Posts Tagged :

credit score

Happy wife, happy financial life

CreditSimple.co.nz delves into the attributes of high and low credit scorers, finds marriage means you’re financially responsible. Financially responsible Kiwis are likely to be married, have two or three kids, are university educated, and probably don’t smoke, according to research from finance business CreditSimple.co.nz released in 2017. Credit Simple’s research of more than 2.2 million people shows that 60 per cent of those living in areas with a high average credit score are married, but those in areas with lower…

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Got a Christmas debt hangover? We’ve got tips to help

The post-Christmas season can be a tough one, and our data shows Kiwis are more likely to let their credit bills languish unpaid at this time of the year compared to any other. If you’re anything like the average New Zealander, you’re probably feeling the effects of spending up large in the lead-up to the festive season and in the wake of Boxing Day sales. Usually around 6.4% of credit card accounts go past due without being paid, but in the January…

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Should you consolidate your debts? We weigh up the pros and cons

Debt in New Zealand has been slowly increasing over the past few decades, and household debt is higher than it’s ever been in 2018. If you have a lot of debt, you may be considering debt consolidation, which has its benefits – as long as you’re aware of the risks. Pros of consolidating your debt If you pursue debt consolidation, you’ll be able to combine all of your debts into one loan, giving you just one payment to make each…

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Introducing Credit Simple for Business: See your business credit score and information instantly, online and free

When we launched Credit Simple, we did so with the aim of helping Kiwis live their best financial lives. And since launching in September 2016, we’ve added to free credit scores by creating Money Simple, a spend tracker, and Clear Name, a way for people to pay off unpaid defaults at a discount. Now, we’re launching a new tool for directors. It’s called Credit Simple for Business, and it allows you to see credit score, report information, risk profiling and…

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5 hobbies you don’t have to spend a fortune on

Everyone wants to go fishing without spending money, right? But how do you manage that? You need fishing rods and tackle, a boat (or a lucky spot on the coast) and bait. If you’re new to the game, you’ll have to invest in the equipment, and that expense can really add up. Taking up a new hobby on a budget is possible, but it requires forethought. We all want to try new things (golfing, fishing, off-roading) but don’t have the…

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Why did my credit score change?

Due to the amount of information that is used to calculate your credit score, it’s easy to see how your score can fluctuate. Still, if you don’t believe much has altered in your financial habits and your credit score still has changed, it can be confusing. Here are a few common reasons why credit scores change: You applied for a new loan or credit card Any new applications you make for credit will directly affect your credit score. Keep in…

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What affects your credit score?

The factors that determine your credit rating have changed dramatically in recent years, so let’s begin with a brief history lesson. Back in the old days (okay, before April 2012), your rating was only based on negative credit events, such as defaults. This meant lenders had limited data on which to judge your creditworthiness. Six years ago, a new comprehensive credit reporting (CCR) system was introduced in New Zealand. The upshot is that organisations are now allowed to share far…

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What is a good credit score range in New Zealand?

One of the most frequently asked questions that we encounter is ‘what is a good credit score?’ Without context, your rating (which will be between 0 and 1,000 at Credit Simple) won’t give you the information you need to better understand your creditworthiness. So we’ve compiled a credit score chart to help you understand what constitutes a good rating range in New Zealand. Zero score You probably don’t need our help to tell you that a zero rating isn’t great.…

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How does my credit score affect mortgages and other loans?

The majority of purchases we make in our lifetime are affordable enough for us to either buy outright or save towards over time. This is rarely the case for high-value assets such as houses, cars and other expensive items. New Zealand’s residential property prices in April 2018 jumped 7.6 per cent over the past year to $678,856. Buying a vehicle is cheaper but still a considerable expense nonetheless. Even renting an apartment comes with significant upfront costs, such as agency…

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How can I fix my credit rating?

Is your credit score making lenders wince? Maybe it’s even in the ‘zero zone’? You might struggle to obtain mortgages, car loans, credit cards and other forms of borrowing if you fail to fix your rating. The good news is that you’re aware there’s a problem if you’re reading this, so let’s explore some of the ways you can repair your credit rating in New Zealand. Defaults are payments on a credit account that are more than 30 days overdue…

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