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How to Improve Credit Score Australia

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How to Improve Credit Score Australia

Have you ever found yourself searching the internet for topics like ‘How to improve credit score Australia’? This isn’t a surprise. Millions of individuals all over the world often ask the internet questions like ‘ What are credit scores?’ because of the impact these scores have on our financial opportunities.

A good credit score can give you access to a wide range of financial opportunities, such as personal loans and commercial investments. It can also give you better chances when it comes to rental or housing applications, among other things.

But before we go into detail about ‘What’s a good credit score?’, it’s important to understand what a credit score is first.

Your credit score is your overall rating based on your credit history. This history covers financial obligations like personal loans and debts, credit lines, mortgages, and even utility or rental payments. This collected data is used to calculate your credit score, which lenders then use to assess your credit risk.

Keeping track of your credit score helps you stay informed about your financial health. If you’ve been searching for advice by looking up questions such as, ‘how to improve credit score Australia’, then consider the following tips as well.

What can affect my credit score negatively?

Part of your due diligence as a borrower is keeping an eye on factors that can negatively impact your credit score ratings. When it comes to learning ‘how to improve credit score Australia’, here are some examples of what to avoid:

  • Late or missed payments on financial obligations. Making late payments or defaulting on loans and credit cards can significantly lower your credit score. Creditors and service providers, for example, report late payments on debts or utility services to credit bureaus. This information then goes into your credit history, which will cause a dip in your credit score.
  • Multiple credit applications within a short period. Multiple credit applications in a short period of time can raise lender concerns, as it may indicate financial hardship on your part as a borrower. The hard enquiries resulting from this will also appear on your credit report and could result in a drop in your credit score.
  • Errors on your credit report. Checking your credit report regularly will help you spot any errors or inaccuracies on your credit report. This is especially critical if you’ve been unknowingly defrauded, such as through identity theft or credit card scams. In such cases, you should immediately report the errors and seek assistance.

How long does it take to improve credit scores in Australia?

In Australia, the main credit reporting agencies are Experian, Equifax, and illion. While credit scores are routinely updated, they are not calculated on a fixed schedule. However, it can be reasonably expected that credit scores are updated every month or every time you apply for a new credit product (such as low credit score loans). You can compare previous reports this way and see if there’s been any improvement in your score.

If you’re looking for extra guidance under the topic ‘How to improve credit score Australia’, then consider adding the following to your list:

  • Determine how much you owe and to whom. Knowledge is power, especially when it comes to managing your finances. Make a list of your financial obligations and organise the information in a way that is easy to understand for you. This way, you’ll have a clear picture of how much you owe, how often you’ll need to make repayments, and to whom each payment should be credited.
  • Start with smaller debts, then work your way up. If you have many concurrent debts, starting from the bottom of the list can be a smart call. By clearing smaller debts first, you’ll be able to focus on larger repayments with more room to work with in terms of funds. This also goes under ‘How to improve credit score Australia’ in that it helps you grow your credit score by building a history of completed credit.

Where can I double check my credit score online?

On the topic of ‘how to get credit scores’ and ‘how to improve credit score Australia’, you can access your credit history one of two ways: through your credit reporting agency, as mentioned above, or through online services like the MONEYME app.

As an Australian citizen, you are entitled to your credit history report. You can request free credit scores from your credit reporting agencies once every three months. You can also request another free copy of your credit report if you’ve been refused credit within the past ninety days or if you’ve reported and asked for corrections on errors in your credit history. Beyond these instances, you may be asked to pay a small fee before they send you a copy of your credit report.

The great news is that there’s an easier and more convenient way to review your credit score: the MONEYME app.

MONEYME’s Credit Score tool – accessible through the MONEYME mobile app – gives you access to a free and quick credit check personalised just for you. Our Credit Score tool shows you the same information available to banks and lenders when they evaluate your creditworthiness. Through the app, you’ll also receive helpful tips to help you boost your score and establish a healthier financial profile. You’ll even gain access to special offers depending on your eligibility for such offers.

The MONEYME app is available through the Apple App Store and Google Play Store. Once you’ve downloaded the app, simply create a user account by entering a few personal details, such as your name, mobile number, email address, and other requested information.

A good credit score is a long-term commitment that can have a big impact on your finances and personal opportunities. This is why building and maintaining your credit score should be taken seriously, and researching topics like ‘how to improve credit score Australia’ is the first step forwards.

By looking out for your credit score today using the MONEYME app, you’re also investing in your goals for tomorrow.

*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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