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Credit Score

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What Joe might not know!

Here at Credit Savvy, we’re worried that Joe Hockey may be missing out and unwittingly damaging his credit score! Press coverage in the past week indicates that Mr. Hockey has two properties in his name, however four are listed as owned by his wife, investment banker, Melissa Babbage. Something to consider when making applications for credit, especially when considering real estate, is that if all applications are made in the name of one partner, the other person may not build up their credit file. This could affect their ability to get credit in the future. We’d like to invite Mr. Hockey to sign up and see where he currently stands. As our MD Dirk says, “We think it is especially important to know what’s on your file so you can see where you stand, check for errors and make sure you are in the best possible position for your next credit…

Does Checking My Credit Score Decrease It?

Answer: No. Rest assured everyone, checking your own credit score has absolutely no impact on your score whatsoever. We no longer have to live in fear. Hooray! To understand why it’s safe to check your credit score, you first need to know the difference between what are called ‘hard enquiries’ and ‘soft enquiries’. When you apply for credit, the lender will often check your credit file to assess whether or not you are credit worthy. When this happens, a hard enquiry is recorded on your file. Hard enquiries can affect your score because they indicate that you are actively seeking credit. On the other hand, a soft enquiry is recorded on your file when someone checks your report for reasons other than you making an application for credit. For example, when you check your own credit report. Soft enquiries aren’t taken into account when calculating your credit score so you…

Are You Afraid To Check Your Credit Score?

Ignorance is bliss, right? Not when it comes to your credit reputation! Many people don’t check their credit score or credit report because they’re afraid it might be bad. In fact, research commissioned by Experian shows that more than 80% of Australians have never accessed their credit report. Credit providers can use your credit score to determine if you are credit worthy, so it’s important to know how you look in the eyes of a lender. Here we give you five reasons to stop being afraid to check your credit score: Checking your credit score will not lower it A common concern is that checking your credit score will somehow lower your score. This is false. When you check your own credit score, a “soft enquiry” is recorded on your credit file and this has absolutely no impact on your score. It’s not as bad as you think Having a…

Improving the Credit Savvy experience

We are always working hard to improve our service and the experience for our visitors and members. Since our launch we’ve had a great response and received some great feedback which we have used to make improvements across the site. Whilst we have been delighted with how many people have signed up, we have been working hard to try and make it even simpler – so that even more people can start tracking their credit score and credit history with Credit Savvy. We have just released some of these improvements and want to tell you about them. We’ve improved the sign-up process! From now on most people will only need one identity document to sign up. So if you haven’t been able to verify your identity through our service, grab your driver’s licence or passport and give it another go! Please note that some people may still need a second…

6 Credit Myths You Need To Know

Here at Credit Savvy, we hear a lot of interesting myths, many that are simply not true.  We’ve come up with a list of the top 6 credit myths that we hear all the time. Read through them and make sure you know the facts! Checking my credit score will decrease it No. When you check your own credit score through a credit reporting body, you are accessing it through what is called a ‘soft enquiry’ and this has no impact on your score. It’s a good idea to see where you stand and track it over time, so you can see if anything has impacted it, as well as be notified as soon as possible if someone has used your identity. You only have one credit score This is a big fat myth. In reality, you can have many credit scores. Each credit reporting body that has a credit…