Find out how to earn and keep a good credit rating. Read on…
Question:
How do you earn and keep a good credit rating? I am 19 and still living at home with my parents. I have a decent wage going into my savings account and I’d like to buy a unit rather than throwing money away on rent. My boyfriend says I’d have no credit rating as I would need to have borrowed money before, or have a credit card, before I could get a mortgage. Is that true? He said his friend saved about half the money he needed for the car he wanted and was working full time but two banks turned him down.
Answer:
If you are unsure where you stand with your credit score, you can request access to your personal credit rating online. Personal credit ratings are held by independent Australian credit bureaus, one of these is Veda. A range of lenders can request a copy of your credit file when you apply, for example, for a house or car loan, credit cards, or even a new mobile phone plan. The simplest way for you to start a healthy credit file is to pay your mobile bill on time and start operating a debit card from your bank. Phone Veda on 1300 762 207 or visit their website at www.mycreditfile.com.au/support for more information.
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