Ever wondered what a credit score is? We're here to give you the 411.
Your credit score is like your Uber rating, but for lenders.
It’s usually a number between 0 and 1200, and instead of indicating to drivers how many times you’ve made a mess in the backseat of the car, it tells banks how risky you are as a borrower.
Generally, the higher the credit score, the better you look to a bank, and the more likely the bank is to loan you money. The lower the credit score, the tougher it is to access credit.
Banks get a hold of your credit score from credit agencies. These guys work out your score based on a bunch of different factors, like how much money you’ve borrowed before, and whether you make loan repayments on time.
If you haven’t checked your credit score, it’s an easy fix. Just download the Flux app and we’ll do the math to work out exactly what your credit score is.
We’ll also tell you what factors are impacting your credit score - good and bad - and give you some helpful tips to make sure your finances are lookin’ good.
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