Maintaining your current credit score

Understanding your credit score and working to improve it can help you in many ways.

We live in a new age of Positive Credit Reporting in Australia which simply means that your credit history will now report all the repayments for your financial and general living obligations including utility accounts to show if they are paid on time, rather than just negative events that may have occurred with previous credit. ie defaults and court judgements.
The idea is to report when obligations are paid and met on time to demonstrate positive financial management, not just some past negative event that could have occurred for an understandable reason.
Ensuring you meet your credit card, any loans, your power and phone bills on time will help to maintain a healthy credit score.

If you have a low credit score, you’ll likely have trouble getting approved for a mortgage, car loan, or credit card. A low credit score can also mean higher interest rates on loans and credit cards. People with low scores could be charged higher interest rates because they’re seen as higher risk.

Making numerous applications to lenders within a short period of time is another way to negatively affect your credit score.
Speak with a PFGA finance adviser before you make any application directly with a lender. A good finance adviser can assess your financial circumstances first and have a better idea of where or how to apply.
At the least, your adviser can make you aware of your options and then take your instructions for any application.