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Credit Simple

The balloon wont go up, but what if it does
The balloon won’t go up, but what if it does? Predicting an interest rate rise is never easy, but you need to know you can afford it

When you owe half a million dollars on your own home, you want to know things are going to be okay. So what if interest rates start to make their way up? Nine’s Finance Editor Ross Greenwood suggested this week that banks may try to edge up rates over the next 12 months. Some say there will be Reserve Bank interest rate cuts, others see pressure on the bank to raise them. Predicting this is never easy. But out in…

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People helping each other over a mountain
Feeling overwhelmed by your money problems? Here’s some free expert help

If it feels as though you’re struggling with money problems, the best thing you can do is ask for help. You’re not the first person to get into debt, and you won’t be the last. The sooner you get started on fixing the problem, the sooner you can put it all behind you. It can be amazing how much weight feels lifted off your shoulders once you sit down with someone and lay out your situation. There are many, many people…

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Suburban street in Melbourne
Eight ways for young Aussies to get their foot onto the property ladder

It was something people used to take for granted: you save for deposit, you get yourself a mortgage, you find a modest little house and off you go: a property owner in Sydney, or Melbourne, or Launceston, or Townsville. But how much does that picture line up with the reality these days? We’ve been looking at some recent media stories, and when you line them up you see many trends that suggest the dream could be slipping out of reach…

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Boy looking into makeshift phone
The Credit Simple guide to understanding your score

So you got your credit score, but you can’t understand why you got the score you did. Maybe it’s quite high (yay!) or maybe it’s low (or even zero). Here’s a rule of thumb guide to understanding your credit score. Two big things to keep in mind are: Credit scores of 1,000 are really rare, and anything over 800 is pretty standout. If your score isn’t as high as you think it should be, this could be because your current…

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What affects your credit score (and why it matters)

Your credit score indicates how financially healthy and responsible you are, and how likely you are to pay your debts. Your illion score via Credit Simple will range from 0 – 1,000 and shows you how banks and other lenders see you. Understanding how this score is calculated is crucial to improving your score, so you can get better deals from your bank, telco, insurance company and more. Here’s what affects your credit score: Defaulting on a payment, even if you…

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I checked my credit report (and you won’t believe what happens next!)

I got asked for ID last week at the liquor store and I was shamefully delighted about it, earning me the disgust of the very young checkout assistant. And while she might be in need of an eye check, once I stopped waving my ID in her face with glee it occurred to me that she probably thinks I am just a sad old lady eying up forty. While this might be true, I don’t miss my twenties. I might miss…

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My boss wants to check my credit score
Help! My new boss wants to check my credit report

Imagine you’re on the cusp of getting a hot new job, and your prospective boss says they’ll need to do a credit check. You’re pretty sure there’s some bad info on there, and anyway, isn’t it a breach of privacy? Fret no more, dear reader: we bring good news. Firstly, it’s true that other parties can check your credit report – landlords, recruiters, telcos, insurance providers and utility companies, as well as employers. However, they can’t do it without your…

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Does customer loyalty pay?

You don’t get much in this life unless you ask. That’s definitely the case with your bank, your insurance company and utility companies. There’s a lot of money to be made there. And if we’re lazy, companies can maximise their profits. Don’t let that be you. By playing hard to get, or by ‘rate tarting’ (that’s shopping around for a better rate), you can have your loyalty rewarded. Understand your spending Before you storm into your bank or phone your…

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How to build an emergency fund (and why you need one)

Last week I paid for an upcoming ski holiday in Canada. The trip isn’t until next ski season but it has to be paid in advance. Skiing in Canada is my idea of nirvana, so it wasn’t too painful to see the thousands of dollars flowing out of my account; after all, it’s going to a good cause. But this week, my car decided it needed a wheel bearing replaced plus a wheel alignment and new spark plugs. Then my dentist…

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Idiot tax: Eight ways to waste your money

We all throw money down the gurgler. But some people have far higher chances of getting a Darwin Award for stupidity by paying too much idiot tax than others. Stop wasting your hard-earned money in these pointless ways: Lottery tax So you think you’re going to get rich quick? If you’re convinced you’re going to win you’ve succumbed to gamblers’ irrationality. Why not be happier with what you’ve got in life already and save that money for your future? If…

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