Things that can tank your credit score (ouch!)
If there’s one thing that will help to improve your score, it’s to stop doing the things that will make it go the other way.
So stay far away from these devious credit score-wreckers if you can.
🤭 Overdue bills (late payment fees are not the worst part)
If your telco and utility bills (like electricity, gas and water) are more than $150 and 60 days overdue, a default could be listed on your report. That’s a pretty yucky black mark that stays on your report for five years.
So, make sure to pay your bills on time to keep your credit history clean. Plus, you’ll save a lot of pennies by avoiding those pesky late payment fees!
Set reminders for when your bills are due, and make sure you have enough cash in the bank to pay them when the time comes.
Hot tip: Pay your bills via Direct Debit or set up BPAY View to receive bills straight into your online or mobile banking.
😬 Missing your credit cards or loan repayments (it’s a big no-no!)
Banks and lenders like us record customers’ negative and positive credit information, which allows us to give credit reporting agencies the full picture.
So, if you missed a credit repayment a few years ago… making all your repayments on time for an extended period of time can balance that out! This means it’s never too late to improve your credit score.
Don’t shop around for credit
Each time you apply for a credit product, it becomes a ‘hard enquiry’ on your credit file. Making too many hard enquiries in a short space of time signals to lenders that could be a little desperate for cash - or financially irresponsible.
Credit scores are provided by Price Enquiry Pty Limited ACN.