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Monday, December 14, 2020
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Monday, June 1, 2020
Things You Didn't Realize Contributed To A Bad Credit Rating
Your credit rating can dictate every part of your future plans, from buying a house to paying for your next holiday. Here are the top things you may not realise affect your credit rating.
1. Having a high credit card limit
When applying for a loan, the lender looks at your credit card limit, not the amount you owe on your card. Even if you only use $1000 of a $50,000 limit, the lender will still treat you as though you regularly borrow $50,000. A smaller limit will help keep your credit rating higher.
2. Spending more than 50% of your credit limit
Your credit score is calculated against your debts using a debt-to-credit ratio or debt utilisation ratio. Rather than looking at how often you pay off your debts, credit raters also look at the amount of available credit you are currently using. If you’re using more than 10-30% of your available credit limit, your credit rating will likely be impacted.
3. Missing any repayments greater than just $150
Any overdue payment larger than $150, paid later than 60 days counts overdue, which is listed on your credit score for five years. Even small amounts matter. The Office of the Australian Information Commissioner (OAIC)’s report on your credit doesn’t reveal the amount on your missed payment; only that you missed the payment.
4. Transferring the balance of one credit card to another
This is an obvious one; but if you’re trying to escape fees on your credit card by moving the balance to a different bank, your rating will become lower.
5. Just applying for a credit card
Every time you apply for a line of credit including a credit card, your credit rating is impacted. Even if you don’t even go ahead with the credit card and you never even use it, just applying affects your rating.
5. Applying for multiple loans while waiting for one to be approved
‘Don’t put all your eggs in one basket,’ doesn’t apply when it comes to loans. Every time you apply for a loan, even if you don’t go ahead with it, your credit rating is reduced.
6. Being involved in insolvency, bankruptcy and court judgements
If you’ve been involved in any financial court judgements, as well as insolvency or bankruptcy, your credit score will be reduced.
7. Having a partner or spouse default on a loan
If you and your partner have joint bank accounts or a mortgage in both your names, you’ll want to ensure you submit your repayments correctly and on time. Even if your partner isn’t listed on the loan, their repayment history will influence your credit score.
8. Not letting your banks and other lenders know when you change your name
If you have a pristine credit history and change your name without letting lenders know, your credit history will be lost. A perfect credit history is one of the best ways to ensure an ongoing high credit rating.
9. Closing credit cards with a good repayment history
Use it or lose it to keep a good credit rating.
10. Missing just one payment out of many each month
The OAIC shows if you’ve missed just one payment in your monthly stack of bills, your credit history will still show you’ve not met your obligations for the entire month.
Don’t let small mistakes lower your credit rating. Stay on top of your obligations so when you need a loan, you can get it.
1. Having a high credit card limit
When applying for a loan, the lender looks at your credit card limit, not the amount you owe on your card. Even if you only use $1000 of a $50,000 limit, the lender will still treat you as though you regularly borrow $50,000. A smaller limit will help keep your credit rating higher.
2. Spending more than 50% of your credit limit
Your credit score is calculated against your debts using a debt-to-credit ratio or debt utilisation ratio. Rather than looking at how often you pay off your debts, credit raters also look at the amount of available credit you are currently using. If you’re using more than 10-30% of your available credit limit, your credit rating will likely be impacted.
3. Missing any repayments greater than just $150
Any overdue payment larger than $150, paid later than 60 days counts overdue, which is listed on your credit score for five years. Even small amounts matter. The Office of the Australian Information Commissioner (OAIC)’s report on your credit doesn’t reveal the amount on your missed payment; only that you missed the payment.
4. Transferring the balance of one credit card to another
This is an obvious one; but if you’re trying to escape fees on your credit card by moving the balance to a different bank, your rating will become lower.
5. Just applying for a credit card
Every time you apply for a line of credit including a credit card, your credit rating is impacted. Even if you don’t even go ahead with the credit card and you never even use it, just applying affects your rating.
5. Applying for multiple loans while waiting for one to be approved
‘Don’t put all your eggs in one basket,’ doesn’t apply when it comes to loans. Every time you apply for a loan, even if you don’t go ahead with it, your credit rating is reduced.
6. Being involved in insolvency, bankruptcy and court judgements
If you’ve been involved in any financial court judgements, as well as insolvency or bankruptcy, your credit score will be reduced.
