Posts By :

Credit Simple

Is Credit Simple legit? Our response to reviews on ProductReview.com.au

Welcome to Credit Simple. If you’re reading this blog, chances are you’ve found your way here after asking a search engine if our business is legitimate. Indeed, we’ve had some pretty bad reviews on sites such as ProductReview.com.au. So we thought we’d give you the low-down on myths and truths about our business, credit scores, and your rights and privacy. I think your business is a scam and you’re ‘phishing’, or conducting identity theft None of the above. Credit Simple…

read more
Why good credit can help you buy a house

Are you thinking about taking the next big step in your life and applying for a home loan? Buying your own property is a major part of becoming financially stable in the future, because you have a huge investment as a part of your portfolio. However, if you don’t have a clean credit report, you could find it difficult to get favourable terms on your mortgage. When a lender looks at your application for a home loan, they’ll consider more…

read more
Women more likely than men to rate themselves as excellent money managers  –  except Gen Z

Women are making headway with equality in everything from climbing the ladder at work to starting their own businesses, but young Generation Z women feel they aren’t as good with money as their mothers were, while Gen Z men feel more confident, indicates research*. The research, which we commissioned to see how women feel about their finances in the lead up to International Women’s Day on March 8, indicates that overall, women are more likely than men to rate their…

read more
How long does it take to recover from serious financial difficulty?

If you’re on the verge of a serious financial problem, you need to act quickly. Going bankrupt or having multiple defaults listed on your credit report can severely impact your future ability to take out a loan or open a new line of credit. Lenders will look at your financial past, see that you’ve been unable to handle your finances, and potentially refuse your application. Examples of a major financial misstep include going bankrupt, failing to repay multiple debts over…

read more
How does my credit score affect mortgages and other loans
How does my credit score affect mortgages and other loans?

The majority of purchases we make in our lifetime are affordable enough for us to either buy outright or save towards over time. This is rarely the case for high-value assets such as houses, cars and other expensive items. Statistics show that the average property price across Australia’s capital cities reached $625,000 in July 2017. A new vehicle is cheaper (and cars are apparently more affordable than ever before, but still a considerable expense nonetheless. Even renting an apartment comes…

read more
What affects your credit rating?

The factors that determine your credit rating have changed dramatically in recent years, so let’s begin with a brief history lesson. Back in the old days (okay, before March 2014), your credit rating was only based on negative events, such as defaults. This meant lenders had limited data on which to judge your creditworthiness. Three years ago, a new comprehensive credit reporting system (CCR) was introduced. The upshot is that organisations are now allowed to share far more of your…

read more
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 credit score at Credit Simple ranges from 0 to 1,000…

read more
How can I fix my credit rating?

Is your credit score making lenders wince? You may struggle to obtain mortgages, car loans, credit cards and other forms of borrowing if you fail to fix your rating. The goods news is that you’re aware there’s a problem if you’re reading this, so let’s explore some of the ways you can repair your credit rating in Australia. Defaults are payments on a credit account that are at least 60 days overdue and worth $150 or more. 1. Identify mistakes…

read more
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…

read more
What is a good credit score range in Australia?

One of the most frequently asked questions that we encounter is ‘what is a good credit score?‘ Without context, your rating (which will be between 0 and 1,000) won’t give you the information you need to better understand your creditworthiness. So we’ve compiled a credit score chart to help you understand what constitutes a good rating range in Australia. Zero score You probably don’t need our help to tell you that a zero rating isn’t great. Chances are, you’ve experienced…

read more