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Credit Simple

Four saving strategies for spring and summer

As the winter months come to an end in Australia, you’re probably antsy to get out in the warmer weather. But getting out more could also mean increased spending. If you’re trying to figure out how to save this spring and summer, easy ways to get a boost include sticking to a budget, using credit card rewards, having social functions at home and saving on energy costs. 1. Stick to a budget Sticking to a budget is easier said than…

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Why did my credit score change?

Due to the amount of information that is used to calculate your credit score, it’s easy to see how your score can fluctuate. Still, if you don’t believe much has altered in your financial habits and your credit score still has changed, it can be confusing. Here are a few common reasons why credit scores change: You applied for a new loan or credit card Any new applications you make for credit will directly affect your credit score. Keep in…

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How long is information held on my credit file?

Following the introduction of comprehensive credit reporting, both positive and negative listings are recorded by credit providers. However, it is the negative listings such as bankruptcies and overdue accounts that will be listed on your file for longer and impact your ability to access credit. Use the following as a guide for how long listings will appear on your file: Type of listing Length of time it’s listed (years) Description Payment history information 2 Monthly repayment history information on active…

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What makes up your credit report?

Your credit score is calculated using a range of information from your credit file. Personal information Your age, how long you have been employed and the length of time you have been at your current address can affect your credit score. Credit information The type of lender you apply for credit with can have an effect on your credit score, as can how much credit you apply for along with the type of credit. All applications you make will be…

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What can you do with your credit score?

What is my credit rating and what can I do with it? Credit Simple CEO David Scognamiglio chats with Channel 9 news on all things credit scores, what exactly they are, and how you can use your score to get a better deal on items such as credit cards, energy or health insurance. Did you know your credit score could get you a better deal? We have lots of offers tailored to you. Offers onsite include: Credit cards Loans Energy…

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How to make your mortgage work better (and harder) for you

For most of us, there’s nothing we spend more on each month than our mortgage. So there’s never a month where it’s not worth asking: “Could I be doing better? Could I be getting closer to paying it off? Could I be paying a bit less in interest?” Here are our top tips for making sure you’re putting the least in and getting the most out. Push your bank a bit harder It’s always worth bearing in mind that banks…

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Mortgage Help: How to refinance your home loan

A mortgage can easily end up costing you thousands more than it needs to, maybe tens of thousands, if you’re not always looking for the best deal. Sometimes you can do better by refinancing to a mortgage with a lower interest rate. But it’s not something you want to be doing without some careful preparation and homework. What do you need, and what will it cost you to change? Before you start refinancing, find out exactly how much you need…

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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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Five things you need to know about Comprehensive Credit Reporting (and how it may affect you)

Comprehensive Credit Reporting is a regime that helps lenders judge how well you can manage your borrowing commitments and make repayments. Let’s take a closer look at what the system is, how it works and the potential impact on credit scores. 1. Changes are happening in 2018 More data may soon be included in your credit report, but what exactly does this mean to your credit score and finances? As you may have heard, there was a change to credit…

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