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A credit rating is a numerical score that represents to lenders how trustworthy you are as a borrower. The higher your credit rating is, the more likely you are to be eligible for loans. Your credit rating is worked out based on your ability to pay back debts and loans, and how quickly you do so.
It is important to know your credit score to gain a good understanding of your overall financial health.
Your credit rating will be a number between 0 and 1 200. What each number represents are as follows:
The most important way to keep your credit score healthy is to pay your bills on or before their due date. Beyond this, you can ensure any loan repayments you might have are paid on time, and regularly pay off your credit cards. Cultivating a good credit score take years of maintaining these good habits, so don’t expect your credit score to increase significantly after a couple of months.
On the other hand, there are a handful of surefire ways to see your credit score decrease. Try to avoid paying bills consistently late. Often, this can just be a case of staying organised. Try scheduling payments to process on or before the due date as soon as you receive a bill. This means you will not have to remember to pay it on the due date. Other things to avoid are applying for credit cards or loans that you are likely to be rejected for, and getting multiple balance transfer credit cards one after another.
The most important tip we can give you is to check what your credit rating is. Debt Mediators has a great free service that you can use right now to find out your credit rating.
If you’re disappointed by your credit rating the best thing to do is start making plans to fix it! If you aren’t sure where to start, or need help managing debt, contact Beyond Debt today. A bad credit rating will not affect our ability help you!
Beyond Debt is a trading name of DCS Group Aust Pty Ltd. Australian Credit License: 382607. RDAA Number: 1126. PO Box 3074 Newstead, QLD, 4006.
DCS Group operates under a Limited Liability scheme approved under Professional Standards Legislation
