Most consumers aren’t aware of the effect of just 1 failed enquiry on your credit report.
Our credit scores range from 0 to 1200.
BUT most people’s credit scores only sit at around 700.
That’s only around 200 points away from a bad credit score.
What contributes to my credit score?
Your credit report contents contribute to the calculation of your credit score.
Credit reports contain information such as when you have applied for finance.
Also, if you have defaulted on a loan, eg a credit card or missed any monthly repayments.
When you enquire for finance, a Lender accesses your credit report.
This access translates to an enquiry into your credit history.
This enquiry on your credit report then impacts your credit score.
How much can an enquiry drop my score by?
Just 1 failed home loan or credit card enquiry could drop your score by up to 200 points.
Contact us on our home page HERE to get a copy of our eBook on understanding credit reporting.
Our previous client John had a credit card default on his credit report.
We spent a few weeks advocating on his behalf to remove the default.
Our lawyers, Credit Fix Lawyers, found that the default was listed in error.
Once they removed it, we checked John’s score and it had increased from 480 to 600.
John was now able to go for the home loan he wanted with a very low interest rate.
However, instead of using a finance broker, John went online to apply.
He applied once, and his score dropped back down to 480!
We suggest that you use a local accredited finance broker BEFORE you apply for any type of finance.
A finance broker will look at your best options before they submit anything to a Lender.
This will protect your credit report and therefore your credit score from being damaged.
Your credit report is easily damaged by enquiries.
Call our team on 1300 43 65 69 to discuss our free consultations on your credit report.
We offer no result no fee credit repair Australia wide for most cases.
Our lawyers website can be found here: www.creditfixlyawers.com.au
Or else you can email our Scenarios Team directly at sales@creditfixsolutions.com.au
