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Thread: Personal Loan vs Credit Card

  1. #1
    God/dess GoldCoastGirl's Avatar
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    Default Personal Loan vs Credit Card

    I have yet to apply for either as I'm still trying to decide which would be better for me to have on my credit history ?

    Apply for a personal loan of a decent amount (say $5000) which I would then use to fund work trips to Melbourne, costume expenses, dance lessons and so forth and pay off as early as possible....

    or

    Apply for a credit card that has interest free days and $500 limit and pretty good interest rate and keep it open and going by using it to its limit and paying it off every month (easily) ....

    ????

    Yes here in Australia we don't have scores however I still need to establish some form of credit history. I have no credit history at present.


    enter: E3167322D9 for your 10% discount

  2. #2
    mermaidnz
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    Default Re: Personal Loan vs Credit Card

    get both

    im all for borrowing what i can afford. i have a visa and mastercard with a $5k limit on each, i pay the balance off weekly, and put 100% of my purchases on it (for the frequent flyer points)

    i have no idea what my credit history is tho, ive never had a problem with anything tho. (how do you even find that kinda thing out anyways?)

  3. #3
    God/dess GoldCoastGirl's Avatar
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    Default Re: Personal Loan vs Credit Card

    http://www.mycreditfile.com.au/home/home_default.aspx

    It is where I discovered I have no credit history! I waited for the free copy of my credit report instead of paying the extra for it to reach me faster.


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  4. #4
    God/dess Deogol's Avatar
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    Default Re: Personal Loan vs Credit Card

    Get the card.

    Ditch the loan.

    If you don't "need" the debt don't get it just for the sake of getting it.

  5. #5
    Yekhefah
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    Default Re: Personal Loan vs Credit Card

    Yeah, get the card and keep it paid off. There's no point going into debt if you don't need to.

    OTOH, you could get the loan for a smaller amount and use it for work-related expenses like classes and travel. Then you can write all that off on your taxes. If you want to run up a bit of debt and pay it down to improve your credit, at least make it deductible.

  6. #6
    God/dess GoldCoastGirl's Avatar
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    Default Re: Personal Loan vs Credit Card

    I went with the card in the end. I have applied for my first ever CC and will know next week if it was successful. I applied for a $2000 limit. I should be successful even if I am self-employed. My accountants can back me up on my viability and I feel all my accounts look good for it (I keep a min. balance of $2000 in my everyday savings account and have $2000+ in savings with ING Direct) plus then there is the car (which I own), furniture and the fact that I don't have any other debt.

    I think I'm in with a good chance. Tho' we will have to see as I am not a customer of that particular bank. I would've had a better chance with Suncorp (which I have been with for a few years now) however I did my research and prefer the Bank of Queensland interest free days credit card.


    enter: E3167322D9 for your 10% discount

  7. #7
    God/dess GoldCoastGirl's Avatar
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    Default Re: Personal Loan vs Credit Card

    I got approved!!!!!!!!!!!!!!!!!!!!

    My first ever credit card! I'm going to be a good girl with it just like my car. I want to use it for as much of a possible legitmate business deduction as possible whilst still benefitting from being part of its rewards program (which has rewards I can use for business purposes too hehehe)



    $2000 limit. Kinda wish I tried to apply for the $5000 max limit yet I didn't want to jinx myself


    enter: E3167322D9 for your 10% discount

  8. #8
    God/dess Lysondra's Avatar
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    Default Re: Personal Loan vs Credit Card

    I thought you told me once you have bad credit?

    Anywho, I had no credit and was approved for a 3k loan.

    Of course, there was a car for collateral and it was in-house. :/


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    - My Great Grandmother Bessie's Recipe for Success

  9. #9
    God/dess GoldCoastGirl's Avatar
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    Default Re: Personal Loan vs Credit Card

    I did up until Nov 9 2006! I had one default from seven years ago on my credit report that would (and I knew it would) get wiped clean ... like it was never there from that date. If I had bad credit, I wouldn't be with Optus (as I am now and have been since Nov) as they require a credit check before taking you on as a customer.

    I did have bad credit. Now I don't.

    Except you are paying thru the ass for your loan. I don't want that situation as I have interest free day period with mine and the interest itself would most likely not be anywhere near the amount you are paying on your loan currently.


    enter: E3167322D9 for your 10% discount

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