Posts Tagged :

credit score

How to compare credit cards the right way

Comparing credit cards the right way can be rewarding, because there’s a credit card that can cater to almost every lifestyle and financial need. When you compare, you’ll be looking at everything from interest rates, to reward programs to promotional offers to fees. Compare credit cards by type of card Since you probably already know that closing your accounts too often can hurt your credit score, we hope you’ll keep your card for some time. That’s why it’s important to…

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Debt consolidation loan vs. balance transfer credit card – which one to choose?

When you consolidate your debt, you are essentially taking out one large loan and using that money to pay off two or more smaller debts. The two major ways you can do this is by applying for a balance transfer (BT) credit card or taking out a debt consolidation loan. This guide explores why you’d want to consolidate debt in the first place and then looks at your two options to help you determine which one is right for you.…

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5 mistakes to avoid when running a business

A common business cliché you’ll often hear is “fail fast and fail often” – the idea being that you’ll learn a lesson and bounce back stronger each time. Whether or not that’s good advice depends on who you’re talking to. However, there are a few avoidable blunders that you’re best not to make regardless. Here are five entirely avoidable small business mistakes you’re best to steer clear of: Failing to build a credit history As your business grows, there’s a…

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Here’s what a credit report actually looks like

If you’ve ever wondered what your credit report looks like, wonder no more. This guide will give you insight into your credit report, including what information it contains, how to read it, and why it’s so important. There are three main credit reporting bureaus in Australia, and you can access their version of your report in a number of ways, including in a written/physical format or through an online dashboard. Each variation may differ slightly in the way it’s presented,…

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How to fix your credit score in 5 easy steps

Now that Australian banks are including positive credit behaviours in their reports to the credit bureaus, it’s much easier than it used to be to fix your credit score. So even if a few late payments or even a default knocked you back a few points, there are ways to work your way back into better credit territory. Here are the steps you’ll need to take to fix your credit rating and get it pointing in the right direction. 1.…

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Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, just recently, Australia joined the 21st century and implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty,…

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What is a good credit score in Australia?

What is a good credit score in Australia? Your credit score, which is sometimes referred to as your credit rating, can range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. In all cases, a good credit score in Australia is one that is at the upper end of the scale. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in Australia –…

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Here’s how to grow your business if you want to take it to the next level

So business is booming and you’re not content to just maintain the status quo…. you want to grow your business into something bigger. Well, strap in because you’re in for an exciting ride that will expand your skills, test your mettle and ideally put your business on the trajectory toward bigger success. Here are some tips that any small business, sole trader or freelancer can use to grow their business, regardless of industry. Decide how you want to grow There…

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Comprehensive Credit Reporting is a boon for Australians

Just as we hoped, Comprehensive Credit Reporting (CCR) has improved the credit scores of millions of Aussies. Late last month, the Big Four banks shared the remaining 50% of lending data with the credit bureaus, marking the biggest milestone in the history of the new reporting regime. Literally overnight, nearly half of all Aussies using Credit Simple received an improved credit score. What is Comprehensive Credit Reporting? CCR is a reporting scheme that takes all of a borrower’s credit history…

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Your business credit score: what it is and why you should care

By this point, you’re probably aware that you have a personal credit score – you know, that number that tells lenders how good of a borrower you’d be? But did you know your business can have a score of its own?  That’s right. If you’re an ASIC-registered company, lenders can use your business credit score to determine if your business is creditworthy. Doesn’t matter if you’re a scrappy startup, small family business or large enterprise.  It’s not just lenders who…

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