CREDIT SCORES - What you need to know

26 July 2021

In Australia when you apply for credit, you will usually be asked permission by the credit provider to access information on your credit report. The information on this report will then play a part in determining if your application is approved.

A credit score of over 800 is what people should try and aim for.

Factors that determine your credit score

Credit enquires and repayment history are the two main factors that determine a credit score.

Increased use of buy-now-pay-later purchases is one of the common mistakes people make that hits their score. A lot of credit enquiries, missed repayments, late payments, things like that all impact your score. Additionally, we have positive and negative reporting, which is good if the data is accurate, so, everything is on your file. 

 Common mistakes people make with credit scores

Let’s start the conversation

Pick up the phone or send me an email today. I’m here to help you find the best finance solution to meet your needs, and with minimal impact on your credit score.  

carla.r@quantumbusiness.com.au

Disclaimer 
The material in this communique is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Quantum Business Finance accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice.