We can lose it all and have that debt. So the banks are going to take into account the repayments that you’ll have to make if that credit card was full. Brad That’s exactly correct, that’s exactly how they treat it. They treat it as month’s secured personal lot.
So if that credit card was full and they say you’re probably going to have to pay about % of that per year as an estimate, so for $ you’re looking at an extra $, in serviceability that you’re losing every year.
So that’s one thing to look at. What else can we look at to increase our borrowing capacity? Brad Obviously, having clean credit is another one. It’s a simple one. If you’ve got multiple defaults on your credit file you’re more than likely not going to be acceptable to **mind storm** lender. You will have to gather an**open formula** of the specialist lender. As you are considered a greater risk they will charge a higher interest rate which is right for risk.
So clean credits are important things.That’s a simple way to check if you have www.valuationssa.com.au conducted your financial affairs correctly, promptly, with new changes to the privacy act and how credit is being reported you need to make sure you pay your bills every time and on time.Ryan A lot of people don’t know there are new changes to the privacy act that is about to come in st of March, and so it will be a lot stricter on the defaults that you have with your bills. Brad, It’s more information available to the lenders.
A default is a default – that’s something you **have in private**. But they will be recording whether you are light or didn’t pay the full amount on time. That’ just gives**recordings of miss-payment**. Ryan Is that on anything that we have? Like our phone bill, internet, home loan? Brad Yes. Anything the **way.