[suebeenz]

Howdy,

It occurred to me that although I have a vague understanding of how credit ratings work in other countries, but I really have no clue about NZ.

Does anybody know if it's any different than in North America? Anybody have suggestions how to build up your credit here as quickly as possible? I've been toying with the idea of taking out a loan, not because I need the money, but because I need the credit! :) Certainly getting bills in my name, and getting a credit card are first on my list, but hoping you guys can offer additional advice.

Any suggestions would be very much appreciated. Thank you!

-suebee

[stu70]

Not sure about NZ but it can not be that different than the system here in North America. As some new immigrants here do, try to deposit say a grand in a bank and ask them to issue you a credit card attached to this deposit. Then go crazy with your shopping and keep paying back on the card thus creating some history.

I would be very surprised if they did not accept an equifax report from here when you get there though. Might be a good idea to buzz one of the banks and have a chat beforehand.

[Jenny & Mark]

The NZ system is actually quite different from the NA system as there is no such thing as positive credit in NZ. Check out this old forum thread started by a Kiwi Bank employee (originally from the US)
http://www.emigratenz.org/forum/showthread.php?t=5847&highlight=credit+rating

Mark.

[suebeenz]

The NZ system is actually quite different from the NA system as there is no such thing as positive credit in NZ. Check out this old forum thread started by a Kiwi Bank employee (originally from the US)
http://www.emigratenz.org/forum/showthread.php?t=5847&highlight=credit+rating

Mark.

Thanks Mark! That is quite a startling difference ...

[Super_BQ]

Yes NZ has a considerably more liberal credit system than in N.A. Of matter of interest, among the OECD NZ ranks tops in having the highest credit card debt per capital. Probably because it's so easy to get credit here.

No I don't advise getting a loan for the sake of establishing a good credit rating. What is more important is your level of annual income (IRD tax return shows this) and how much debt you owe. How much spare cash you have in a savings account helps (in the case you have no debt) - if you want to apply for a credit card.

OTOH, I personally don't own a NZ credit card or even an Eftpos card. My last major purchase was a brand new car and I paid that in hard cash because my bank would charge me a $5 fee for a bank draft or bank cheque. :exit

Though, a credit card is must for hiring cars or booking accomodation at motels/hotels.

BQ

[suebeenz]

I'm going to have a chat with the banks next week about taking out a home loan, so hopefully the banks will deem me worthy sometime soon :-) So far, I only have overseas income, so wondering how that'll shake out.

Now, time for me to scan the forums for info about NZ mortgages :wah
:laugh

Man, does anyone else find looking for a house completely draining? I don't trust the agents at all (amazing how they try to 'spin' faults in the house/property as positives), and prices seem quite high when you look closely at what you're getting (or rather, not getting).

I bought 'streetwise home buyer' book today. So far so good.