Is it too Late?

I really hope that she owns the mall. Though I doubt it. It was a Westfield mall.
She looked fragile and exhausted

 

Thanks dude. Yeah, not focusing on what's happening out there. I just need to finish few things as soon as I can.

 

You made me spill my drin all over my keyboard

 

Thanks for responding. I picked the book as the title suited my mindset and situation.
I hope to learn few things from it

 

Cool! You can't be expected to know everything. That's the beauty of the forum.

 

Guys, quick question.
Out of curiosity I got a credit report for myself through Equifax. I was surprised to see that my credit score is "Average".
When I read it carefully I realized that its because -
1.Too many lenders ran a credit check when I was searching for car loan
2. Short credit history (I migrated to Australia only 2 years back)
3. Unsecured personal loan (Car loan)

After going through the responses on this thread, I closed my car loan last week. This is not reflecting in the report. I am hoping that once it gets updated my score will get a little better?

I don't have any credit card. Do you think getting a credit card and then making sure I pay it on time will improve my score?

I will be in market after a year or so to buy my first property. Just trying to ensure that I don't get any nasty surprises at that time.

 

This is why you plan first. For example, when looking for a mortgage you talk to mortgage broker instead of going to different banks and have each bank ding your credit file. The mortgage broker can assess your borrowing capacity with different lenders without the queries hitting your credit file.

in your car loan case, what you could have done is research car loans, then only applied with one lender.

 

Agreed. Like mentioned many times earlier, I was plain stupid and almost reckless.
Any suggestion on what can I do NOW to ensure a better credit score down the line?

 

A good mortgage broker is your best bet.

Learn how to identify a good mortgage broker. You will need to understand enough about loans and tax and features to assess how good a broker’s suggestions are.

 

I think if the main issue is too many credit checks, then simply not applying for anymore credit and a bit of time should rectify that issue.

I personally wouldn't reccomend getting a credit card.

I don't think, in Australia, the actual credit score is that huge of an issue though? So long as it isn't 'bad' or show defaults, etc. I am sure some of the brokers on her can correct me if I am wrong.

Best bet is to talk to a good broker and see what they have to say about your credit history.

 

Speak to a couple of the brokers here, on this forum. They deal with a lot of investors and from what I've seen of the advice given to others most of them are very good.

Don't worry about a credit card, unless you need/want one. It used to be, many, many years ago that people would get a credit card to establish a good credit rating. I think that's well and truly outdated these days.

It was two years ago when you were looking for the loan & that loan is now paid off. I'm not a broker, so can't say for sure, but I think going forward you shouldn't have too many issues.

 

Thanks guys. I have dropped the idea of getting a credit card as I don’t need one.
I am sure the unsecured loan still visible in the report is also making an impact

 

Guys I need some suggestions. We have pretty much decided that We will save for around 1 year and then buy our ppor in Sydney. After we build some equity in ppor and save some more money we will buy the IP.
My question is will it be a good idea to invest the money we are saving on monthly basis? Considering that we will need it after a year or so. If yes, what are the options we have.

 

Of course you should. Leaving money in the bank at todays rates your losing money.

What to put it in? Well there are only very few asset classes to invest in.

cash, shares, businesses and property. The first one is rubbish. The second one is probably what most do that have little clue on business and without the risk tolerance.

Business is good but can be risky but can also provide huge returns. And of course property.

Not many other options unless you want to go really speculative like crypto, collectibles like paintings and watches or just outright gamble. LOL

 

Generally, if you are only talking 1 year before you are going to want it, I personally wouldn't invest the cash. I will invest it if it's going to be 3 or more years.
I think this question boils down to your approach to risk, and how flexible you are time wise. Are you prepared to pull it out at a loss, or delay pulling it out if the market is performing poorly in 1 year?

 

The question you need to ask yourself is simple.

Can you live with the consequences of losing some or most of the money in 12 months? If you can, then investing it may be an option. If you cant, DONT.

Imho many people make the mistake to conclude that just because a profit was gained by making a certain decision, that the decision was right. Not always the case. You can make money by a certain decision and still have made the wrong decision IMHO.

 

Thank you for your response.
I am definitely not ready to take much risk. In any case this is for short term because if everything goes as per the plan we shall be in market to make our purchase. I thinks its not worth the risk.

 

Thank you for responding. I am also thinking on the same lines. Will check ING Account if they have the same terms and conditions.
Newbie question, will opening another account affect my credit score?

 

I also feel the same. Since we will need money in short term (1 year) I guess its better that I stick to cash. I am already running late in life and don’t want to delay things by waiting for market to move upwards.