Credit score - not as good as I'd thought

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Forums › Finance and wealth management › Credit score - not as good as I'd thought

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#2521941 13-Jul-2020 11:04

Delorean:

here is some insights of the credit scores by region changed and how it has now rebounded

So, Takaka hippies do pay their debts.

Delorean

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#2531471 30-Jul-2020 16:04

Hi all,

Some more interesting reading about most Kiwis are avoiding new debt

https://www.illion.co.nz/2020/07/29/kiwis-avoid-new-debt-as-uncertainty-lingers/

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#2531478 30-Jul-2020 16:13

Delorean:

Hi all,

Some more interesting reading about most Kiwis are avoiding new debt

https://www.illion.co.nz/2020/07/29/kiwis-avoid-new-debt-as-uncertainty-lingers/

Not surprised at all I am holding off buying the latest 65 inch LG OLED TV

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#2554721 1-Sep-2020 11:10

My credit score slowly climbing again this month is now 790 up from 758 previous month

RickW

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#2554755 1-Sep-2020 12:43

I signed upto credit simple and have noticed my credit score jumping up and down and not really staying consistent each month. what causes this? Ive never defaulted on a payment and I've got no debt except a mortgage.

lxsw20

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#2554758 1-Sep-2020 12:54

The bottom 4 rankings on my credit simple report are identical to yours, which makes me think a lot of it is BS.

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#2554764 1-Sep-2020 13:01

@RickW If only we knew you are in the same boat as me, Don't owe $$$ and credit card is $0 and small mortgage! I even have some $$ earning next to $0 interest and my credit score is up and down like a Yoyo

Delorean

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#2554794 1-Sep-2020 13:58

Linux:

@RickW If only we knew you are in the same boat as me, Don't owe $$$ and credit card is $0 and small mortgage! I even have some $$ earning next to $0 interest and my credit score is up and down like a Yoyo

@linux

your score is only based on what you have loaded on the file. the age of the facility and limit does drive the score.

Typically the more debt (like a bigger mortgage) you have and the age of the facility (greater than 24 months) will give you a better score overall

Deposits and equity in your house isn't factored into the score - It may one day happen as the data is becoming far more accurate now and these fields could be added into the CCR portal

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#2587006 18-Oct-2020 11:53

The Labour party victory in the election means their jihad against predatory lending to people of low economic intelligence will continue.

Unfortunately this jihad has scooped up "normal" borrowers. Lenders will now have to do a strenuous due-diligence process mandated by new rules.

If a complaint is made a normal lender will face the prospect of a clipboard warrior from the government turning up to determine if they went through the appropriate steps to qualify the borrower.

So expect lender to place more emphasis on you having a good credit score if you approach them. This is so they can wave the score under the clipboard warriors nose to prove they qualified the borrower.

Don't panic, there are steps you can take to improve your score;

Pay bills on time.

Have a reasonable level of debt relative to your income and

A reasonable deposit for the item you are borrowing against helps.

PS. If someone else at your address is having credit management problems move them on or move yourself.

Obsequious hypocrite

freitasm

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#2587014 18-Oct-2020 12:17

Or it could be that because there is uncertainty in the market lenders will scrutinise more, regardless of which party is in government.

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#2591540 24-Oct-2020 23:47

What happens when you reach 1000? 😁

My score was around 600-700 until ANZ started reporting to Credit Simple, jumped to ~850.

Medium sized mortgage, revolving facility, a few large limit credit cards.

Credit utilization of revolving + credit cards is 0-1%, maybe that helps? ~300k credit available.

Never defaulted or missed a payment on anything in my life.

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