How fast can you boost your score

There are three main credit reporting agencies in Australia, and they typically update your score within 30-45 days.

This means your credit score can change frequently, and your efforts can start paying off sooner than you might think.

While there are no magic tricks that will instantly boost your score, some things will have a faster impact while otherssome are really important for those longer-term gains.

👌  Fix errors to improve your score fast

One thing that can have a fairly immediate impact on your score is fixing any errors in your credit report.

Credit providers and credit reporting agencies make mistakes, too. They’re only human. Read your report carefully, and, if you spot any errors, get them fixed.

Common mistakes include doubled-up debts, missed repayments, and loans you never took out.

🧠  Get clever with your credit cards

A big influence on your credit score is ‘credit utilisation’. This is a fancy word, referring to how much of your available credit you use at any one time. 

To improve yours quickly, there are two things you can do with all your cards

First, if you can fight the urge to spend more, you may want to consider keeping a higher credit limit. Second, keep your balance low by making payments throughout the payment cycle, rather than waiting until the end.

How fast will it improve your score? You could start seeing the impact the next time your score gets updated by the credit reporting agency.

📅  Start paying on time

This one will take a little longer to show on your score, but is oh-so-important.

Whether it’s your phone bill or a personal loan, make repayments on time—or early.. if you can, that is.

The more reliable you are with making repayments, the better.

Avoid overdue credit and loan repayments as if your credit score depended on it (because it does). Overdue accounts can leave a mark on your file for 5-7 years. 🥲