At Buddy Loans, we know how important your credit score is. For most lenders out there, that becomes their primary decision making tool in accepting or rejecting a loan application. Buddy operates differently to other lenders. We look past your credit score in making a credit decision and instead believe that there is no one better to judge your credit worthiness than your buddy. So, if your buddy believes you can pay back the loan, then so do we!
We have provided some useful pointers below to help improve your credit score. You can also click here to learn more about credit scoring.
Obtain a free copy of your credit report
Did you know that you are entitled to a free credit report with Veda Advantage:
- If you have been declined credit within the last 90 days;
- If your request relates to checking information which has been corrected on your credit report; or
- Once every 12 months
Challenge any errors in your credit report
You have the right to dispute any error in your credit report. You can request the removal by contacting the creditor who listed the negative mark, or by contacting the credit bureau.
Avoid new credit card applications
Your credit age, and consequently your credit score, is automatically lowered each time you obtain a new credit card. In addition, all applications for new credit cards will mean a credit inquiry is made on your file, which could potentially detract from your credit core. So, if you can avoid it, try not to apply for any new credit cards unless you really have to.
Make contact with your creditors
Whilst you might think that your creditors are the last people who want to hear from you, they are just as interested to have the debt repaid as you are. It may surprise you to hear what they may offer you to help repay the debt.
Pay off a debt
One of the best ways to improve your credit score is by repaying any outstanding debts you may have. Whilst this may be easer said than done, there are some helpful ways to achieve this which can be found in the Savings Tips part of our website.
Check out our social pages
Keep updated on the latest news, including tips on rebuilding your credit score, through our social pages:
If you would like to learn more about improving your credit score, please see below some suggested further reading:
- To read about improving a credit score in general, click here
- To read about improving your Veda score, click here
- To read about how the system of credit report is evolving in Australia from a ‘negative’ to a ‘positive’ credit report, click here
- To read about ASIC and MoneySmart’s advice in repairing a credit score, click here