Australian Politics Forum - Why can't I get a loan??

woof woof

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Why can't I get a loan??
Mar 16^th, 2013 at 5:02pm

I have a high income 100K per year, I have 4 kids and a wife to support. I have credit cards maxed out, My out goings exceed my income by about 10K a year which is why I have maxed out CCards.

I applied for a loan but they said my balance sheet does not work and any money I am lend I would struggle to repay??

Why shouldn't they lend me money I make alot of money.

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... Gold Member Offline Posts: 23673 WA Gender:	Re: Why can't I get a loan?? Reply #1 - Mar 16^th, 2013 at 5:06pm Umm...I'm gonna say it's probably because your credit cards are maxed out.
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woof woof Gold Member Offline Australian Politics Posts: 1518 Gender:	Re: Why can't I get a loan?? Reply #2 - Mar 16^th, 2013 at 5:12pm yeah but I make heaps of money shouldn't that account for something
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BlOoDy RiPpEr Gold Member Offline aussie-patriot.com Posts: 2475 Sydney Gender:	Re: Why can't I get a loan?? Reply #3 - Mar 16^th, 2013 at 5:14pm File for bankruptcy, and try again in 3 years, credit rating fixed.... P.S.. don't ever get a credit card again.
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... Gold Member Offline Posts: 23673 WA Gender:	Re: Why can't I get a loan?? Reply #4 - Mar 16^th, 2013 at 5:15pm woof woof wrote on Mar 16^th, 2013 at 5:12pm: yeah but I make heaps of money shouldn't that account for something Not if you can't stop spending it.
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woof woof Gold Member Offline Australian Politics Posts: 1518 Gender:	Re: Why can't I get a loan?? Reply #5 - Mar 16^th, 2013 at 5:17pm cant declare BR as I have a massive property portfolio and assets.
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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: Why can't I get a loan?? Reply #6 - Mar 16^th, 2013 at 5:24pm woof woof wrote on Mar 16^th, 2013 at 5:17pm: cant declare BR as I have a massive property portfolio and assets. Use them as security and they'll give you a loan...
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woof woof Gold Member Offline Australian Politics Posts: 1518 Gender:	Re: Why can't I get a loan?? Reply #7 - Mar 16^th, 2013 at 5:28pm nah they said even if I used them as security my after expense income would not meet the loan repayments
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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: Why can't I get a loan?? Reply #8 - Mar 16^th, 2013 at 5:34pm Put the rent up
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Peter Freedman

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Re: Why can't I get a loan??
Reply #9 - Mar 16^th, 2013 at 5:39pm

Woof woof, try visiting this site:

www.familybudgeting.org.nz

I worked in NZ as a budget adviser. While most of my clients were on pensions occasionally I worked with someone in your position.

If you are using your credit cards to maintain a lifestyle you are heading for trouble. The first thing you need to do is write a budget reflecting your current situation. Of course, it won't balance.

Then you need to examine how to balance your budget. That means either increasing your income or reducing your expenditure. Most people try to do both.

Give it a go. PM me if you need help.

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Dsmithy70 Gold Member Offline ire futuis vobismetipsis Posts: 13147 Newy Gender:	Re: Why can't I get a loan?? Reply #10 - Mar 16^th, 2013 at 5:41pm woof woof wrote on Mar 16^th, 2013 at 5:02pm: My out goings exceed my income by about 10K a year For someone on a 6 figure income, your either trolling or thick.
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longweekend58

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Re: Why can't I get a loan??
Reply #11 - Mar 16^th, 2013 at 5:44pm

Dsmithy70 wrote on Mar 16^th, 2013 at 5:41pm:

woof woof wrote on Mar 16^th, 2013 at 5:02pm:

My out goings exceed my income by about 10K a year

For someone on a 6 figure income, your either trolling or thick.

im going for trolling...

doesnt matter if you have $10M in assets. the bank wont loan to someone whos expenses exceeds their income.

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Swagman

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Re: Why can't I get a loan??
Reply #12 - Mar 16^th, 2013 at 5:45pm

Peter Freedman wrote on Mar 16^th, 2013 at 5:39pm:

If you are using your credit cards to maintain a lifestyle you are heading for trouble

Yes, this is what successive Labor Govts federal and state do...... Wink

woof woof wrote on Mar 16^th, 2013 at 5:28pm:

nah they said even if I used them as security my after expense income would not meet the loan repayments

If you have a property portfolio it must also be earning income, are they taking this income into account?

If you don't have sufficient income your gunna have to sell a property otherwise the Bank will... Sad

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John Smith Gold Member Offline Australian Politics Posts: 75273 Gender:	Re: Why can't I get a loan?? Reply #13 - Mar 16^th, 2013 at 5:51pm woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan ... even if it was for double your current loan .
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Swagman

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Re: Why can't I get a loan??
Reply #14 - Mar 16^th, 2013 at 5:54pm

John Smith wrote on Mar 16^th, 2013 at 5:51pm:

woof woof is just trying to make a point ... what he fails to understand though, is that rather than Australia's credit cards being maxed out, our loan is the equivalent of him having borrowed $10 000 ... make $100 000, owe $10g and no bank would decline you another loan ... even if it was for double your current loan .

Unless you have a bad credit history.....and Labor have an atrocious one.... Grin

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