Browse Forums General Discussion 1 Mar 22, 2017 12:20 pm Hi dear members. I will need your advice on how to improve credit score We are planning to buy unregistered land, that will register next year. So I want to be the primary applicant for loan and hubby being the secondary applicant. My hubby checked his credit score last week. It came out as average score 550. He found out some facts he never knew before -He defaulted paying minimal payment due for his credit cards few times last year just because he forgot. Pure stupidity!! - we had difficulty connecting internet in our apartment last year. as a result he had to apply to 5 companies, they tried but could not establish connectivity. all 5 internet providers carried out credit check and they are in credit history -He switches power/energy connection every few months, also changes car insurance few times a year to look for better deal etc- all of these are in credit history -many many store credit checks, trying to buy this and that from harvey normal, etc, which he didnt actually bought with cash/debit !!! -changes mobile network frequently from optus/ telstra/ this and that to look for little discount savings- all in his credit history I am very worried as this will be joint application and his poor credit score will impact badly. We are planning the following to improve credit history by next 10 months so that we are ready for land loan in February 2018 1. Hubby pays his credit card bill which is 13k now and reduce his credit limit from 30k to 10k -he does not have any car loan -no more credit check, no more switch of plans etc for next 10 months and even ever after do you think this will help to improve his credit score by February next year? Please give us advice on this Re: Improving Credit Score for joint loan application 2Mar 22, 2017 9:16 pm You're spot on there. Tell him to stop dicking about as it is now reflected in the new credit rules. 10k limit on a cc is counted as a 10k debt even if it's empty. If you can, get rid of it asap. It takes time for them to remove the debt from your file. SAVINGS is the biggest thing you can do to show you can manage your life. Go through a broker to get the loan as they know which lenders will be best in your situation and save a lot of time and stress. Re: Improving Credit Score for joint loan application 3Mar 23, 2017 10:18 am The age of Big Data automation is here If you think you will get a better deal through a broker then you are mistaken, as they also analyse risk (OT costs & Profit) as well and you'll end up paying more in charges, insurance and interest rates over the long term. More debt that they don't want you to get rid of, increase your savings as mentioned, also decrease your cost of living and show them you can effectively plan-> minimize risk These algorithms will also analyse your build as well, lenders/banks are in it for the profit they don't care where the money comes from ie. you, builder , developer,etc. I've given up counting how many have been ripped off with post Contract footing upgrades/charges....sadly, banks now want some of that easy money To be fair overall there is a need to develop tools that will help the battlers & punters make informed decision so they can reduce risk, cost etc Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 13451 Hi folks, Victoria resident here. I've submitted my owner builder application to the VBA. I thought I'd share my experience so far. I submitted my application… 0 6164 Thanks for the response! However, it's have been sorted. But for others benefit here is what we had to do. Unfortunately, it's not straightforward. BCC washed their hands… 3 5496 |