Responses
Hi Alistair.
Your credit score is based on information like overdue debts, the number of loan applications you make, the type of credit you are seeking and the type of lenders you are approaching.
So the best way to improve your credit rating is to avoid making numerous loan applications when shopping around (don't let salespeople talk you into signing a loan application unless you are absolutely certain you will proceed with the purchase ), always pay your bills on time and always make loan payments on time.
You can also visit the Veda website for more information.
Hey Alistair,
People believe that getting finance on a car is the best way to build a credit rating. However, you may not need a new car or have the funds to purchase it with cash so this may not be the best option for you. Alternatively, you can apply for a low fee credit card with a $500 limit and not use it (just pay the annual fee). That will build a good credit rating. Plus, if you're not using it, you won't miss a repayment or be late, ever!
To maintain a good credit rating, don't apply for credit too many times in a short period of time and stay on top of your bills.
Best regards,
Berti Financial
1300 421 587
www.bertifinancial.com.au