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Your Credit Score Counts. Why and HOW To Check It Properly.

By Mary Nebotakis, Managing Director, Natloans, B. Eco, Dip. Financial Services

What Is A Credit Score?

Your credit score is the rating which lenders will assign to, which is calculated based on your history in finance, and takes into account your history of repayment, the types of loans which you take out, and your general ongoings in the world of finance.

Having a good credit score is fundamental to maintaining an ability to receive finance, because it is understood as being the first reference which lenders use to determine your worthiness for the reception of a loan. But, what constitutes a good credit score? Let’s find out.

Credit Score General Rankings

Here is a general guideline which most lenders agree upon. It will outline what is determined as optimal, and will lay out what the consequences of each ranking are.

  1. Great! (600-999)

    A client with such a credit score can expect the absolute best outcomes as it respects the lowest rates, and the most favourable terms.
  1. Good (500-599)

    Rates, and terms will not be the very best, but are still very fair.
  1. Poor (<500)

    An individual who finds themselves in this category will be unlikely to receive a loan that is not secured for the lender. This means that personal loans, and unsecured business, or car loans are off the table. Moreover, one can expect to be granted higher interest rates, and less ideal loan terms.

An individual below the line of ‘very poor’ is unlikely to be able to receive finance. Or, at least, they will face difficulty in doing so.

How To Check My Credit Score?

Now that the degree to which one’s credit score is important has been established, and an understanding of the hierarchy of credit scores, in the eyes of lenders, has been drawn up; how can one find out where they stack up?

It is, in fact, possible to contact a lender, and find out from them what one’s credit rating looks like. HOWEVER, THIS IS NOT A RECOMMENDED COURSE OF ACTION. The reason that this is the case is because when one checks their own credit, it will NEGATIVELY AFFECT ONE’S CREDIT RATING.

As unfortunate as that may be, the fact of the matter is that, for some reason, lenders disapprove of, and distrust clients who look into their credit ratings as such, and the action itself will lower one’s rating.

There is no need to lose hope however, as there is another course of action which one can take, which will not damage their credit rating. This simple process is called a broker inquiry, distinct from a client inquiry. Simply call a broker, and request for them to inquire into your credit score.

Because it is a broker, and not yourself who is technically checking the credit, this inquiry will not damage your score in any way, but still give you the knowledge that you need. If such an inquiry interests you, then don’t hesitate to call Natloans today at 1300 955 791, where we will be happy to inquire on your behalf absolutely free!

What Can Damage My Credit Score?

There are many ways in which your credit score can be both negatively, or positively affected, but the main ways in which yours can be damaged are as follows:

Conclusion

Hopefully now, after having read this article, one will have a more complete understanding of the importance of their credit rating, the factors affecting their credit, and what category means what, as it respects credit ratings.

If one lesson only is taken from this, then it must be that one should never make a direct inquiry as to their credit rating. If one is really interested to know, remember; Natloans works it out for free!

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