If you don’t know much about your credit score, you’re not alone. Credit scores and credit reports can be very confusing, especially if you haven’t had much experience borrowing money before. To help clear up a few things, we’ll walk you through everything you need to know about credit scores. So, whether you want to know how to improve your credit score or how to check your credit score rating, keep reading.By the way, for fast loans, click on the link and explore your options.
A credit score is a numerical expression that lenders use to evaluate a consumer’s creditworthiness. Your credit score usually ranges from 0 to 1,000 or 1,200 and the higher the score the better. Although ratings vary between credit reporting agencies, the general breakdown is as follows:
You are highly unlikely to have any adverse events harming your credit score in the next 12 months
833 – 1,200
You are unlikely to have an adverse event in the next 12 months
726 – 832
You are less likely to experience an adverse event on your credit report in the next year
622 – 725
You are likely to experience an adverse event in the next year
510 – 621
You are more likely to have an adverse event being listed on your credit report in the next year
0 – 509
Ultimately, your credit score helps lenders decide whether or not you are eligible for a personal loan, how much they should lend you, and sometimes what interest rate they will offer you.
Your credit score is calculated by one of the three credit reporting agencies that lenders are required to report to:
These agencies keep a record of your credit accounts and other details which they then use to work out your credit score. This is known as your credit report. According to ASIC’s MoneySmart website (http://www.moneysmart.gov.au/), a credit score is calculated by assessing:
Your credit report is a record of your credit history kept by credit reporting agencies. The type of information you will typically find in your credit report includes:
If you’ve been googling ‘what’s my credit score’, there are a few companies that can give you a free copy of your credit report:
It is important to remember that you can get varying results from different companies. This is because each agency has different ways of calculating your credit score. Your finances are also prone to change month to month.
Not only does your credit rating fluctuate as your circumstances change, but being diligent can help protect you from identity fraud. Checking and keeping an eye on your credit report can ensure your information is correct and that you have made all the enquiries and listings on the report.
You can ask for your credit report to be updated or changed if a listing is incorrect, free of charge.
If you do not agree with what is on your credit report you can ask for additional comments to be made. To do this you need to contact the reporting creditor to ask them to remove the report. If your creditor won’t release the report then you can speak with your relevant Ombudsman.
Although credit scores and credit ratings all sound a little scary, it is important to remember that knowledge is power. Before you submit an application for a personal loan it is essential that you are aware of your credit score and the baring this could have on your ability to get a loan.
Looking for a personal loan but worried bad credit could stand in your way? At Nifty, we look at more than just your credit score. We don’t think a mark on your credit score from up to 7 years ago should stop you from getting a loan today. So, our team will focus on how you are going to repay your loan rather than focussing on the past.
We’ll assess factors such as income, spending habits and pre-existing financial commitments to determine whether or not a personal loan is a responsible financial decision. Nifty is determined to make safe, reliable and fast loans available to all Australians. So, don’t waste hours googling ‘how to improve credit score’, ‘ loans for bad credit score’ or ‘low credit score loans’. You could apply with Nifty today and have an outcome in just 60 minutes!*
*If you apply during AEST business hours.
You’ll be pleased to know that we keep our application criteria as simple as possible at Nifty. Here’s what you’ll need to meet if you’d like to submit an application for a personal loan today:
To apply for a loan, simply follow these three steps:
If you’d like to learn more about our loan process, here is the breakdown of the three steps to your next loan:
To begin your application use our loan calculator located to the top of this page. Select how much you wish to borrow and for how long. You’ll see an estimation of your repayment if you made payments weekly, fortnightly or monthly. Once you are happy with your proposed loan terms, hit the ‘Apply Now’ button. You’ll be taken straight to our application where we’ll ask for a few more details
After you submit your application, our team gets straight to work assessing your financial situation to determine your suitability for a loan. We aim to deliver a tailored outcome in 60 minutes**. If we need any extra info from you, we’ll contact you directly. Otherwise, sit back and relax while we take a look at your loan application.
If approved, we’ll send you a contract to review, sign and send back. Once we receive your signed contract, you can receive your funds in your pocket and ready to use in 60 seconds*. Skip the painful waiting times, and bank on Nifty.
Yes, in most cases our team will conduct a credit score check when you apply for a personal loan with Nifty. Nifty is proud to be a responsible lender. That means we are committed to providing applicants with the best loan possible for their individual circumstances.
Although we will conduct a credit check when you apply for a personal loan, this will not be the only determining factor. Our team will take a look at your income, spending habits and pre-existing financial commitments to determine whether or not a personal loan is right for you. At Nifty, we love giving Aussies the best chance possible at the loan they deserve.
If you’re ready to submit an application for a personal loan with Nifty you’re probably wondering what documents you’ll need to provide us with. Check out the following:
If you have questions regarding the requirements for application, you can get in touch with the team or head to our FAQ page for more information.
Great! Scroll up and use our loan calculator to select how much you wish to borrow and for how long.
*Only available for NPP enabled bank accounts
**subject to when you submit your application
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Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.Read More