'm told. Depending on the bank, they may weigh these expenses higher or assume you use zip pay more often than you normally would eg. you use zip pay once in the last 2 months worth of expenses, but only once in the last year, the bank will assume you spend x amount on zip pay every 2 months.
Shouldn't be an issue unless you're going to take up a home loan in the next 12-24 months.
Pay it back as soon as you can, and you'll be right. I've got about $1k out on a purchase at the moment interest free for 12 months, got it down to a affordable payback level, gotta do what you gotta do
link it to bundll then to a prepaid card or a business credit card so banks cant see the history
Any application for credit that involves providing your bank transaction records, ie. mortgage, will have a negative impact at some unknown level that will vary between institutions.