Posts Tagged :

credit score

How do I get a clear score for credit applications in Australia?

Have you ever forgotten to pay a mobile phone bill? Perhaps one of your credit card payments was a little late? These may seem like minor issues, but they can leave a lasting black mark on your credit history that may affect your access to lending. Working your way towards a better credit rating can improve your financial situation, but what helps you get a clear score for credit in Australia? What does a ‘clear score’ even mean? Credit defaults…

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Credit score FAQ: What are the benefits of a clear score?

Your credit score is a bit like a heart rate for your finances. It offers lenders a quick and simple way to gauge your overall financial health. One of the key differences is that a credit score can never be too high! A clear score doesn’t necessarily represent a perfect credit rating (which is 1,000 in Australia). But chances are a clear score means you don’t have any significant black marks – such as defaulted payments or bankruptcies – on…

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Life hack: How to beat credit card interest

If you’ve got a credit card but you’re sick of being stung with interest costs, you might be wondering how you can avoid paying interest but still use the card for the maximum benefits. We’ve broken it down. Credit card interest – the good, the bad and the ugly Each month, your card will tell you the total amount you owe on your account, and it will also tell you the ‘Minimum Payment Due’. You might choose to pay just…

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Credit cards: Why a low-interest or balance transfer credit card could work for you

How credit card balance transfers work If you find yourself in credit card debt, paying a huge amount of interest every month and never making any reduction in the balance because it’s all going in interest, a balance transfer could be your way out. In a way you would be paying off your credit cards with another credit card, but the crucial difference is that the new credit card may come with an interest rate holiday. (After a basic card?…

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Credit cards: What a basic starter credit card will do for you

Can this card help me build my credit? Your first credit card is your chance to start proving you’re a reliable person to lend to. It’s your chance to show that you can pay what you owe, when you owe it. The more you can be trusted to do it, the better your credit rating will be. Build a good reputation with the card issuer, and that sets you up for them to consider you for some of their other…

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Credit cards: Are rewards credit cards, travel cards and cash-back cards a good idea?

Rewards, travel and cash-back cards There’s no such thing as a free lunch. Basically, no-one’s going to be putting rewards and inducements your way unless you’re spending enough to make it worth their while to look after you. If you’re not spending at least $1,000 on your card each month, you’re probably not going to be earning enough to make it worth your while, especially once you factor in the annual fee, which can be quite a lot for a…

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Can you get a credit card if you don’t have a clear score?

If you have a bad credit history or don’t have a clear score, you may be wondering if you can still be approved for a credit card. According to Finder, about 40 per cent of Australians fear a bad credit score, and that their credit score could keep them from being approved for a credit card or loan. But how can you achieve a clear score and be sure you’ll get the green light? Getting approved for a card with…

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Credit Simple launches spend tracker Money Simple, as research reveals Aussies find budgeting too tricky

Are you one of the many Aussies who find budgeting just too hard to bother with? We’ve launched an online spend tracker to help solve that problem. It’s called Money Simple, and just like Credit Simple, it’s online and free. You can access Money Simple by logging in to your Credit Simple account or signing up with Credit Simple, and clicking on the Money Simple tab. It pulls in information from all the major banks, so you can see your…

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Life after bankruptcy: How to repair your credit score, finances, and emotional wellbeing

There’s life after bankruptcy. Having your debts cleared by bankruptcy can be a chance for a fresh start. But picking yourself up afterwards can be way more difficult than most people expect. Bankruptcy isn’t just a piece of paper. By the time you’ve reached that point, your financial and emotional future can seem like a long dark tunnel with no end. Coming back from bankruptcy When entrepreneur Michael Williams* reached the point of bankruptcy, debt collectors accompanied by gang members…

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Want a clear score? Knowledge is power. Make sure you know your credit terminology

Credit card usage has become ubiquitous worldwide, even among those who want to get a clear score. In Australia alone, we have accrued around $32 billion in credit card debt to date. Statistics also show that from 2010 to 2017, the average credit card purchase went up from eight purchases a month to 13. With the increase of credit card usage in Australia, there has also come additional stress. The Australian Securities and Investments Commission (ASIC) conducted a survey about…

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