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Are you looking up terms like ‘good credit score Australia’? If so, you may be considering taking out a loan or other form of credit soon. However, if you still don’t have a deeper understanding of what a good credit score really is, it may result in missed opportunities and potential difficulties in accessing credit.
Read along to learn more about good credit scores and how to improve and track your credit rating.
First, let’s briefly define what a credit score is. A credit score is a numerical figure ranging from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency. It’s calculated based on the information in your credit report, which is a comprehensive summary of your data and credit history. Both positive and negative credit behaviours could be included in your credit file as per the Comprehensive Credit Reporting (CCR).
One of the main reasons why people might be looking up terms like ‘good credit score Australia’ is because credit ratings are an essential factor in credit applications.
When you apply for a loan, a credit card, or another form of credit, the credit provider relies on your credit score to evaluate the potential risks and decide whether to grant you credit. That’s because your credit score shows lenders how likely you are to repay your debt and if you can pay it on time.
And if they do decide to offer you credit, they’ll further use your rating to determine how much credit you can borrow as well as the interest rate they will impose.
Some people look up terms like ‘good credit score Australia’, thinking credit score ratings are only applicable when taking out personal loans or credit cards. However, credit scores also play an essential role when applying for other financial products like mortgages and car loans.
And if you’re taking on a new job role, your employer may even look at your credit score or credit report as part of their background checking process. As such, there’s no reason not to be mindful of your credit score.
If you’re looking up terms like ‘good credit score Australia’, you may want to know more about the advantages of having a favourable credit rating.
Having a good credit score increases your chances of being approved for credit since it measures your creditworthiness. When your credit score falls higher on the scale, it shows lenders that you have the capacity to repay the credit you’re applying for. Even better, banks and lenders are more likely to approve you for larger credit amounts.
Also, having a high credit score can potentially give you leverage in negotiating a better interest rate for credit such as mortgages, car loans, or personal loans. While a high credit score doesn’t guarantee a better rate, it is a factor that lenders take into consideration.
And instead of just searching for terms like ‘good credit score Australia’, you should also learn how to improve your credit score so you can take advantage of these benefits.
First, you should establish good credit habits and ensure timely payment of your debt repayments and bills. Think carefully before taking on new credit because making too many applications in a short time may hurt your credit score.
Another helpful step is to talk to a counsellor or financial advisor if you’re having difficulty managing your debts and are looking into getting a debt consolidation loan.
The three main credit reporting agencies in Australia, Equifax, Experian, and illion, may have different information about you. On the other hand, online credit score agencies use data from different organisations to calculate and get your credit scores. So if you’re looking up terms like ‘good credit score Australia’, it’s worth noting that different agencies may provide you with different scores.
To ensure that you’ll get an accurate rating from online credit score agencies, you must first check if the details on your credit report are correct. You’re eligible to receive a free credit report once every three months from the credit reporting bodies we mentioned.
It’s advisable to request a copy of your file from each organisation so you can compare and determine if there are any significant discrepancies or errors, so they can correct them accordingly.
And to end your search for terms like ‘good credit score Australia’, the MONEYME mobile app offers a simple way to be on top of your credit rating. With the Credit Score tool, you can view your ranking within minutes and for free.
You can download the MONEYME app from the Apple Store and Google Play. To ensure that we’ll provide you with the correct credit score, we’ll ask you to enter some information such as your name, number, email, DOB, address, and driver’s licence number (optional).
Figuring out how to check your credit score in Australia is as simple as that, and you’ll have access to the same information banks and lenders use to assess your creditworthiness. You don’t only get your credit scores for free; you will also have personalised insights into your financial standing.
What’s more, the app features a monthly score chart and provides you with tips and tricks on how to work on your credit score. Even better, you can stay up to date with the special offers from MONEYME.
Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.