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Credit Simple

Credit Simple
What affects your credit score (and why it matters)

Your credit score indicates how financially healthy and responsible you are, and how likely you are to pay your debts. Your illion score via Credit Simple will range from 0 – 1,000 and shows you how banks and other lenders see you. Understanding how this score is calculated is crucial to improving your score, so you can get better deals from your bank, telco, insurance company and more. Here’s what affects your credit score: Defaulting on a payment, even if you…

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I checked my credit report (and you won’t believe what happens next!)

I got asked for ID last week at the liquor store and I was shamefully delighted about it, earning me the disgust of the very young checkout assistant. And while she might be in need of an eye check, once I stopped waving my ID in her face with glee it occurred to me that she probably thinks I am just a sad old lady eying up forty. While this might be true, I don’t miss my twenties. I might miss…

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My boss wants to check my credit score
Help! My new boss wants to check my credit report

Imagine you’re on the cusp of getting a hot new job, and your prospective boss says they’ll need to do a credit check. You’re pretty sure there’s some bad info on there, and anyway, isn’t it a breach of privacy? Fret no more, dear reader: we bring good news. Firstly, it’s true that other parties can check your credit report – landlords, recruiters, telcos, insurance providers and utility companies, as well as employers. However, they can’t do it without your…

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Does customer loyalty pay?

You don’t get much in this life unless you ask. That’s definitely the case with your bank, your insurance company and utility companies. There’s a lot of money to be made there. And if we’re lazy, companies can maximise their profits. Don’t let that be you. By playing hard to get, or by ‘rate tarting’ (that’s shopping around for a better rate), you can have your loyalty rewarded. Understand your spending Before you storm into your bank or phone your…

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How to build an emergency fund (and why you need one)

Last week I paid for an upcoming ski holiday in Canada. The trip isn’t until next ski season but it has to be paid in advance. Skiing in Canada is my idea of nirvana, so it wasn’t too painful to see the thousands of dollars flowing out of my account; after all, it’s going to a good cause. But this week, my car decided it needed a wheel bearing replaced plus a wheel alignment and new spark plugs. Then my dentist…

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Idiot tax: Eight ways to waste your money

We all throw money down the gurgler. But some people have far higher chances of getting a Darwin Award for stupidity by paying too much idiot tax than others. Stop wasting your hard-earned money in these pointless ways: Lottery tax So you think you’re going to get rich quick? If you’re convinced you’re going to win you’ve succumbed to gamblers’ irrationality. Why not be happier with what you’ve got in life already and save that money for your future? If…

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Couple unpacking boxes in home
The pros and cons of becoming a guarantor

‘Going guarantor’ are two dangerous little words. “Nan, will you go guarantor on my car? You don’t have to pay any money.” Stop right there. Going guarantor can be a great way to help others out. But it’s way more risky than most people think. Read this article before you say yes or no. The worst-case scenario is that the lender comes after you for the money. Parents have lost their homes from going guarantor and families have been torn…

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So you think you don’t have a credit history …

An acquaintance said to me – rather smugly – the other day, “I don’t need to check my credit score, because I don’t have a credit history.” “Oh, you don’t?” I said. “Have you checked it in the past and discovered you didn’t have a profile in the system?” “No,” he said. “But I’ve never had any hire purchases or a car loan, so they won’t have anything on me.” Many people think that a credit history is built solely…

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Fatten up your finances with the Three Naughty Things rule
Fatten up your finances with the Three Naughty Things rule

Ever been on a diet? A really strict diet? Chances are, you went crazy about all the things you couldn’t have, felt way too restricted, and had a blowout with a tray of donuts and a one-litre tub of salted caramel gelato. (No? Oh… OK, just me then.) Your finances are a bit like a diet, only in reverse: if you succeed, your bank account is the thing that gets fat. But just like being on a diet, if you’re…

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Funding your first set of wheels
Funding your first set of wheels – what you need to know before getting a car loan

Buying yourself a set of wheels is expensive. If you’ve saved the cash to buy the car, that’s great. But realistically, most young people have to borrow money to buy a car. If that’s you, brush up on a few things before you sign on the dotted line. Save Saving up and paying cash is the cheapest way to buy a car. Ask around and you’ll find friends who have done it. Surprising, huh? Downgrade your expectations We know you…

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