issue bought up this week.
21 year old stepdaughter wants to upgrade her car as current one is unreliable (keeps breaking down). she has plenty of cash in the bank but is looking at moving out of home end of the year so doesn't want to spend more than half.
means she needs to get a loan for the balance. problem is, she's been knocked back because she has no credit rating (by the bank where she has her $10k+). the only place to offer her a loan will only do so if we go guarantor. this doesn't suit us as we're looking to borrow later in the year - but we are more than happy to lend her the money ourselves and she can pay us back over 2 years interest free.
but she's going to have this problem again in the future - how does she get a credit rating?
she pays prepaid for the mobile and doesn't have any credit cards. i suggested she get a credit card and use it slightly and pay it off straight away - but surely there must be an easier way.
21 year old stepdaughter wants to upgrade her car as current one is unreliable (keeps breaking down). she has plenty of cash in the bank but is looking at moving out of home end of the year so doesn't want to spend more than half.
means she needs to get a loan for the balance. problem is, she's been knocked back because she has no credit rating (by the bank where she has her $10k+). the only place to offer her a loan will only do so if we go guarantor. this doesn't suit us as we're looking to borrow later in the year - but we are more than happy to lend her the money ourselves and she can pay us back over 2 years interest free.
but she's going to have this problem again in the future - how does she get a credit rating?
she pays prepaid for the mobile and doesn't have any credit cards. i suggested she get a credit card and use it slightly and pay it off straight away - but surely there must be an easier way.