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3 ways to get a positive credit score

As of the first of this month, the credit data that is shared by banks for the purposes of lending is required to include positive information.

A credit report includes information about any credit application, even if they didn't proceed, mortgages, personal loans, credit cards, phone plans, your repayment history and details of any serious credit default. (See here for a post I wrote which included examples of where you might be negatively adding to your credit score without intending to.)

This recent change to bank reporting means that you can positively affect your credit score by doing the following:

  1. Paying your bills on time - not paying your mobile bill on time tells that bank that you mightn't pay their loan either.

  2. Reduce your credit card limit/s - Banks count a credit card's limit as potential debt even if you have a zero balance or pay of off every month.

  3. Consolidate any personal loans or credit card debt - this puts all of your debt into one loan and gives you the chance to show that you can commit to paying a loan. See us if you need help with this one :)

According to a recent news.com.au article, adding positive data into the credit score conversation, will make it 'easier to tailor and interest rate to an individual and with increased competition, banks will need to come to the party'.

The article also suggests how you can check your own credit score.

So the bottom line is, get your debt sorted and become a 'safe risk' for the bank.