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Posts Tagged :

credit score

Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, just recently, Australia joined the 21st century and implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty,…

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What is a good credit score in Australia?

What is a good credit score in Australia? 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. In all cases, the higher the score, the better. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in Australia – bureau by bureau. If you want to see how your…

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man watering money tree
Here’s how to grow your business if you want to take it to the next level

So business is booming and you’re not content to just maintain the status quo…. you want to grow your business into something bigger. Well, strap in because you’re in for an exciting ride that will expand your skills, test your mettle and ideally put your business on the trajectory toward bigger success. Here are some tips that any small business, sole trader or freelancer can use to grow their business, regardless of industry. Decide how you want to grow There…

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Comprehensive Credit Reporting is a boon for Australians

Just as we hoped, Comprehensive Credit Reporting (CCR) has improved the credit scores of millions of Aussies. Late last month, the Big Four banks shared the remaining 50% of lending data with the credit bureaus, marking the biggest milestone in the history of the new reporting regime. Literally overnight, nearly half of all Aussies using Credit Simple received an improved credit score. What is Comprehensive Credit Reporting? CCR is a reporting scheme that takes all of a borrower’s credit history…

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Six million homeowners could get a better mortgage

Up to 6 million Australians could save up to $40,000 over the life of an average 25-year mortgage, following the introduction of new laws by the Australian Government, according to consumer advocate group www.creditsimple.com.au. The introduction of Comprehensive Credit Reporting (CCR) means Australian banks are about to load millions of records with the credit bureaux, and lenders will now be able to see the positive records of the country’s 6.4 million home owners for the first time. www.creditsimple.com.au CEO David…

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How to find the best home loan for your needs

Of course you want a home loan with low interest rates, minimal fees and an offset account that lets you deduct 100% of the balance from the amount owed. But other than that, the definition of the “best” loan varies based on your personal circumstances. Ready to apply? Check out our offers page for a range of home loan offers to suit your needs. See offers The basics As described in the intro, there are three basic things all hopeful…

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Everything you need to know about online home loan calculators

Online home loan calculators can be among the most valuable tools you’ll find as you seek to maximise your borrowing capacity, nab the best deal and work out the most cost effective way to pay the darn thing off.  What is a home loan calculator? “Home loan calculator” is actually a catch-all term that applies to an entire category of calculators that each has its own function.  For example, one type of calculator will estimate how much you can borrow,…

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The right way to apply for a credit card

If you’ve thought long and hard about your need to get a credit card, and have narrowed down your options after an exhaustive comparison of rates, fees and perks, then the next step in the process of getting a credit card is to actually apply for one. Nowadays, most card providers let you do all this online, but applying for a credit card isn’t as easy as ticking a box. It can be a bit of a process, involving photo…

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Credit cards: What is a Low-interest or balance transfer credit card

How credit card balance transfers work If you find yourself in credit card debt, paying a huge amount of interest every month and never making any reduction in the balance because it’s all going in interest, a balance transfer could be your way out. In a way you would be paying off your credit cards with another credit card, but the crucial difference is that the new credit card may come with an interest rate holiday. (After a basic card?…

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What exactly is in your credit file?

Australians are making credit card purchases now more than ever. In 2017, there were over 16 million credit cards in Australia, and Australians spent a total of $315.6 billion using credit cards. Needless to say, credit is a popular topic. However, it’s also something many Australians stress about regularly. Understanding what information is in a credit file can answer many questions related to credit woes, and Credit Simple is here to help. The good That’s right—there can be positive information…

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