What Are The Best Ways To Increase Your Credit Score – How to Improve Your Credit Score [7 Techniques for 2020]
What Are The Best Ways To Increase Your Credit Score – Questions To Ask
Credit score, can be likened to air. Something you don’t even know that’s their. But will put you 6 feet financially under without adequate quantities. Too often do I hear first home buyers say “but josh, I’ve been told by my bank that I need to apply for a credit card so I can create my credit file?”
00:00 How to Improve Your Credit Score [7 Techniques for 2020] 02:25 1. Pay Your Bills On Time
02:33 2. Keep Track Of Your Credit File
03:04 3. Dispute Inaccuracies on Your Report
03:20 4. Limit The Number Of Credit Enquiries
03:45 5. Reduce The Confusion
04:07 6. Remove Unwarranted Defaults
04:44 7. Don’t Change House / Job Too Often
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I worked for the banks many years ago, and back then astonishing pressure for staff to hit their targets, moreover, profit and pleasure for those who did. A fallacy created, to guide and encourage people, designed to sell rather than educate, and couldn’t be further from the truth..
To bring this point home, recently we assisted Andrew a 27 year old first home buyer, having never previously applied for any credit before, we pulled up a copy of his credit file. His score was 879, out of a possible 1,200, which is considered an extremely high score, and all this from a person with no credit history.
Right now we’re in transition from static credit scoring system to a live. Historically a static credit file tallies up all enquiries and scores accordingly. The more enquiries, the lower your score. An enquiry is a record of your credit history and this isn’t limited to financial products like car loans and credit cards. It also includes telco and utilities. So an example is when you apply for a credit card, the bank puts a record of the application on your credit file. Recording the amount you applied for and time. But what it doesn’t report is the outcome, approved or declined.
Static credit files also list any and all defaults / bankruptcies. These have a significant impact on your credit score and can take 5 to 7 years to clear.
Live credit files are due for completion by 2020 in Australia. The main difference is that the number of enquiries won’t have a marked impact as they did previously, this is because all liabilities both closed and opened will be reported and will extend as far back as two years. Showing your repayment history, moreover, marking down any bill which were paid more than 14 days late. This means it’s never been more important to pay bills on time.
The biggest problem with live credit scoring is that even when you close down debt, the previous repayment history lives on. Taking up to two years to clear off your credit file. Now we’ve a core understanding of the basics, let’s jump in and understand the six things you can do today to increase your credit score
1.Pay your bills on time!
The easiest way to implement this is to set all your bills on direct debit so you don’t have to remember them!
2. Keep track of your credit file
There are a number of services that will SMS and Email you whenever a company enquires on your credit file! This service is only getting more important as cyber crimes increase. This means you’ll be able to catch it early, before it’s too late.
The biggest providers in Australia are
• Illion (formerly trading as Dun & Bradstreet Australia)
• Equifax (previously known as Veda)
• Experian Australia
3. Dispute Any Inaccuracies on Your Credit Reports
4. Limit the number of credit enquiries
5. Reduce the confusion
6. Remove unwarranted defaults
7. Don’t change houses and or jobs frequently