Activity

There are personal loan interest of companies that are willing to consider loan applications for people with poor credit scores. You must do the necessary research to take the right decisions depending on your circumstances.

Alternately, allow RateCity conduct the study for you, and see what your credit score qualifies you for on the RateCity Personal Loan Marketplace. Simply answer a couple of questions to get personalized result from your loan. This won’t alter your credit score, and you’ll be able to see the list of personal loans that you could apply for.

What exactly does “bad credit” refer to?

The credit reporting companies that are based in Australia collect your credit history into a report which is used by lenders when they decide whether to approve you for an loan. The report contains your credit score, the number is calculated based upon the history of your credit and other data about your personal characteristics (such as age and where you live). A higher score more favorable your credit rating is.

Every agency has their own system of scoring. The credit score that is 750 or greater is considered acceptable, 700 to 749 considered acceptable and 580-669 is fair. Any score that is less than 580 falls in the bad credit spectrum.

The banks and lenders are known to be cautious of customers with a low credit score. This group of borrowers is most likely to fail to pay their repayments, which makes them less likely to approve for loans.

What can I do discover if my credit is a mess?

If you want to know your credit score, you can check your credit score via RateCity at http://www.ratecity.com.au/credit-score.

Get Credit Score powers this tool. Scores range between the 0 to 1200 mark, and may be scored broadly according to:

933 to 1800 = Very Good

726-832 = Very Excellent

622-725 = Outstanding

From 510 to 621 = The Average

509 or less = less than average

What are the steps needed to get low credit?

Negative events in your credit history can lead to negative credit scores including but not limited to:

The failure to make loan payments (including charge card)

Bankruptcy

Having credit applications denied

A lot of credit checks in the course of a short time (most credit providers will conduct checks on your credit every time you apply to credit).

How can I increase my credit score?

Credit scores used to be established by only poor credit history. Comprehensive Credit Reporting (CCR) is a different approach, but it has altered how the credit score is calculated. The maintenance of a strong credit record can help to fix bad credit.

Positive credit factors that could boost your credit score comprise (but aren’t limited to):

Be sure to make your payments on loans

Repay all loans

Keep your debts under control