Category

Credit Score

Category

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…

Credit Scores, Credit Files and Credit Reports…What’s The Difference?

A quick search on Google will show you that no-one in Australia can give you a simple explanation of credit scores, credit files and credit reports. A common mistake people make is using the words interchangeably. It’s important you know the key differences, so you know what to look out for in each one. So, I’m going to give you the low-down, right here in less time than it takes to make your coffee. Let’s get started: Credit File A credit file sits at the top of the hierarchy with the most comprehensive amount of data about your credit history. This information is held by what is known as a credit bureau or a credit reporting body – the information itself is actually quite boring and complex, but it’s more for the credit providers who need to make a decision about whether they are going to approve you for a…

Credit Savvy Video

At Credit Savvy, we understand that credit can be confusing. Our free service gives you the power to make smarter financial decisions by providing you with your Experian credit score, a credit report card and the resources you need to help make sense of them both. Our video introduction explains what Credit Savvy is about. You can watch it here and follow us on YouTube. So what are you waiting for, get savvy now.