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A Balanced Credit Rating

A 3 Star Credit Rating is a result of a balance of negative and positive inputs. Click on any item for more detail.

 
Negative Attributes
A Few Lates

Late Payments

It varies between types of credit and lenders, but around half of borrowers with a late payment go on to become three months overdue, and around half of them go on to a Default or to a Serious Credit Infringement.

So a history of late payments is a powerful predictor of a possible future losses on any new credit granted. Late payments have a negative impact on your credit score, but not as much as a Default, Serious Credit Infringement, Judgment or Insolvency has.

Not a Homeowner

Not a Homeowner

Tenants, or those that still live at home with their parents, tend to be less financially stable, more mobile, and more difficult to collect monies from in a recovery situation.

Statistics show that homeowners are much less likely to miss payments than others, so by not being a homeowner, this will affect your credit score adversely, but not as much as any history of missed payments or worse.

Low Contactibility

Low Contactability

Many studies show that those with mobile phones and landlines tend not to get into serious financial trouble anything like as much as those can't be reached easily. If you fall into late payments, the quicker a lender can contact you, the less likely your account will end up with a Default or a Serious Credit Infringement.

So the more ways you give a lender to get hold of you, statistics show that the less risk you present to a lender. This has a relatively small negative impact on your credit score.

 
Positive Attributes
No Defaults

No Serious Credit Infringements

Consumers with no defaults on record are seen to have strong financial disciplines and are the least likely to miss payments on any future credit granted to them.

This is a very positive influence on your credit score.

No Judgments

No Judgments

Even if you have a record of missed payments, or even a Default or a Serious Credit Infringment on your credit report, the fact that there are no judgments on file is a very positive influence on your credit score.

No Insolvencies

No Insolvencies

Insolvency is one of the biggest negative influence on a credit score, so it follows that the lack of an insolvency record on your credit card is a very good thing, scoring wise.

Aged 30

Your Age

The risk of you defaulting on a credit agreement generally decreases with age - but it's not a straight line relationship.What this means is that when you are relatively young, your credit score is adversely affected by your age.

As you reach middle age, your credit score is starting to have an increasingly better influence from your age. Your middle years are when you are typically at your most Credit Active and statistics prove that in your early middle age you are best equipped to pay your commitments as they fall due. As you get older, the financial commitments that come from a growing family often present a heavy drain on your disposable income and your Credit Score will temporarily lower. In late middle age, once the nest has flown and income is peaking - typically when you are between 45 and 55 years of age - the impact of age on your credit score becomes strong again.

Only when you are nearing pensionable age does the positive effect start to lessen, as your income is typically reduced. Even though this may not accurately reflect your own circumstances, it is true for the significant majority. As with all elements of properly derived credit scorecard, the impact of your age on your credit score is proven statistically from a very large sample of consumers.

Attributes are not equally weighted, some carry much more weight than others when calculating a Credit Score.

8% Chance of Entering Arrears

The chances of entering arrears on a credit agreement can be evaluated from a Credit Score as follows.

The higher the percentage, the more risk the lender is taking. This typically results in declined application if the lender has a low risk appetite, or higher borrowing costs.

Check Whether Your Credit Report Contains Arrears

Do Lenders See This Credit Score?

No, they don't. Each lender has its own Credit Scorecard which is built to suit its own needs. But they are all built on the same principle, that by studying a large number of historic accounts, it is possible to see what things can predict risk and loss - age being one of the most powerful predictors for example.

Worldwide, many lenders use Credit Scorecards developed by the US company Fair Isaac. The Fair Isaac score range runs from around 300 to 680, bad to good.

Checkmyfile was the first company in the World to give consumers access to their Credit Score, using a more user-friendly score range of 0 to 1000, bad to good.

Except in the US, where Fair Isaac Scores are better understood by consumers, most of the World's leading credit reference agencies have now adopted Checkmyfile's score range when supplying Credit Scores to consumers.

Credit Cards

Loans

Mortgages

The potential cost of borrowing can vary dramatically, depending on your Credit Score

 

Score

APR

Monthly†

 
Up to 450
34.9%
$87
 
450 to 639
29.9%
$75
 
640 to 719
18.9%
$47

750 ►

720 to 829
16.9%
$42
 
830 to 899
15.9%
$40
 
900 to 1000
14.9%
$37

† Based on an Average credit card balance of $3000, over the course of 12 months.

Find A Lender Matched To Your FREE Score & Rating

Credit Cards

Loans

Mortgages

The potential cost of borrowing can vary dramatically, depending on your Credit Score

 

Score

APR

Monthly†

 
Up to 450
19.9%
$124
 
450 to 639
17.9%
$112
 
640 to 719
14.9%
$93

750 ►

720 to 829
11.9%
$74
 
830 to 899
9.9%
$62
 
900 to 1000
7.9%
$49

† Based on an average loan balance of $7500, over the course of 12 months..

Find A Lender Matched To Your FREE Score & Rating

Credit Cards

Loans

Mortgages

The potential cost of borrowing can vary dramatically, depending on your Credit Score

 

Score

APR

Monthly†

 
Up to 450
9.6%
$963
 
450 to 639
6.9%
$688
 
640 to 719
6.3%
$633

750 ►

720 to 829
6.1%
$605
 
830 to 899
5.8%
$578
 
900 to 1000
5.5%
$550

† Based on monthly payments to service an interest only mortgage of $120,000.

Your Credit Report based Score

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Average Credit Score

An average adult, with typical circumstances and some credit history would have a Credit Score as follows.

750 out of 1000

What This Means

A three star credit rating is bang on what most people have - a major target group for most credit companies and sadly those most likely to receive large amounts of junk mail.

The majority of lenders will consider a Credit Score of 750 as a reasonable risk and in the absence of other factors, are relatively likely to lend money, however, depending on the information found when the Credit Report is checked, may charge slightly higher than average APR.

Each lender uses its own scorecard, sets it own "cut-off" score and applies its own set of lending rules, and often use your credit file from any one or all of the three credit reference agencies to help calculate your credit score which is why you can be declined by one lender but accepted by another.

How a Score of 750 Compares

When compared to the rest of Australia, a Credit Score of 750 is better than 50% of Australian Residents.

One of the major factors in a credit scorecard relates to your stability - it has been proved statistically that the longer you live in a property and the longer you remain in a job, the less risky a prospect you are.

When many people reach their middle age and have growing children to support through education, their finances tend to get stretched.

Calculate Score

Using Your Credit Score to Get The Best Credit Card

Lenders use your Credit Score to work out the potential risk you pose when you apply for credit. They use a ‘cut-off score’. If your Credit Score exceeds the cut-off score, you get accepted. If not, you don’t. Each lender has its own cut-off score.

We determine each lender’s cut-off score and then use your Credit Score to turn the tables on lenders by showing you only those lenders who are likely to say yes to your credit application.

We can’t guarantee success, but we’re right most of the time, and if you don’t get the credit that we expect you to get, you need to check your Credit Report to make sure that there is no error on it, or other surprises, that are blocking your ability to get credit right away. If you still can’t work out why you were declined, let us know right away and we’ll investigate.

By using your Credit Score to pick the best credit card or other credit deal, you can avoid the frustration of declined applications, apply for credit more confidently and get the credit you deserve each time.

Top 3 Credit Cards Matched to a 3 Star Credit Rating

You have almost twice the chance of success if you apply for a Credit Card matched to your Credit Rating.

1Virgin Low Rate - 10.99% APR Representative Variable

Annual Fee of $99

No Introductory Offer

Balance Transfer Offer of 6m at 0% (no fee)

No Cashback or Rewards Offered

Not yet rated by our customers

Additional Information

Annual fee $99
Low purchase rate of 10.99% and 0% p.a. for 6 months on balance transfers
Minimum income $35,000

2Citibank Clear Platinum - 12.99% APR Representative Variable

Annual Fee of $49

Introductory Offer of 9m at 0%

Balance Transfer Offer of 1yr at 0% (no fee)

No Cashback or Rewards Offered

Not yet rated by our customers

Additional Information

0% p.a. for up to 9 months on purchases and balance transfers
Low rate of 12.99% p.a. on purchases
$49 annual fee for first year, $99 thereafter

3Virgin No Annual Fee - 18.99% APR Representative Variable

No Annual Fee

No Introductory Offer

Balance Transfer Offer of 14m at 0% (no fee)

No Cashback or Rewards Offered

Not yet rated by our customers

Additional Information

No annual fee
Spend $1,000 in the first 3 months and receive 0% p.a. for 14 months on balance transfers
Minimum income $25,000

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