7. Having a partner or spouse default on a loan
If you and your partner have joint bank accounts or a mortgage in both your names, you’ll want to ensure you submit your repayments correctly and on time. Even if your partner isn’t listed on the loan, their repayment history will influence your credit score.
8. Not letting your banks and other lenders know when you change your name
If you have a pristine credit history and change your name without letting lenders know, your credit history will be lost. A perfect credit history is one of the best ways to ensure an ongoing high credit rating.
9. Closing credit cards with a good repayment history
Use it or lose it to keep a good credit rating.
10. Missing just one payment out of many each month
The OAIC shows if you’ve missed just one payment in your monthly stack of bills, your credit history will still show you’ve not met your obligations for the entire month.
Don’t let small mistakes lower your credit rating. Stay on top of your obligations so when you need a loan, you can get it.
Thursday, February 6, 2020
Personal Loans For Bad Credit – What The Types Available
When you get personal loans for bad credit, you may have to choose between a secured and an unsecured personal loan. An unsecured personal loan would require you to have a much higher interest rate, while a secured loan would require you to put up real property as collateral in the event you default on loan payments.
These days, it’s easy to get a credit card and then spend like crazy on all the things that you enjoy. This can become a problem when you do not pay that credit back. This means that you cannot make the monthly payments or that you do not pay them back on time. This can result in bad credit and what this means is that you will have a bad credit history which will in turn make it harder for you to make a loan of any sort on anything. However, this is not a dead end kind of situation. You can actually climb out of that debt by trying out personal loans for bad credit. Here are a couple of the most famous kinds of loans.
Secured Personal Loans
These personal loans for bad credit can be easy to get and they are actually kind of popular as well. First, the one thing that you can be sure of is that you will pay off this loan on a monthly basis with lower payments because of the lower interest rates. Of course, since the payments are so low, you can expect that it will take some time for you to pay off the loan because they offer longer amounts of time to pay it off. This can be good for some people who want to maintain a steady but sure pace in paying back the loans. But for others, it might be too long and they will forget to make payments in the long run. It really depends on the kind of discipline that you set for yourself. The other drawback is that you need to present an asset like a house as a kind of collateral for the loan. This will make it easier for lenders to loan you the amount that you need. If you do not pay it back, they have your car or house to fall back on as payment for the loan. This means you risk losing your assets to the lender.
Unsecured Personal Loans
These, of course, are the complete opposite of secured loans and these can be risky for both the lender and the borrower. It is more risky for the lender because there is no collateral involved here which means they will charge you a higher interest rate and a higher monthly rate. If you do not payHealth Fitness Articles, the lender has no collateral as back up from you. The higher payment is what you will suffer from in the long run.
These days, it’s easy to get a credit card and then spend like crazy on all the things that you enjoy. This can become a problem when you do not pay that credit back. This means that you cannot make the monthly payments or that you do not pay them back on time. This can result in bad credit and what this means is that you will have a bad credit history which will in turn make it harder for you to make a loan of any sort on anything. However, this is not a dead end kind of situation. You can actually climb out of that debt by trying out personal loans for bad credit. Here are a couple of the most famous kinds of loans.
Secured Personal Loans
These personal loans for bad credit can be easy to get and they are actually kind of popular as well. First, the one thing that you can be sure of is that you will pay off this loan on a monthly basis with lower payments because of the lower interest rates. Of course, since the payments are so low, you can expect that it will take some time for you to pay off the loan because they offer longer amounts of time to pay it off. This can be good for some people who want to maintain a steady but sure pace in paying back the loans. But for others, it might be too long and they will forget to make payments in the long run. It really depends on the kind of discipline that you set for yourself. The other drawback is that you need to present an asset like a house as a kind of collateral for the loan. This will make it easier for lenders to loan you the amount that you need. If you do not pay it back, they have your car or house to fall back on as payment for the loan. This means you risk losing your assets to the lender.
Unsecured Personal Loans
These, of course, are the complete opposite of secured loans and these can be risky for both the lender and the borrower. It is more risky for the lender because there is no collateral involved here which means they will charge you a higher interest rate and a higher monthly rate. If you do not payHealth Fitness Articles, the lender has no collateral as back up from you. The higher payment is what you will suffer from in the long run.
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