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Thread: Now I know where all the girls went in Patts...

  1. #61
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    Quote Originally Posted by KRIS-ONE View Post
    Don't cancel your cards! You need a credit history... Use one (you don't need multiple ones) and pay off on time every month. No credit history is as bad a bad credit history.


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    Yes K1 your right, you need to build a credit rating but on little bits. A high credit limit, often pushed on you, can kill you.

    I remember when Bankcard was first introduced here, I was 16 and working weekends in a gas station, my dad was chairman of the board of the 4th biggest building society.

    I got sent a cc with a limit of $500 my dad got one sent to him with a limit of $200 55555555

    He was so pissed off, he cut my card up.
    "Of course you love me darling, I handsome man 55555"

  2. #62
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    Quote Originally Posted by justcruzing1 View Post
    Yes K1 your right, you need to build a credit rating but on little bits. A high credit limit, often pushed on you, can kill you.

    I remember when Bankcard was first introduced here, I was 16 and working weekends in a gas station, my dad was chairman of the board of the 4th biggest building society.

    I got sent a cc with a limit of $500 my dad got one sent to him with a limit of $200 55555555

    He was so pissed off, he cut my card up.
    5555

    Lesson learned... don't trust banks to tell you something not in their favour.

    Kris-one is correct, a good history of paying off credit accounts is important... even if it is small amounts.

  3. #63
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    One other thing to be aware of....the number of credit applications you make.

    It can really kill you if you have a load of applications on your credit rating.

    I had a classic example, myself. Years ago I wanted to buy a car from a 2nd hand dealer. I signed several blank applications and he went to work trying to get me a low interest loan, unknown to me he made 7 different applications and they all were recorded on my credit rating.

    This rings alarm bells when you go for more credit, like a mortgage, they think...well he kept getting knocked back there must be something wrong.

    You can apply for and get a copy of your credit rating so you know what has been put on record and what the bank sees when you make an application. There may be something there that you were not responsible for, especially in this day and age of personality theft.

    The things to show a good credit risk is showing you pay all the regular bills on time, electricity, rent, personal loans, credit cards, phone plans.etc
    If your more than 14 days late on 3 or more occasions you can have a ....late payer...note on your credit file.

    If you have a bad listing it isn't the end of the world. I have many times helped clients get loans but we had to go thru a bit of extra to do it.
    1st is get a copy of your file, here in Aust. you can get one for free every two?? years.

    If you know what is there and you can write a letter explaining why it is there, then it isn't a shock to the bank when they see it.

    I have had cases where they have done something to help out a sister or friend, and unknown to them it has come bouncing back, gone gtee on a car loan or a phone plan, and never knew the sister had defaulted, they had moved and never got any notice, the company thinks they are ignoring the notice's or done a runner and list them on CRA...etc.etc

    All things listed on your file stay there for 5 years. If it is a wrong entry you can apply to have it removed but it is rare they remove it, mostly they advise you to contact the company that listed and even they can't remove it, can just have it listed as resolved.
    "Of course you love me darling, I handsome man 55555"

  4. #64
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    I worked overseas for 6 years finishing up as the Head of a large teaching hospital department with a cross appointment to University of Toronto.
    When I returned to Australia I paid cash for everything.
    Then went to apply for a business overdraft I was refused - "no credit history" FFS. (all my work history and savings accounts were easily verified - I had evidence).

    So with sufficient for a deposit on a house to double as a Business I got a 90% loan from Perth Building Society because I had parked $AUD50 from a Uncle there 2 years before to save trying to cash it back in Canada.
    I was a "shareholder" - go figure!

    I've hated Banks ever since ...
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  5. #65
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    ^^^ Yes it is amazing the mentality of bank managers.

    I remember I was 20 and went to the Commonwealth bank for a car loan. The idiot said yes you have had an account with us since you were 5 yrs but in the last 6 months your balance has not been more than $300.

    Duh!!! I saved $6,000 and used it as a deposit to buy our home, had a kid as well so all money has been used, otherwise i wouldn't need a loan for the car.

    Sorry you need to save more to qualify.....shove your bank where the sun don't shine mate!!

    It is interesting how many other sources of mortgages are out there. This is where experience and research comes into it.

    For example I used to set people with AMP Insurance mortgages, often a half percent cheaper than the banks.

    Or like when I was in Townsville 20 yrs ago, I found a Terminating society run by accountant's on the Sunshine coast. They were given money from the state Gov. treasury to make loans to people the banks reject.

    In their charter there was an anonymity, they could lend to 95% of valuation...not 95% of valuation or purchase price, whichever is the lower....as is the case in all banks and building societies.

    So I set up valuations by the valuers of our H&L packages, they valued up, then we the builder and the land developer discounted by 5% so we could offer 100% finance, no deposit needed.

    We ran adds and held a seminar at the Brothers leagues club in Kirwan, it was packed out, no standing room and people outside listening thru the windows. That night and the next 2 days we signed 57 contracts.

    Years later I got an ex Vietnam vet a mortgage for 30 years despite he was 61 at the time. He had been knocked back by dozens, I got him sorted thru a terminating society.

