Phone Call About Qualifying For 0 Financing On Credit Cards Test Your Credit Score Knowledge

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Test Your Credit Score Knowledge

Credit Profile, Score, Rating: If you are thinking of taking a home loan, these are important terms that you need to know more about.

What is a credit score?

All credit active people have profiles. It’s a summary of your history with every credit provider you’ve ever dealt with, and serves as a record of how well you’ve managed your accounts, such as loan repayments, overdue loans, how often you’ve applied for credit and types. The loan or credit you have applied for and the frequency of your applications.

How does it work?

Credit reporting providers summarize your profile into something called a credit score. The score ranges between 0 and 1200, where the higher the number, the more likely you will be able to repay the loan. Lenders look at your credit profile and score to find out about your credit history and behavior, and assess if you qualify for a new loan. This information reassures lenders that you are good enough to pay back the money you have borrowed – ie you are a ‘low risk’ customer.

A good score not only makes you more likely to get approved on your home loan application – but it also means you’ll qualify for a better interest rate. Of course, the other side of the coin is that if you have a bad score, you will be less likely to qualify for any new loans. This prevents lenders and those with low scores from borrowing more and overspending themselves and getting into more debt. In short, you need to have a good credit score rating to get your home loan application approved.

So it’s a good idea to first find out what your credit score is before applying for a loan, and give yourself time to improve it before approaching a lender.

How to check your score?

A great place to start your research is the ASICs MoneySmart site. You can get a free credit score evaluation from several online providers listed on the MoneySmart site.

How to improve your score?

Improving your credit score starts with looking at your current financial situation and ways to improve it. Getting in good credit standing before you apply for a loan can help increase your chances of being approved.

You can improve your score by:

  • Lowering your credit card limit

  • Consolidating multiple personal loans and/or credit cards

  • Limiting your credit inquiries

  • Paying your rent and bills on time

  • Pay your mortgage and other debts on time

  • Paying off your credit card every month

To avoid any surprises, be prepared and know your credit score.

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