Sometimes life throws you an unexpected and expensive surprise. Perhaps the car breaks down, or the fridge needs replacing. But when you’re on a low income or Centrelink benefits, it’s hard to come up with the cash. So we’ve put together some quick and easy ways to clean up your credit and get that cash loan to see you through if you need it.
What if you have a bad credit score?
- Your credit score is a number between 0 and 1200 and is calculated by credit reporting agencies based on your financial and personal information.
- Your credit score considers details like your age, address, past credit applications, borrowings, repayments, and any unpaid or overdue debts.
- Each lender has their own policies that they’ll consider when reviewing your credit history. A ‘bad’ credit rating doesn’t always mean they won’t grant you that fast cash loan.
Know your credit score
You can find out your own credit score for free using one of these online providers:
Your score can vary between providers and from month to month.
10 tips to improve your credit score
Improve your credit score – and boost your chances of getting that fast cash loan today!
- Check your credit report for any errors. If you find any, you should notify the credit reporting agency in writing. Listings on your credit report that can’t be proven must be removed.
- Make at least the minimum required repayment every month.
- Make your payments on time. Set reminders in your phone calendar or diary so you don’t forget.
- Make sure you keep enough cash in your bank account to cover direct debit payments.
- Get rid of your credit cards, especially store cards. These carry very high interest rates and can be the quickest way to establish a bad credit rating.
- Don’t make too many or unnecessary credit applications. They’re all kept on your file and can give you a low score.
- Only borrow as much as you need.
- Maintain a steady income and address as this indicates stability.
- Add any positive information that can help your credit report. Being a long standing tenant with a clean rental history, for example, may help your credit record.
- Contact the provider of your original debt and organise a payment plan. This will be of benefit to your credit rating in the long run.
Need a fast cash loan?