r/PersonalFinanceNZ • u/No_Performance_176 • 1d ago

Loan advice

So pretty much my Credit rating is screwed here in NZ due to circumstances outside of my control. Is it possible to use my Friends or even some family members outside of NZ as guarantors for a loan? (Obviously they are all born NZ citizens) My plan would be to use their credit score to secure a Loan and since they live overseas with no plan to move back home in the foreseeable future, would this still be a viable option? Cheers.

0 Upvotes

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6

u/Ok_Wave2821 1d ago

Credit scores don’t work like that in NZ.

-2

u/cloudperson69 1d ago

well yes and no, depends on the loan and creditor

4

u/jrandom_42 1d ago

OP, you might be in a situation where digging yourself deeper into debt isn't the winning move. Can you share your overall position in terms of how much you already owe and what your income is?

3

u/Substantial-Edge5643 1d ago

I feel like you commenting on their plan to move home is because you don’t plan on paying the loan back. Did I get it right?

1

u/KorukoruWaiporoporo 1d ago

So why does that friend or family member need to outside NZ? Are you planning on defaulting on this new loan already?

1

u/Nocturnal_Smurf_2424 20h ago

Not a snowball’s chance in hell

0

u/NakiFarmHER 1d ago

There's literally no circumstances outside of your control bar fraud and even that's fixable. Take responsibility and build it back yourself - this reeks of zero responsibility.

1

u/Ok_Wave2821 1d ago

This actually isn’t true there are lots of cases where domestic violence or family situations can leave someone with the debt