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Posts Tagged :

credit score

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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Why did my score decrease?

Have you noticed a dip in your credit score? This could mean many different things. The amount of credit you have, the age of your credit or any altered credit limits could all make your score go down. Comprehensive Credit Reporting (CCR) changes in Australia made earlier this year could impact your credit score as well. While there are many possible reasons why your report changed, let’s look at these common factors. Comprehensive Credit Reporting changes As of July 2018,…

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Help! Nothing has changed on my credit file, but my score has changed. Why?

So your credit score has changed, but you can’t see anything immediately obvious on your credit history to indicate why it’s different? There are a few reasons why your credit score can change, even though it doesn’t look like anything has changed on your credit history. Some of the reasons why your credit score may change are: Data is only held on your credit file for a certain amount of time, something that is decided by privacy laws. A default…

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How your credit score affects the interest rates you pay: Welcome to the brave new world of risk-based pricing

Watch out! Your credit score could soon affect the interest rate you pay. That’s good if you’re a “unicorn” with a credit score from 801 to 1,000, and not bad if you’re a “thoroughbred” with a score of 601 to 800. If, however, you’re a credit “donkey” at the very bottom of the credit score pile, a credit pony at 201 to 400, or a farm horse from 401 to 600 you could well pay more. Why “donkeys” pay more…

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Comprehensive Credit Reporting – what’s changing (and how it may affect you)

You might’ve heard talk about Comprehensive Credit Reporting being a ‘thing’ in Australia. It sounds complicated (and let’s face it, probably a bit boring). So what is it, and how could  it affect you? And how can you get the most out of it so that you may be able to keep more money in your own pocket? Comprehensive Credit Reporting  –  what it is and how it works Credit reporting used to be about people doing ‘bad’ things (such…

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How do I get a clear score for credit applications in Australia?

Have you ever forgotten to pay a mobile phone bill? Perhaps one of your credit card payments was a little late? These may seem like minor issues, but they can leave a lasting black mark on your credit history that may affect your access to lending. Working your way towards a better credit rating can improve your financial situation, but what helps you get a clear score for credit in Australia? What does a ‘clear score’ even mean? Credit defaults…

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Credit score FAQ: What are the benefits of a clear score?

Your credit score is a bit like a heart rate for your finances. It offers lenders a quick and simple way to gauge your overall financial health. One of the key differences is that a credit score can never be too high! A clear score doesn’t necessarily represent a perfect credit rating (which will generally range from 0 to either 1,000 or 1,200 in Australia depending on the credit bureau calculating it.) But chances are a clear score means you…

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Life hack: How to beat credit card interest

If you’ve got a credit card but you’re sick of being stung with interest costs, you might be wondering how you can avoid paying interest but still use the card for the maximum benefits. We’ve broken it down. Credit card interest – the good, the bad and the ugly Each month, your card will tell you the total amount you owe on your account, and it will also tell you the ‘Minimum Payment Due’. You might choose to pay just…

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Credit cards: Why a low-interest or balance transfer credit card could work for you

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?…

read more