I know we have discussed this in the past but I don't think Baycorp matters too much to anyone.Mal said:If you are worried, you could always request your Baycorp file a few weeks after the increase is approved.
(OR alternatively, subscribe to the MyCreditAlert service from Baycorp.
Soundguy said:Does anyone know the relationship between available credit limits on your CC and the amount you can borrow for a home loan? It seems they factor in the sum total of your CC limits and take this off what you can borrow, regardless of what is or isn't owing on your CC's.
Would it be feasible to temporarily lower the credit limit on your CC's when applying for a home loan?
Evan said:The only dispute i have had is with Baycorp themselves ! Some entries that were not mine. And the other thing i hate is when you apply for credit it goes on the list, but there is never anything saying that its been paid off (eg car lease etc)
I have a very so-so credit history, no defaults or anything like that but a reasonable number of enquiry's.
Still i have my property loan no problems and have $30k potential credit on 2 cards (amex & visa), don't owe anything, no other loans and yet if i wanted a personal loan of something tomorrow i am sure i would be given the 3rd degree, i wish i knew what the banks seem to think about me or maybe i am just paranoid and i expect credit easier than they are willing to give, who knows.
Dave Noble said:It's a good thing if banks start actually doing some proper checks that people can meet repayments; better than the approach I have seen of actually sending pre-approved applications to people
swissbignose said:A good thing for who? The banks or the debtor?
The real answer is that it's both. The banks might have less defaulters and their clients might be in less trouble.
Dave Noble said:I have had in the past, pre-approved debt card applications sent to me where the debt card company cannot have done any checking since they would not have had the authority to access the records and I posit that many others must have done too. Some people can be very good at handling cards, but there are a lot of people who maintain a debt balance with , iirc from some news report, an avg of $2000. Giving out debt without checking that the person is able to repay seems extremely poor
Credit card debt rose to $38.028 billion in November from $37.343 billion a month earlier, according to the latest figures from the Reserve Bank of Australia.
The average credit card balance rose to a record $2,868, up from $2,821 in October, CommSec said.
It depends on just when they check the balance of the cards in the month. If checked on the right (or maybe wrong) day of the month, my cards will show a debt of more than that average. But if checked the day after pay day, they will show zero debt. My card balances are like a yoyo, sitting in the bank's favour for most of the month and then swinging back in my favour just before the statement due date.Evan said:Dave, $2,868 , scary isn't it !, for all the people who have a zero balance that must mean a lot more have higher than avarage balances !
NM said:It depends on just when they check the balance of the cards in the month. If checked on the right (or maybe wrong) day of the month, my cards will show a debt of more than that average. But if checked the day after pay day, they will show zero debt. My card balances are like a yoyo, sitting in the bank's favour for most of the month and then swinging back in my favour just before the statement due date.
smh said:Total credit card debt in Australia is about $30 billion, with the average card-holder paying interest on $2500 in debts each month. It is an expensive habit given the loan-shark interest rates that credit card operators are allowed to charge.