Beware of your credit score

Have you seen a copy of your credit file lately? With the recent Royal Commission being released, credit scoring is
becoming the source of truth for banks and approving home loans.

Recently I have seen some cases where a lender will automatically decline a loan if a customer’s credit score is too low.

This can affect first home buyers right through to customers looking to refinance or purchase a new home.

Here are five tips to improve your credit score.

1. Pay your credits cards, home loan and any personal loans on time
2. Don’t apply for the same loan with different banks, only apply for the one loan with the one lender
3. If you are in default have a credit repair agency negotiate on your behalf
4. We use Restore My Credit in Adelaide 1300 035 970
5. Obtain a copy of your credit file before applying for a loan
6. Contact your bank and get all loans in order and make sure they are not affecting your credit report in any way.

If you would like a free copy of your credit file, please contact me on 0400 949 797 or email me at [email protected] and I can sent the report to you.

Isaac Baker is a local mortgage broker who operates Yellow Brick Road Geelong & Torquay from their Torquay office; Level
1, Corner of Merrijig Drive & Fischer Street in Torquay. Advice in this column should be taken as general in nature and might not apply to your personal circumstances.