Since the financial year is drawing to an end, now is the best time for borrowers to reassess their finances and look at ways to boost their credit score, putting their best foot forward”
As you know, credit scores are a crucial factor in determining someone’s eligibility for a mortgage. Whether you are looking to buy a new property or refinance your existing loan, having a good credit score can make a difference.
To get your score in the best shape possible, here are our top tips:
• Stay on top of your bills and loan repayments: Making timely payments can have a positive impact on your credit score: Make sure creditors are immediately informed of a change of address or contact details. If a direct debit has stopped but the debt still exists, don’t wait to be contacted by the creditor, call first!
• Limit the amount of credit: Having too many credit behaviour responses active on a credit profile could be a major red flag.
• Consider getting credit repair help: If you are having trouble improving your credit score, you may want to consider getting credit repair professionals on board.
We hope these tips will help you secure your dream property this financial year or to refinance with a more suitable loan facility.
If you would like more information on credit scores and credit reporting in Australia, don’t hesitate to get in touch with us.
