How to Improve Your Credit Score

Having a deposit may not be enough to get you a loan if your credit history is not good!

Lenders are ready to scrutinise your purchasing behaviour before approving a personal loan. Be ready to show your future lender 6 to 12 months of bank statements that will scrutinised from every possible angle.

Unfortunately, when it comes to credit rating, your word is just not enough for your lender. It is your responsibility to establish a perfect credit score before lodging your application.

Before you start to panic, if your expenditure in the past has not been ideal, there is time to introduce some disciplines into your day-to-day life that will prepare you for that loan application!

Your credit history reflects not only how you spend your money, but also how you approach other loan repayments, credit cards and timely payment of bills.

There are three major companies in Australia that produce credit scores, Equifax, TransUnion and Experian.

How is The Credit Score Calculated?

The main factors involved in calculating a credit score are:

  • The number of accounts you have
  • The types of accounts you have
  • Your used credit vs. your available credit
  • The length of your credit history
  • Your payment history

How Can I Improve My Credit Score?

You can request a copy of your credit report score once every 12 months. Where you have been refused credit, you can request the report more often.

Check your credit report carefully to ensure it is correct.  It is not unusual to find errors or dated information with respect to a debt that may have been rectified.  If you identify any errors, it is advisable to try and have them rectified. Generally, you will need to go back to the source of the information to get it rectified. For example, if a lender has dated information against your record, you will need to contact the lender to get it rectified.

Paying your bills on time is critical to your credit rating.  An unpaid bill can appear on your credit report and have detrimental effects on your credit score. If you identify any unpaid bills, get it resolved quickly. Unfortunately, this will not remove the record from the report, but it will show as paid.

Approach Going Forward

Once your historical credit report is accurate, you need to consider your financial behaviour with an objective of being ready for your first home loan.

Utilizing a credit card for your expenditure is a good practice as all transactions are easily tracked and you can use numerous budgeting Apps to keep track that you are on budget.

Your ability to show a higher propensity to save than what is considered average will certainly speak will to your lender and help your application.

Planning for your first home loan is by far a better approach than stumbling along.

    Talk with us today

    I want to enquire about :

      Talk with us today

      I want to enquire about :

      • All
      • First Home Buyers Loan
      • Home Loans

      How To Improve Your Credit Score

      How To Improve Your Credit Score Having a deposit may not be enough to get you a loan if your credit history is not good! Lenders are ready to scrutinise your purchasing behaviour before approving a personal loan. Be ready to show your future lender 6 to 12 months of bank statements that will scrutinised

      Queensland Leads Rise of Housing Finance Thanks to First Home Buyers

      Queensland Leads Rise of Housing Finance Thanks to First Home Buyers After a shocking low demand for housing in the June quarter, the volume of finance secured for property purchases has seen a strong rebound this September quarter. The latest ABS housing finance data shows a quarterly increase of 20.0%, which is the highest quarterly

      Why Choose Brisbane Home Loans

      You're In Good Hands

      Brisbane Home Loans is all about good old fashioned personal service without exception.

      We Find The Right Deal For You

      We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.

      Ongoing Comittment

      We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.

      One Stop Lending

      We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans.  You always only deal with on person for all your lending services.

      How We Work With Our Clients

      We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.

      The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients.  During this phase, we identify two to three options that may be suitable.

      Our Lending Specialists will present to you a number of options available outlining  the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.

      Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.

      We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned.  During this review, the client is made aware of any new financing options in the market.

      Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.

      What Does A Mortgage Broker Do

      Listen and Evaluate Your Needs
      Calculate How Much You Can Borrow
      Compare Options Available to You in The Market
      Provide You Expert Advice
      Do All The Leg Work
      Obtain Pre-Approval For You
      Create A Plan For You To Ensure Your Always Getting The Best Deal
      Most Importantly We Provide This at No Cost To You

      Testimonials

      Request a call Back.

      Would you like to speak to one of our financial advisers over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.

        Immediate Response: