Bad Credit Score Preventing You From Owning A Home?
What an informative article from Yahoo Finance, we just had to share!
Did you know that your credit score could be stopping you from getting on the property ladder or from upgrading to your dream home?
Not only do you have to deal with an unstable property marketing and tight lending criteria by banks, now you have to deal with this too!
Your credit score is a vital sign of your financial health. A bad credit score = bad financial health.
It reflects a person’s credit history and ranges from 0 to 1,000. A score of 1,000 being the highest.
According to Credit Card Compare , 14.2 million Aussies don’t even know their credit score number, or even what a credit score is.
How do you improve your credit score and report?
You can do so for free right here.
According to Credit Card Compare, knowing your credit score is very valuable as it enables you to use this information to negotiate with creditors to get a better deal. The better your score the better the leverage you are likely to have.
- Get your credit score and credit report: You can access both your credit score and report for free through Finder. Once you receive your score, you can check which credit band you fall into and review your credit report to get a more in-depth understanding of your financial position.
- Check your report for high-risk listings: If your score is low, read through your report and keep an eye out for negative listings. This can include multiple credit enquiries in a short space of time, credit cards with high limits, multiple loan accounts and black marks such as late payments, defaults, serious credit infringements and bankruptcies.
- Identify listings that you can improve: If you have a high credit limit that you aren’t using, you can contact your bank to lower it. If you have multiple personal loans or credit card debt, you can consolidate them under one product with a promotional 0 per cent interest rate and pay off your debt with no interest. You should also make sure you’re paying all of your bills on time and create a budget to repay any existing debts.
4. Keep an eye on your score: When you order your credit score and report through Finder, you’ll also receive updates if anything changes on your report. That way you can stay on top of your finances and any impacts on your score
If you need a fast cash loan today to consolidate and help improve your credit score, we can help!
Apply online here today and you could get guaranteed loan approval within 1 hour.