Why is my credit score bad when I am so good with money?
I have been trying to build my score over the past three years by applying for two credit cards a year. Mostly, I never carry over a balance on these cards, but I have done three zero per cent balance transfers in the time, for holidays, and am totally on track to pay off each by the time the no-interest period ends. I have always paid my bills on time (I was in a share house last year and I believe my flatmate always sent our money on time too). I am desperate to fix this.
I can understand how disappointed and distressed you must be to come so far and then hit this – not insignificant – hurdle. Your first step to clearing it is to apply for your full credit report immediately.
Every Australian is now able to access this for free four times a year (more often if you're having trouble with your score) from the three credit bureaus – besides Experian, there is Illion and Equifax.
Yes, some of our most private financial details are oddly held with three separate commercial companies, all of which have a separate credit-scoring system and even scale. In case there are hidden nasties on one report, get all three (it's easy online).
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Your 'fair' Experian ranking means a credit score of between 550 and 624 out of 1000. That's disturbingly close to the below-average ranking.
Now this may still get you approved by a mainstream, cheaper lender (but apply for any type of priced-on-prowess product like an online personal loan, and it would mean a higher interest rate). It also may not.
And from what you've told me, your even bigger problem might be that they won't lend you anywhere near what you want. But I'll come back to that.
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