How to get a better credit score

How to get a better credit score

Consumers remain in the dark about how to access their credit score and understanding how it can help them secure credit.

Having your credit score in tiptop shape before you submit an application for credit is crucial to ensuring you get the green light from a lender.

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But new findings from the Veda Annual Credit Scorecard found 92 per cent of Australians don’t know how to access their credit score and only two thirds of people would bother to check it if they knew they could get a more competitive deal.

Veda spokeswoman Belinda Diprose says it’s time consumers starting paying attention to their credit history because it could be in tatters without them even realising it.

“Accessing your credit history is becoming increasingly easy to find, you have got free credit reports and also free credit scores,’’ she says.

“It only takes a couple of minutes to access and it can ultimately result in you saving money by getting a better deal with a lender.”

Your credit score can be accessed at no cost from getcreditscore.com.au.

Credit scores range anywhere between zero and 1200 — 770 is ranked as “very good.”

Lenders use the scores to determine an applicant’s creditworthiness and whether or not they would be in good financial shape to service a loan.

These are some simple ways you can keep your credit score in good shape:

— Pay your bills on time.

— Schedule payments to align with your payday.

— Understand your credit commitments before signing up.

— Don’t make multiple credit applications within a short space of time.

— Notify your providers when you move address.

Lenders will also assess the type of credit you’ve applied for in the past, the types of lenders you’ve applied to and the amount you applied for.

Negative information including defaults and court judgments will also be shown on your file.

Get Credit Score allows you to check your credit rating online.

Sophie Elsworth News Corp Australia Network

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