Credit Scoring 0-1200

September 02, 2014
Carol Pizzey

Are you a good credit risk?  Have you paid all of your bills on time?  Forgot to tell the telco company that you have changed address?   Your credit score might be able to shed some light on your credit history.


What is a Credit Score*?

As of today, individuals will be able to access your own personal credit score by providing a few personal details.  A credit score is calculated from information relating to your credit history at a point in time.  Credit reporting companies, such as Veda, collect details of any credit in your name based on your outstanding credit and payment history.   Basically your credit score will give lenders a sense of how financially responsible you have been and likely to be.   This score will range between 0 to 1200 and the higher your score, the better.


Mortgage Choice Camberwell welcomes this information being made available to individuals.  We recommend that if someone is seeking credit, and may be unsure if they have any adverse credit listings on their credit report, to seek a credit score before applying for further credit.


Who will check my credit?

When applying for a home loan, car loan, credit card or any sort of finance, most people are unaware that a lot of lenders perform an upfront credit check when your loan or details are submitted to them.  It is becoming an essential part of financial service providers, telcos and utility company’s policy to check a person’s credit history to gain an understanding of whether or not you are a good credit risk.  In the past, lenders could decline a loan or finance based on the knowledge that is made available to them.


What do I do if my Credit Score is low?

If your credit score is low, you might like to obtain a detailed credit report**, which contains information about your bill repayment history and the status of your credit accounts.  Information on this report includes whether you make your payments on time, the limit of credit that you have.    Credit reports can also contain information about your rental history and any judgements or bankruptcies in your name. 


Remember that you are able to request a comprehensive copy of your credit report through Veda.  This process is free and may take up to 10 working days to obtain a full copy of this report. 


What do I do if my Credit Score is High?

If your credit score is high, financial service providers are likely to view you as a solid customer.  In this instance, you may be able to negotiate a reduced home loan interest rate with your current lender.  If your current lender declines to reduce your interest rate, why not have Mortgage Choice Camberwell compare the different lender rates for you?  We are often able to negotiate a reduced interest rate on your behalf.


Mortgage Choice Camberwell has been successful in assisting clients in the past with credit impaired history.  We may be able to assist if you fall into this category.   Call me, Michael Wren  on 9813 3522, or email  for further information.




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