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Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, in 2012, New Zealand implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty, this infographic should give…

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What is a good credit score in New Zealand?

What is a good credit score in New Zealand? Your credit score, which is sometimes referred to as your credit rating, can range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. In all cases, the higher the score, the better. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in New Zealand – bureau by bureau. If you want to see how…

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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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Where can I get my credit report?

Keeping tabs on your credit score could be crucial if you have hopes of funding some of life’s biggest purchases, such as a house or car. But what about your credit report? If you’re not sure of the difference, don’t fret, as we’re about to give you a crash course on credit scores and credit reports, including how you can get your hands on them both (for free). Your report contains all the information that lenders have regarding your past…

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How do I know if I have a bad credit score?

Is 600 a bad credit rating? How about 500? Or 400? Without context, calculating your creditworthiness based on your score alone can be difficult. Fortunately, we’re here to help you better understand your credit rating, particularly if you suspect you have a bad score. The good, the bad and the ugly Your credit score at Credit Simple ranges from 0 to 1,000 – and the closer you get to zero, the uglier your rating looks to lenders. But at which…

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Credit scores 101: How to check your credit score (and more)

You may not have put much thought into your credit rating before, especially if you’ve avoided credit cards, mortgages and other loans in the past. But there will likely come a day when you want financial help from lenders, so here’s our quick guide of everything you need to know about credit scores. Any score over 500 is good, so your rating may not be as bad as you think. What is a credit score? Organisations use credit ratings to…

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How can I improve my credit score?

How creditworthy are you? Even seemingly minor things like missing a single mobile phone payment or applying for a few credit cards at once can negatively impact your borrowing capacity. But don’t despair; there are many ways you can improve your credit rating in New Zealand, even if you’ve made a few mistakes in the past. More than one-third of New Zealanders are either struggling financially or just about getting by. Stay credit active The best way to have a…

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What is a default on credit? (And how can I remove it?!)

Have you spotted a default on your credit rating? If so, your credit score could have taken a big hit. Let’s take a look at what credit defaults are, how long they stay on your report and the measures you can take to clear defaults from your credit history. You can only get a default actively removed from your history when a mistake has been made. Understanding defaults on your credit rating A default on credit will occur if you…

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Help! Nothing has changed on my credit file, but my score has changed. Why?

So your credit score has changed, but you can’t see anything immediately obvious on your credit history to indicate why it’s different? There are a few reasons why your credit score can change, even though it doesn’t look like anything has changed on your credit history. Some of the reasons why your credit score may change are: Data is only held on your credit file for a certain amount of time, something that is decided by privacy laws. A default…

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