How credit works 1: what you need to know when applying for a credit card

When applying for a credit card, there are a whole host of factors that will influence the assessment process and the eventual outcome. Credit providers – like banks – look at the three C’s when they receive an application to help them make a decision – Character, Capacity, and Collateral. * Character – This is key…

How credit works 2: how loans and credit card applications impact your credit score

In our first guide we ran through how the credit assessment process works in Australia and that a key piece of the puzzle is information held by the Credit Reporting Bodies (CRB). The CRBs are centralised databases holding credit reporting information on consumers and businesses across Australia, outlining their applications for credit, any defaults & public…

How credit works 3: the upcoming changes in the credit reporting system

So far, we’ve looked at what happens when credit providers assess customers for finance products and what it can mean for their files held at credit reporting bodies. But what is the outlook over the next 12-24 months as credit providers change the way they make assessments? The single biggest change is arguably the move…

How credit works 4: key tips for getting a loan in Australia

A checkpoint summary of how to get a better rate when applying for a loan and improving your credit score in Australia from MoneyPlace head of risk Paul Abbey. Always pay your credit bill/loans on time Always. Direct debit is a great option to remove the chore of remembering. As positive credit reporting becomes more…