I don’t have a default why have I been declined?

Have you found yourself being declined time and time again when applying for credit? It may be due to your credit score. A credit score is a numerical expression. The score represents the creditworthiness of an individual based on a combination of factors. These factors are based on the information found on your individual credit file

There are three  credit reporting Bureaus in Australia that lenders use they are Equifax, Illion and Experian. Each credit bureau calculates your individual score differently based on information collected by that particular bureau. This means that you could have two separate credit scores entirely. Therefore, it is important that both reports are kept accurate and up to date.

The Australian Debt Clock reveals that there is about $2.5 trillion in private debt1. Of this, $144.5 billion was personal debt while $48.8 billion of it from credit cards1. That is a huge amount of money leaving many at risk of a poor credit score.

Getting yourself a good credit score before you apply for a loan can help increase the likelihood of you getting approved and receiving better interest rates. We Fix Credit can help you in understanding your credit score better and assisting with you to get your score back on track.

Disclaimer: The information provided in this article is general in nature only and does not constitute as personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Therefore, you should always take into consideration whether the information is appropriate to your individual circumstances prior to acting upon it.