Time to Apply for a Credit Card

letmethefuqin on 21/09/2017 - 21:28
Last edited 22/09/2017 - 10:23 by 1 other user

Had a discussion the other day with a banker who got a little bit fired up when they found out I don't have a credit history (or much of one)
Turns out never owning a credit card, never having a car loan, a phone contract, even really any rental history puts you in a bad position apparently.

So, seeing as I have no rating (yet i've done one of those credit checks and I have a number) I think its time I get a $500 credit card to keep the bank happy for the time I ever need to ask for a loan.

Question is, there are so many bells and whistles were do I start?

Financial

Comments

  • chumlee on 21/09/2017 - 21:44

    The banker is wrong

    No credit history doesn't make a difference. You will just be new to bureau when you apply for a loan

    If you don't need a credit card don't apply. The banker is just meeting sales targets

  • Godric on 21/09/2017 - 21:51

    Bunch of bullocks

  • Pharos5 on 21/09/2017 - 22:10

    Definite conflict of interest. I bet car salesmen get "a bit fired up" if people say they don't really drive much.

    In Australia credit history is far less important than the deposit and ability to service. I've prepared (still in training) home loans for customers with no history at all.

  • chesserau on 21/09/2017 - 22:18
    -1

    From what I have read.
    when a person is over 30
    and has no credit record.

    there is a danger that the person is a fake identity.

    set up to potentially allow fraud.

  • squidz on 21/09/2017 - 23:50

    not surprised… one of my ex manager had the same issue, the way he was told he had no credit history sounded in a negative way..
    as far as i think how Veda works , is based on people reporting defaults, late payments on you.. on top of history of credit checks run on you…

  • AusGP on 21/09/2017 - 23:56

    Having seen my own official credit report (my wife acted as my guarantor and got my report as part of the bank process), I can confirm indeed length of credit history is one of 5 criteria.

  • tank17 on 23/09/2017 - 13:35

    I just wouldn't do it! If i could go back i wouldn't. True it has some advantage like being able to rent cars or online payments…but ther is more weight to it! It is a trap! Run!

  • webtherapist on 23/09/2017 - 21:23

    when people always tell me to borrow more or get more credit cards blah blah for my credit score, I was like, dont give an F about how they scroe as I only use credit cards while my real cash earning interest/pay/dividends/etc and pay the balance at the end of each month, and only spend when I have to, other than that, always have cash there for myself and I do believe it works better than the trappie credit score :)

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