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Credit Simple

Credit Simple
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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Hand holding cardboard credit card
Did you know the first credit card was made of cardboard? Here are five random (but fascinating) facts about credit cards

The first credit card was cardboard The first independent credit card was Diners Club, founded in 1949 after hungry co-founder Frank McNamara took clients out to dinner and realised he’d left his wallet in another suit. His wife paid the bill and Frank thought up a charge card that would help him avoid embarrassment next time. He pitched the idea to the restaurant owner, and next day consulted his lawyer to get the ball rolling. Frank’s first Diners Club card…

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Man working out outdoors
Boost your savings with the Three Ts (track, trim, and target)

Saving is the worst. I cannot save money. I just can’t. I look at my payslip each month and take out the rent, the food, the car, the power, the water, the gas and there’s barely enough left to pay for the odd drink after work let alone save up for a deposit on a house or anything stupid like that. I know I was supposed to pay myself first but somehow that just never worked out. By the time…

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Cyber security
Want to keep your money safe online? Think about your underpants

Budgeting, planning and all the good credit habits in the world are no good if someone goes and nicks your hard-earned money. These days, though, the bad guys are unlikely to turn up with stockings over their heads and big sacks marked “swag”. Digital crime – money being stolen directly from your bank account – is on the up. There are two ways this can happen, and one is a lot more common than the other. “Hacking” is what most…

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Nine ways to sabotage your own credit score

I’m working hard to improve my credit score these days. In the past I was a bit of a bad boy when it came to paying bills – so I’ve been looking into what will kill your credit score, and fast. Real fast. Your credit score, which is sometimes referred to as your credit rating, will generally range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. Your illion score via Credit Simple will range…

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Eight ways to dine out on a budget

Saving money doesn’t mean saying no to dinner dates. It’s totally do-able to dine out without spending big. Here are eight tips to spending small when dining out: 1. Avoid share plates. It’s hip to share, right? Well, not when it comes to your wallet. If you’re eating out with a group and everyone is sharing food tapas-style, it’s all too easy to blow out your budget. Those delicious dishes at $15 a pop may seem like a small amount,…

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Wanting to get a foot on the property ladder? Here are five strategies to help you get there

As a young would-be home buyer, it can be tough getting a foot (or even just a big toe) on the property ladder. To help set Aussies up for success, CreditSimple.com.au spokesperson Emily Price provides her top tips for first time buyers to get started. 1. Use your score to leverage a better deal “The first step is to check your score via CreditSimple.com.au. If it’s above 700, you’re an attractive customer and you should pick up the phone to see…

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Know your rights - What to do if you’re being chased by a debt collector
Know your rights: What to do if you’re being chased by a debt collector

There’s nothing like owning a ferocious guard dog for dealing with debt collectors. Chomp, chomp, chomp. There goes the arm of that dastardly fella. Well, not really. Setting the dog on the debt collector isn’t going to solve your problems – it’ll just make them worse. Debt collectors don’t even taste that nice (or so we’re told). It’s easy to stick your head in the sand when you can’t (or forget to) pay a bill. But leaving all those envelopes…

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