Posts Tagged :

credit score

Are credit repair companies effective? Here’s what you need to know about credible credit repair

So your credit score is shot. And you need to borrow money, open a utilities account, or rent a home. If only you could repair your credit. Chances are you’re at your wits’ end and don’t know what to do. It feels unfair that your old defaults are holding you back. Credit repair is possible (sometimes). But beware of the credit repair industry. They can promise a lot but deliver – well, not very much.  Their services to offer to…

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Will closing my credit cards hurt my credit score? Consider this first

You’d think closing off credit cards or other accounts would boost your bankability in the eye of providers. The reality is that sometimes it can do exactly the opposite. Closing off some accounts after paying down your debt may actually lower your credit score. Take mortgages for example. It would be natural to think that clearing your home loan would improve your credit score. But hold that thought. One of the lesser known things that could hurt your credit score…

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Debunking 5 of the most common credit myths

Where do you get your credit score information? According to Australian Securities and Investments Commission (ASIC) research, many of us rely on less-than-authoritative sources. Their Financial Behaviour and Attitudes tracker found that just over a third of us use bank websites for information on financial products (while definitely authoritative, they may not be independent). Around one-fifth rely on friends and family, while only 10 per cent (roughly) use a professional financial adviser. When it comes to your credit, it pays…

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Nine ways to sabotage your own credit score

I’m working hard to improve my credit score these days. In the past I was a bit of a bad boy when it came to paying bills – so I’ve been looking into what will kill your credit score, and fast. Real fast. But just so you know: a good credit score is 500 or more on the scale of 0 to 1,000. Most of us Aussies sit between 400 to 600. Over 800 is brilliant. Anything less than 400 is…

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Wanting to get a foot on the property ladder? Here are five strategies to help you get there

As a young would-be home buyer, it can be tough getting a foot (or even just a big toe) on the property ladder. To help set Aussies up for success, CreditSimple.com.au spokesperson Emily Price provides her top tips for first time buyers to get started. 1. Use your score to leverage a better deal “The first step is to check your score via CreditSimple.com.au. If it’s above 700, you’re an attractive customer and you should pick up the phone to see…

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Know your rights: What to do if you’re being chased by a debt collector

There’s nothing like owning a ferocious guard dog for dealing with debt collectors. Chomp, chomp, chomp. There goes the arm of that dastardly fella. Well, not really. Setting the dog on the debt collector isn’t going to solve your problems – it’ll just make them worse. Debt collectors don’t even taste that nice (or so we’re told). It’s easy to stick your head in the sand when you can’t (or forget to) pay a bill. But leaving all those envelopes…

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Queensland the place to be for young Aussies looking to get their first home, research shows

Young Aussies in Queensland are more likely to be in the market to own their own home than any other state, according to our research.  We’ve looked at mortgage application data (from January – June 2017) broken down by region, and it shows Queensland has the highest proportion (17 per cent) of mortgage applications among people under 30 in Australia, compared to making up only 15 per cent of all applications nationally. Queensland is followed closely by Western Australia (16 per cent)…

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Shocked female
How a $560 phone bill stopped a home loan application dead in its tracks

It’s easy to go through life ignoring your finances. Money, bills and investments are topics that are often thrown in the too-hard basket, and we live with the mindset that if we pay the bills, our finances should be in order. But it’s not quite that simple, and as Melbourne resident Krystle* discovered, something as small as a late payment can come to haunt you years down the track. “I’ve always been a really organised person,” Krystle says. “The importance…

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Five financial things I learned while getting a degree I never used

You’ll often hear people say that you shouldn’t go to university unless you know what you want to study and how you’ll use it in a job later on. I disagree; I think all university study is useful in one way or another. It’s not just a degree  –  it’s a formative experience  –  and I personally don’t think it’s ever a waste of money, time or effort. But I’m speaking from the point of view of having got my…

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Is your credit score in the zero zone? This could be why

If credit scores were emojis, getting a zero would be a bit like this guy. Getting a zero for your credit score can be a bit of a shock. But don’t worry, you can turn your emoji frown upside down with a few fixes. But first, a bit about why you got a zero score. For 85% of people with zero scores, they’ll have a default or a bankruptcy on their file. This is the major problem: not paying your…

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