Guest rodders

credit rating issues

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    Guest rodders

    We moved from the UK in October last year. We have, what can only be described as a shocking credit rating in the UK, due mainly to bad advice in the past I might add! Is is true that now we are in Australia our credit rating will now start from scratch????:embarrassed:

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    Guest Adelaide_bound

    The Australian system works the other way round than the UK rating - in the UK you have a bad credit rating until you have built up a good one (which is proving to be a massive issue for us currently!) (and then possibly a bad one again if you have gotten into trouble etc), whereas in Australia you have a good rating until you do something silly, and it gets 'worse' (wrong word really) the more credit you get. By 'worse' I don't mean in the UK sense, but when you apply for things they look at how much credit you already have (whether you are using it or not - ie a $5K credit card counts as $5K whether the actual balance is $5 or $5000 on it) and decide on how much you can actually afford - much more sensible imho that letting you have 10 credit cards with a limit of £20 + your massive mortgage that is the situation here. Having said that, there still seems to be a requirement to have a confirmed income for credit (ie proof of a job), and getting a contract mobile phone seems to be a little more tricky than just rocking up off the plane. A few months of regular pay slips and a perm job should set you up for various forms of credit though :)

     

    (Disclaimer - this is what I have learnt during my research. If someone comes on and tells me I'm horribly wrong, apologies, I obviously have been given the wrong information from multiple sources and I do not work in banking or finance, again this is just what I have been lead to believe).

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    Guest rodders

    What about if we decided to go bankrupt in uk and start fresh here? would that have an effect?

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    Guest Adelaide_bound
    What about if we decided to go bankrupt in uk and start fresh here? would that have an effect?

     

    Not in the slightest :)

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    Guest Adelaide_bound

    Can I ask if this was directed at me?

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    Guest guest569

    i've met someone here who left their debts behind and had debt collecting agency's calling at their door here in oz !!

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    Guest Adelaide_bound

    OK, can we not go down the line of accusing people of things that there is no evidence, posting or mention of running away from debt?

    This thread is starting to get rather nasty, and is becoming rather upsetting imho. If you are not adding to the ORIGINAL TOPIC, or answering a query on it, perhaps it is best to not type, but just keep thoughts to oneself? This thread was about CREDIT RATINGS. This is something VERY different from anything else being mentioned here. Please.

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    Guest Kiki

    Hi There

     

    Adelaide-Bound is correct. Its all about the affordability factor here. Regardless to how your credit rating was in the UK you start from sratch here. I work in a bank and I tried to apply for a credit card in my name only ( all the cards were in my name in England) and even working in the bank I was initially declined due to affordability even though we had a mortgage since 2009 with them I was fuming lol! However once I popped hubbies name on the application we had affordabilty and got the card.

     

    They do seem to be quite strict with giving out money thats just my experiences working in the Banking System here.

     

    Kimberley

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    Guest guest3462

    True, we had issues with credit for a while, even though my hubby is a "higher earner" as it makes a huge difference as to what visa status you hold. For example, a temporary resident will find it difficult to get credit for most things such as mortgages, credit cards, mobile phone contracts, finance for furniture or appliances and cars. Some do give loans for the term of the visa but not all. We still hold the 457 visa, but now we are able to prove we are staying in Australia opportunities are opening their doors to us more and more. It has taken 2 and a half years to get to this point, so please be prepared for initial rejection. Some credit institutions also ask for the lender to take out an insurance policy to ensure the safety of repayments which can be expensive, but if it's a large lend such as a mortgage then its worth the investment.

     

    As for berating people about their personal financial circumstances - it is out of order. Who cares if they have made mistakes in the past all be it their own doing or upon the taking of bad advice. The fact of the matter is they were asking for advice not to be gunned down and judged when they are obviously embarrassed enough to start with. We all do foolish things in our younger years and for some it ends in poor credit ratings - good on ya if you are one of the very few people without debt! (waving my woo hoo flags for you!)

    Rant and rage over - apologies in advance! :-)

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    I have deleted some of this thread to keep it on track, anymore personal attacks or swipes will be dealt with a little bit more stronger.

     

    The OP was asking about credit ratings not asking to be accused of doing one thing or another.

     

    Anyone feeling attacked or picked on PM a one of us mods and we shall deal with it accordingly.

     

    thank you

     

    HG

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    I have deleted some of this thread to keep it on track, anymore personal attacks or swipes will be dealt with a little bit more stronger.

     

    The OP was asking about credit ratings not asking to be accused of doing one thing or another.

     

    Anyone feeling attacked or picked on PM a one of us mods and we shall deal with it accordingly.

     

    thank you

     

    HG

     

    Oh that explains why I couldn't understand what the OP was getting upset about. Good on ya for sticking up for the OP, as this is a site for giving helpful advice, not for character assassinations.

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