Your credit score is a number that reflects your financial history and behaviour. It can affect your ability to borrow money, get a mortgage, rent an apartment, or even get a job. A good credit score can help you access better loan deals and save money on interest rates. A bad credit score can limit your options and make borrowing more expensive.
Credit score with ascending green arrow behind

So how can you maintain a good credit score or improve it if it’s low? Here are some tips to follow:

  • Regularly review your credit report. Once every three months in Australia, Equifax and other companies are offering free copies of credit reports however once a year can be regular enough. Please note that we are not liable for the accuracy or consequences of requesting a credit check through Equifax or any other company. For a fee, you can also obtain your credit score. You can identify any mistakes or indications of identity theft, like a credit card that was created fraudulently in your name, by checking your credit report. As soon as possible, you should dispute any errors with the lender and the credit bureau.

  • Make on time bill payments. The main component of your credit score is the history of your payments. It demonstrates your level of responsibility for your debt payments. Unpaid balances can lower your credit score and remain on your record for a maximum of seven years. You should pay your bills in full each month to avoid this, or at the very least, the minimum amount owed by the due date on all of them.
  • Maintain a minimal credit utilisation rate. The percentage of your available credit that you are utilising is known as your credit utilisation. Your credit utilisation is 50%, for instance, if you have a credit card with a $1,000 limit and a $500 balance. A high credit utilisation rate may be a sign of overstretching yourself and potential difficulties repaying debt. A low credit utilisation rate can demonstrate sound credit management and spare credit for unforeseen expenses. Maintaining credit utilisation below 30% on all of your cards and accounts is a good general rule of thumb.
  • Avoid opening too many new accounts. The lender will run a hard enquiry on your credit report each time you apply for a new credit card, loan, or line of credit. This can appear on your record for up to two years and drop your credit score by a few points. An excessive number of hard enquiries in a brief amount of time may indicate that you are having cash flow issues or are in desperate need of credit. Lenders may be reluctant to give you credit as a result. As a result, you should only apply for new credit when absolutely necessary and weigh your options before selecting one.

By following these tips, you can maintain a good credit score or improve it over time. A good credit score can open many doors for you and save you money in the long run. Remember that building or repairing your credit takes time and patience, but it’s worth it.


If you have any questions or need further assistance, please contact us today. You can also browse our other blog posts for topics that may be of interest to you.

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