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Credit Score What Is Good

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Credit Score What Is Good

If you’ve ever asked questions like, ‘What is a credit score? What is good credit?’ you might have thought that understanding your credit score was a complex task. It can feel like you’re trying to decode a secret language full of financial jargon and mysterious algorithms. But here’s the silver lining – it’s not as complicated as it seems!

In Australia, three main credit reporting bodies, namely illion, Equifax, and Experian, are responsible for gathering and maintaining your financial information. By analysing this data, they create your credit report and determine your credit score. Subsequently, lenders rely on this score to evaluate your borrowing risk.

You can request your credit scores for free once every three months from each credit reporting body. Although nowadays, there’s an even simpler way to stay informed if you’ve been asking, ‘What’s my credit score?’ 

At MONEYME, we offer an easy-to-use Credit Score tool that provides a free, fast, and personalised credit check through the mobile app. You can see the same information that banks and lenders use to evaluate your creditworthiness, and you’ll also get access to tips and tricks on how to work on credit score ratings as well as special offers.

When it comes to personal finance, people often wonder, ‘What is my credit score? What is good for loans?’ since it’s a key factor for lenders. So, if you’re one of the many people looking to get their credit score quickly so they can determine whether theirs is good or not, just download the MONEYME app from the Apple or Google app stores. Fill in some basic details, and you’ll be able to see your score in just a few minutes. 

What is considered a good credit score in Australia?

When it comes to understanding your credit score what is good can often depend on different factors. 

In Australia, credit scores are calculated differently by each of the three major credit reporting agencies. They typically range from 0 to 1,000 or 0 to 1,200. Experian’s scale runs from 0 to 999, Equifax’s from 0 to 1,200, and illion’s from 0 to 1,000. They also differ when it comes to the exact scores they consider ‘good’. 

Despite this disparity in range, the evaluation of credit scores tends to be similar across the board. The higher your score, the better your credit rating is perceived and the less risky you seem to lenders. 

Generally, if you have a score above 800, it is considered ‘excellent’. This means that you’re seen as a very low-risk borrower, which can open up opportunities for better interest rates and more favourable lending terms.

What is the average credit score needed to get a loan?

When it comes to your credit score what is good for loans will depend on the lender’s criteria. 

There’s no hard and fast ‘average’ credit score that’ll guarantee you approval for credit. Most lenders tend to lean towards folks with credit scores that land somewhere between ‘good’ and ‘excellent’. What’s considered ‘good’ or ‘excellent’ depends on which credit reporting agency you’re working with. In addition, some lenders may be open to borrowers who have fair or less-than-ideal credit scores. 

Many people are curious about their creditworthiness and ask, ‘When it comes to my credit score what is good and what is bad?’ as it affects their borrowing potential. It’s crucial to understand, however, that these scores are not a golden ticket to approval or an immediate red flag for disapproval.

When reviewing a credit application, lenders also consider your income, which indicates your ability to repay the debt. Additionally, your employment status is also a factor, as consistent employment over time can suggest stability.

Lenders also take your credit history into account when you’re applying for credit. Just a heads-up: your credit history reflects how you’ve managed credit before, like if you’ve paid bills on time or ever missed loan payments, so it’s good to develop positive credit behaviours over time.

What are some of the ways I can improve my credit score?

If you’re not content with your current credit score what is good is that there are ways to work on it. Improving your credit score involves responsible financial behaviour over time. Here are a few tips that you can follow. 

  1. Make sure to pay your bills on time. Late or missed payments can negatively impact your credit score.
  2. Don’t max out your credit cards. Try to keep your credit utilisation below 30% of your total limit.
  3. Limit credit enquiries. A hard credit enquiry is recorded on your credit report every time you apply, which can ultimately hurt your score.
  4. Check your credit scores regularly for errors and get them corrected. 
  5. Maintain a mix of credit types, such as credit cards, retail accounts, instalment loans, finance company accounts, and mortgage loans.

If you’ve ever applied for a loan or credit card, you’ve probably asked, ‘What is my credit score? What is good in Australia?’ online for quick answers. 

With the MONEYME app, learning all about what a good credit score is and how to meet that mark has never been easier. Regularly check your credit score ratings and maintain good financial habits, and you’ll be well on your way to receiving better financial opportunities. 

*Canstar’s Innovation Excellence Award 2022 was for MONEYME’s product Autopay. Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.

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