Is there a set credit score you get deducted or earned?

Discussion in 'Property Finance' started by kennyboi, 8th May, 2016.

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  1. kennyboi

    kennyboi Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    71
    Location:
    Sydney
    Hi,

    I am wondering, is there a set credit score you get deducted for each credit application?

    And is there a set rate for your credit score to increase over time?

    Thanks
     
  2. tobe

    tobe Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,489
    Location:
    Melbourne
    There's two things. A credit report which reports when you apply for credit and when you are late or default on credit contracts. A credit score which is a lenders algorithm made up of your credit report, your age sex marital status suburb job etc.


    Have a bad credit report means it's hard to get a loan, but bad is only when you have previously defaulted on a payment.

    Credit score is trickier as the algorithm changes for each lender and over time. For instance previously working for Toyota might have rated highly, lately less so.