refinancing - with credit card "issues"

[BMan]

if you have had multiple credit cards and balance transfers but they have since been paid off and only have 1 at 3k limit would this affect your chances of refinancing?

the reason for this is my gf (was working casual) and couldnt get a loan but finally got one through homestart (on high IR) but had to put 7k worth of kitchen on credit card and purchase a few other things on CC aswell and has since balance transferred them a few times to keep the interest low on the introductory rates so she could pay it off
its now all paid off and all remaining cards have been canceled and the limit reduced to 3k
will this affect the chances of a refinance, has now also got a permanent full time job paying about the same and 6 months is almost up (time being in job to help refinance)

 

[Aaron_C]

That won't have an effect per se. But a lot of credit enquiries on file can be detrimental because each one has to be explained - particularly if LMI is involved.

 

[Rolf Latham]

If you get in there up front and show the cards have been cancelled and address all the enquiries on the file ( obviously pull the credit file before)

AND use a lender that doesnt credit score

AND use a lender that has DUA

AND use a lender that will do the val upfront before you apply​

then you will have a much better chance that throwing the app at the loan with the best rate

Coming out of Homestart type loans wont help the Credit score either

ta
rolf

 

[BMan]

thanks

would the fact the council rates values the house 30k more than it cost to build? meaning it should have more equity available IF the bank val agrees with the council rates notice?
if the bank val doesnt agree would you be able to take that to the council to as for a lower charge on rates?

also what are the sites to get the free credit check? i swear i bookmarked that when i saw them a while ago
and i know theres 2 different types

 

[Aaron_C]

Veda: http://www.mycreditfile.com.au/home/free-credit-file.dot

Dun & Bradstreet: http://dnb.com.au/Credit_Reporting/Order_my_consumer_report/index.aspx

Council rates are irrelevant to a bank - only a valuer's report is.

 

[Rolf Latham]

if the bank val doesnt agree would you be able to take that to the council to as for a lower charge on rates?

One would have a reasonable argument with council

ta
rolf

 

[BMan]

wheres the free report? can only seem to find how to do it not where to do it (on the Veda website)
or is the section under it where it talks about updating it where you have to do it by mail or fax??... no email?

 

[Aaron_C]

For Veda, you have to actually mail them a certified copy of your ID to the mailing address on the website. You can't do it online.

 

[BMan]

ok thanks they really make it hard i guess then most people pay for it

 

[Aaron_C]

ok thanks they really make it hard i guess then most people pay for it

That's the general idea. Last time it took me 30 minutes to work out what I had to do to get my own credit report