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Credit Rating Check for a Car Loan

March 26, 2013 at 11:25 pm

Some Questions to Consider if you are checking your credit rating for a car loan, resources courtesy of http://www.carloans.com.au/

  • One of the most important aspects of personal finance is your credit rating, but how many people know what their credit report says?
  • Did you know that you could see your credit report and see who is making inquiries on your credit rating?

happy guy car loanYou may not even realise that your credit rating is not good until you apply for a loan and find that there has been an error or you may have had a dispute with a creditor and you need to put your explanation on your credit report for any prospective creditors to view.

Each financial institution looks and rates different aspects of your credit report. So don’t despair if you have had defaults in the past if you have since made an effort to show regular savings. As stated, each financial intuition values different aspects of your credit report in different levels of importance. Even simple things like your mobile phone bill are important. If you find it difficult to pay your mobile phone bill on time then how is a lender to believe that you can make mortgage repayments?

  • You can view your credit report by contacting Veda Advantage.
  • To improve your credit score you should try to use your credit card as often as possible to show consistent timely repayments.
  • You may even need to get a second low interest credit card to ensure that you always make your payments on time if you find yourself juggling your finances.

Watch What You do to Preserve Your Credit Rating

March 26, 2013 at 5:19 am

Credit rating decreases can suddenly see you unable to get finance when you most need it, but there are many things you can avoid to help preserve it. With a little diligence and foresight, you may be able to save your credit rating from total disaster.

Pay your bills on time

It may seem silly to mention such a simple thing, but it merits it due to how it can devastate your credit rating. Remember that lending requires a certain rate of repayment to remain profitable for the lender. Essentially, repayments on credit have to reduce the principal and the interest accrued. As long as you are repaying at a rate higher than the cash rate affects your principal, you remain profitable, but any sign that you might become unprofitable, like missing a payment, is a very bad thing. Make sure you pay everything on time, and don’t delay the minimum payment of many small bills to focus on paying more off a larger bill.

Restrict your applications for credit

Your credit rating will suffer every time a credit check is done on you, so restrict the number of applications you make as multiple rejections will have a negative effect on your credit rating. You will also probably avoid more debt this way, as minimising your use of credit should help you focus on the debts you already have.

Please visit our credit cards and loans pages for a selection of products available to those with a decent credit rating.

Queensland Maintains AAA Credit Rating

March 26, 2013 at 5:18 am

Queensland Treasurer Andrew Fraser welcomed the announcement that Queensland’s AAA credit rating would continue. Mr Fraser said,

“This announcement is a strong endorsement of the Queensland government’s management of the state’s finances,”
“We are investing in the economic infrastructure of the state at an unprecedented rate with strong investment in capital works projects like southeast Queensland’s water grid, while maintaining a budget in surplus and our AAA credit rating.”

“With negative net debt, we have a balance sheet that is the envy of other jurisdictions,” Mr Fraser added.