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Credit Simple

How do I know if I have a bad credit score?

Is 600 a bad credit rating? How about 500? Or 400? Without context, calculating your creditworthiness based on your score alone is difficult. Fortunately, we’re here to help you better understand your credit rating, particularly if you suspect you have a bad score. Repayment history information, including any late payments, stays on your file for two years before you’re free and clear. The good, the bad and the ugly Your illion credit score via Credit Simple ranges from 0 to…

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Where can I get my credit report?

Where can I get my credit report? Keeping tabs on your credit score is crucial if you have hopes of funding some of life’s biggest purchases, such as a house or car. But what about your credit report? If you’re not sure of the difference, don’t fret, as we’re about to give you a crash course on credit scores and credit reports, including how you can get your hands on them both (for free). Your report contains all the information…

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Credit scores 101: How to check your credit score (and more)

You may not have put much thought into your credit rating before, especially if you’ve avoided credit cards, mortgages and other loans in the past. But there will likely come a day when you want financial help from lenders, so here’s our quick guide of everything you need to know about credit scores. Any score over 500 is good, so your rating may not be as bad as you think. What is a credit rating? Organisations use credit ratings to…

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What is a default on credit? (And how can I remove it?!)

Have you spotted a default on your credit rating? If so, your credit score could have taken a big hit. Let’s take a look at what credit defaults are, how long they stay on your report and the measures you can take to clear defaults from your credit history. You can only get a default actively removed from your history when a mistake has been made. Understanding defaults on your credit rating A default on credit is when you fail…

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The 2016 Census results are in: How do we look?

Census 2016 made its fair share of headlines. From #Censusfail, to the ensuing Senate Committee hearings, to the thousand and one think pieces breaking down everything that happened – more people probably talked about the Census itself than actually participated. But on June 27 this year, the Census data was finally released – and it provides a unique snapshot into living in Australia. From cultural makeup to credit scores to cars we own: mistakes on the night aside, the Census…

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Here’s the highest credit score possible (and how to achieve it)

On a scale of one to a thousand, are you a human or a unicorn? You may not know it, but that’s essentially the question everyone asks when they seek out their credit score. At Credit Simple, your credit score runs between 0 and 1,000 – the higher the score, the lower the likelihood of you incurring a black mark against your name in the next 12 months. Anything under 500 is generally viewed as a poor credit score, and…

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Are your finances suffering from ‘excusitis’? Beat it, now

Liar, liar, pants on fire. We Aussies are masters at coming up with excuses for our spending and debt. I’ve heard it called “excusitis”. We convince ourselves that “we’re different” or that “we need it”, or “everyone else does it”. It’s that six inches of grey stuff between your ears that’s at fault. And it’s getting worse. A staggering 70.19% of Australians have a credit card  and our balances have grown from $5.9bn in 1995 to $51.8bn in 2016. Ouch.…

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Will closing my credit cards hurt my credit score? Consider this first

You’d think closing off credit cards or other accounts would boost your bankability in the eye of providers. The reality is that sometimes it can do exactly the opposite. Closing off some accounts after paying down your debt may actually lower your credit score. Take mortgages for example. It would be natural to think that clearing your home loan would improve your credit score. But hold that thought. One of the lesser known things that could hurt your credit score…

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Debunking 5 of the most common credit myths

Where do you get your credit score information? According to Australian Securities and Investments Commission (ASIC) research, many of us rely on less-than-authoritative sources. Their Financial Behaviour and Attitudes tracker found that just over a third of us use bank websites for information on financial products (while definitely authoritative, they may not be independent). Around one-fifth rely on friends and family, while only 10 per cent (roughly) use a professional financial adviser. When it comes to your credit, it pays…

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Eat all the smashed avo you want, house prices won’t go down

It’s time to give millennials a break. It’s easy to pretend younger generations don’t work hard to get a home loan, but the reality is house prices compared to income are far, far higher than they used to be. Reserve Bank of Australia research shows that back in 1985, the dwelling price to income ratio across the main five capitals sat around 1:3 for most, with Sydney closer to 4:1. Now, these are all above 6:1. While there are many…

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