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

Discussion in 'Loans & Mortgage Brokers' started by kennyboi, 8th May, 2016.

Join Australia's most dynamic and respected property investment community
  1. kennyboi

    kennyboi Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    172
    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
     
    kennyboi, 8th May, 2016
    #1
  2. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    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.
     
    tobe, 8th May, 2016
    #2