hi L.A aussie
sorry to say in some respects your wrong.
here we do have a credit score and its on every application for credit. there is a box that asks do you have a credit card and whats its limit.
and this does go towards or against your credit worthyness.
and a side line on that which most lender say does not happen and I had a very interesting conversation with a bank manager ( and this person was a manager not a card holder that thought that they were a manager)
and the conversation went like this that most lenders have a card attached and that card auto increases your limit if you pay the card off three time on consectative months so if you limit your card
pay it off within the months time limit then
max out again
pay off again with in the month
and max out again
and pay out again you will get a letter saying do you want to increase you limit.keep doing this and within a 6 month term you have 25k card unsecured.
and there is no real limit
as its not monitored its computer generated.
nor does the limit go backwards.
but this is a bit of a side line and a quirk in the system.
but yes there is a card score not the same as the us true.
in regard will the prime problem effect the aust market
yes it will just not yet
as the arms have not blown up yet they will come in 2008.
and then the full effect will happen.
by then we will have our own problems with rental cruch and the commercial markets own problems with supply or lack of it.
but that a very different post and not something that I would like to crystal ball at this stage.
sorry to say in some respects your wrong.
here we do have a credit score and its on every application for credit. there is a box that asks do you have a credit card and whats its limit.
and this does go towards or against your credit worthyness.
and a side line on that which most lender say does not happen and I had a very interesting conversation with a bank manager ( and this person was a manager not a card holder that thought that they were a manager)
and the conversation went like this that most lenders have a card attached and that card auto increases your limit if you pay the card off three time on consectative months so if you limit your card
pay it off within the months time limit then
max out again
pay off again with in the month
and max out again
and pay out again you will get a letter saying do you want to increase you limit.keep doing this and within a 6 month term you have 25k card unsecured.
and there is no real limit
as its not monitored its computer generated.
nor does the limit go backwards.
but this is a bit of a side line and a quirk in the system.
but yes there is a card score not the same as the us true.
in regard will the prime problem effect the aust market
yes it will just not yet
as the arms have not blown up yet they will come in 2008.
and then the full effect will happen.
by then we will have our own problems with rental cruch and the commercial markets own problems with supply or lack of it.
but that a very different post and not something that I would like to crystal ball at this stage.