Do you know your own credit rating? Your credit rating is flexible and changes as your debt accumulates or as your debt reduces. Credit rating can affect potential loans such as home loans, personal loans and loans for motor vehicles. You might be thinking, does it really matter what my credit rating is? The answer is YES! But, how often should you get a credit rating check?
A Credit Rating Check
If your credit rating is low, potential lenders are less likely to approve you for loans or credits. Low credit ratings can also lead you to have higher than average interest rates, penalising you even more. The benefit to a higher credit rating is that you are more likely to be approved for mortgages, loans, and will be able to request lower interest rates based on your higher credit.
If you haven’t given your own credit history thought or even a glance, you might want to take a moment and give it a look. You’re entitled to a free copy of your credit history every twelve months from credit agencies like Veda, Dun, and Bradstreet. You will have to enter a few personal details and answer questions regarding your history, but it doesn’t take long and you can do it while you’re waiting for a bus or train to arrive.
Okay, I have checked my credit rating, now what?
If your credit rating is in the green, then you’re more likely to get approved for the loan and credit you’re applying for. What we mean by in the green, is that if your credit score is 622 and above, it is easier for you to get credit and loans. The average credit rating for Australians is 859.
My credit rating is 622 or lower and I’m starting to freak out!
First, don’t freak out. Take a deep breath and a sip of your coffee. Your credit rating can be repaired! That’s why you’re here on this site and reading this post! Clean Credit is here to help you. We want to help you spring clean your credit file and restore your credit rating. We will help you clean up the credit files, repair your credit history, remove negative items, and improve your overall credit rating which will allow you more financial opportunities now and even in the future. It may seem big and scary tackling your credit history, but you will not be alone. We will here, holding your hand every step of the way.