    Unfortunately these days I'm not even allowed by law, to ask a client how much they earn, or have saved, can not give any advice at all, or I can end up in jail or sued.....times change eh???
    "Of course you love me darling, I handsome man 55555"

  6. #66
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Moo Uaon's Avatar
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    i'd had a couple of personal loans. another that got knocked back.
    was thinking about buying a house and one of my pi55head cricket team mates was the assistant manger at Westpac Merrylands and told me to come and see him.
    he didn't know that my nickname wasn't my real name 55
    told me to fill in my name and address and employer details on the loan application and he'd fill in the rest.

    had my first house a few months later
    justcruzing1 likes this.
    FACE YOUR FEARS LIVE YOUR DREAMS

  7. #67
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    I hate banks, also, Zab, but I'm stuck with them. I won't go into all the reasons, but there have been many over the years. The women in my bank are all pleasant enough, but that is as far as it goes. I just make sure that I pay off my one credit card each month and try to leave a little extra there. I don't ike paying one cent interest if I don't have to.

  8. #68
    ประเทศไทยเพื่อน Uber Star KRIS-ONE's Avatar
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    Also make sure you are on the election roll with your current address. I got a "computer says no" for a 15 monthly mobile contract recently as hadn't updated the roll even tho had a mortgage, multiple credit cards and salary.


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  9. #69
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน Changone's Avatar
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    I ****canned Amex after I found out they were making a "credit enquiry" on me every month which was all going on my record. Vodafone tried to fuck me credit wise once over one of their dodgy bills. Fail.....so they are "History" forever now too..
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  10. #70
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    ^^ Yes I had a client that had got a Optis bill for $1,200 it seemed they had a problem and his mobile was making every call on world roaming and going to GB before coming back local.

    He fought them and took it to court, won. The debt was squashed by the judge but he didn't know it had been listed on his credit file. When he came to buy off me he had no idea it was still there.

    When he got knocked back on the mortgage, I said get a copy of your file and he did, he was rope able when he saw it.

    Despite threats to sue Optus he couldn't get it removed and we had to cover it with the next application by giving transcripts of the court.
    He got the loan.
    "Of course you love me darling, I handsome man 55555"

  11. #71
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    P... just a couple of thoughts you may find available to you.

    Do you have any friends or relatives that have large savings?, maybe a grandmother or well to do uncle, even your parents.

    If they have money in term deposits they are getting low interest rates. See if they have enough faith in you to provide the cash for a 20% deposit, they get the going interest rate from you so they are getting a better return, have a legal 2nd mortgage documented but not registered till after you settle the property.

    By stomping up 20% you avoid mortgage insurance costs which are high.

    An other alternative is see if any of them want to invest in a property with you. You can figure out the ratio of ownership and how much you pay for living in the property. You would both go on the loan and title as "Joint Tennants" this protects your interest if the other party dies, goes bankrupt, etc.
    The advantage here is both your incomes are included in the borrowing calculations so should provide a bigger loan and maybe you can find a place with a granny flat you can rent out to help meet the bills.

    Another version of this would be to buy a place with a friend or relative and live in it together. Share all the costs and even maybe rent out a spare room to help pay off the mortgage earlier.

    You don't have to stay in the situation for the term of the loan, agree in writing, to look at selling it at say 5 years, hopefully the value has increased and you each have enough to use as a deposit for your own place.

    If you want to go all modern, try setting up a company and offering the shares on a crowd funding site. Get people that have $5-20k in accounts only getting say 2% and your offering the normal mortgage rate of 4.6%??or whatever it is.
    Keep 20% of the shares for yourself and get the rest to cover the whole purchase price.

    One17 yr old girl here on the GC is crowd funding her deposit of $48k to buy her home that will be holiday rented and she is just asking people to forward book and pay for a weeks holiday. She is looking for 70 weeks of bookings and as a sweetener she is going to give a free week to a disabled child and family for every 10 weeks she sells, so 7 weeks plus 70 a total of say 2 years of bookings. Then the house is hers.allbeit with a mortgage.
    For the people tossing up the funds it is just booking a holiday, a 4 br home in walking distance to the beach at $100 per day. They also know they are helping to give underprivileged families a free holiday and are helping a smart girl get into the market.
    "Of course you love me darling, I handsome man 55555"

  12. #72
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    One17 yr old girl here on the GC is crowd funding her deposit of $48k to buy her home that will be holiday rented and she is just asking people to forward book and pay for a weeks holiday. She is looking for 70 weeks of bookings and as a sweetener she is going to give a free week to a disabled child and family for every 10 weeks she sells, so 7 weeks plus 70 a total of say 2 years of bookings. Then the house is hers.allbeit with a mortgage.
    For the people tossing up the funds it is just booking a holiday, a 4 br home in walking distance to the beach at $100 per day. They also know they are helping to give underprivileged families a free holiday and are helping a smart girl get into the market.
    Very clever girl. She has her head screwed on tight. She should go far with that planning. Mortgages and rent eats up most people's income by a large margin. Once my mortgage was paid off it was like being a free man with a get out of jail free card.

  13. #73
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    Going back over this old thread gave me a few laughs, but it should be required reading for all high school kids. Lots of good advice here.

    However, I'm Not sure the topic should be listed under "Now I know where all the girls in Pattaya went.", though

  14. #74
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Dupree's Avatar
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    This was a funny thread until the Home buying...55
    Ian Forbes likes this.
    I just girl in bar. Buy me one dink?....

  15. #75
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    Quote Originally Posted by Dupree View Post
    This was a funny thread until the Home buying...55
    55555555555

    yah, but good advice is always useful to some people. Others never learn or pay attention... then they complain. 555

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