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Credit Simple

Credit Simple
Is postpaid mobile worth risking your credit score?

Black marks on your credit score can come from many sources. Mortgages and bankruptcies might be what most people think of, but it’s important to understand the everyday things that can impact your credit rating – such as your mobile phone use. When the Australian Communications and Media Authority revised existing legislation and recommendations in 2012, it found that people had spent $1.5 billion on the wrong plan. While there have been many changes since to help people who experience…

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You say you want a resolution?

For most of us, the New Year is a popular time to set personal goals and look back on the what we’ve achieved in the last 12 months. But with all the goodwill in the world, it can be hard to turn resolutions into results. People who study behaviour for a living reckon that for a resolution to actually work, it needs to tick five boxes. Happily, the five boxes spell “SMART,” making them not just easy to remember but…

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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…

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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 illion credit score via Credit Simple ranges from 0 to…

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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…

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Credit scores 101: How to check your credit score (and more)

You may not have put much thought into your credit rating before, especially if you’ve avoided credit cards, mortgages and other loans in the past. But there will likely come a day when you want financial help from lenders, so here’s our quick guide of everything you need to know about credit scores. Any score over 500 is good, so your rating may not be as bad as you think. What is a credit rating? Organisations use credit ratings to…

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What is a default on credit? (And how can I remove it?!)

Have you spotted a default on your credit rating? If so, your credit score could have taken a big hit. Let’s take a look at what credit defaults are, how long they stay on your report and the measures you can take to clear defaults from your credit history. You can only get a default actively removed from your history when a mistake has been made. Understanding defaults on your credit rating A default on credit is when you fail…

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The 2016 Census results are in: How do we look?

Census 2016 made its fair share of headlines. From #Censusfail, to the ensuing Senate Committee hearings, to the thousand and one think pieces breaking down everything that happened – more people probably talked about the Census itself than actually participated. But on June 27 this year, the Census data was finally released – and it provides a unique snapshot into living in Australia. From cultural makeup to credit scores to cars we own: mistakes on the night aside, the Census…

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Here’s the highest credit score possible (and how to achieve it)

On a scale of one to a thousand, are you a human or a unicorn? You may not know it, but that’s essentially the question everyone asks when they seek out their credit score. At Credit Simple, your credit score runs between 0 and 1,000 – the higher the score, the lower the likelihood of you incurring a black mark against your name in the next 12 months. Anything under 500 is generally viewed as a poor credit score, and…

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Are your finances suffering from ‘excusitis’? Beat it, now

Liar, liar, pants on fire. We Aussies are masters at coming up with excuses for our spending and debt. I’ve heard it called “excusitis”. We convince ourselves that “we’re different” or that “we need it”, or “everyone else does it”. It’s that six inches of grey stuff between your ears that’s at fault. And it’s getting worse. A staggering 70.19% of Australians have a credit card  and our balances have grown from $5.9bn in 1995 to $51.8bn in 2016. Ouch.…

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