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Customers who currently have a loan with Jacaranda Finance can check their credit score for free, and learn how to improve it to unlock new financial opportunities.
A credit score, also known as a credit rating, is a score given to you based on your borrowing history from credit providers.
When you apply for a credit product (such as a home loan, car loan or credit card), your credit score can essentially act as a numerical representation of your trustworthiness and reliability as a borrower.
Credit scores can range between zero and 1,000 to 1,200, depending on the credit reporting bureau.
When you apply for a loan or credit product, lenders will likely use your credit score to assess your application.
Credit scores can be particularly important when you’re applying for a loan or credit product with one of the legacy banks, as it is often the first thing they look at when assessing your application.
Having a low credit score can limit your options in many ways. It could not only lower your chances of being approved for loans you apply for, but it could also exclude you from being eligible for certain loans.
On the other hand, a higher credit score can improve your chances of a successful loan application for a desirable product that meets your needs.
By checking your credit score regularly, you can see where you’re at financially. Knowing your credit score can stop you from applying for loans you might not be eligible for.
It can also give you an idea of where you need to be and how much you might need to improve your credit score.
Every year, the banks fail millions of Aussies who need to borrow money. This is often purely because they don't have a high credit score, even if they've been good with money lately.
We think that's unfair, as your credit score doesn't define you. So, when that happens to you, come and talk to us.
We're an Australian-owned, operated, fully online digital lender providing fast and flexible loans.
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We go above and beyond to protect your information and data in the BetterCredit.
Through bank-grade security, secure logins and 256-bit SSL data encryption, checking your credit score in the BetterCredit app is completely safe.
In Australia, you can check your credit score for free through major credit reporting bodies Equifax or Experian or third-party sites like ClearScore.
Read more: Credit scores explained
Credit scores are calculated using information from your credit report, including:
Read more: How to improve your credit score?
When you apply for a loan, lenders use your credit score to help them assess your application. This includes:
A lower credit score could make it more difficult to be approved for new credit and is often associated with higher interest rates. A higher credit score could improve your chances of a successful loan application and potentially give you access to better rates and more flexible terms.
Read more: How to improve your credit score?
No, checking if you qualify uses a “soft” credit check meaning it does not impact your credit score or appear on your credit file to anyone but you. We recommend checking your eligibility before applying for a loan where possible to reduce the number of applications on your credit report.
A single loan application typically has only a small, temporary impact – especially if you have a good credit history.
Applying for multiple loans at once could have a more significant impact, due to the risk it signals to lenders. As a result, it’s recommended that you do your research prior to applying and limit the number of lenders you apply to at a time.
Read more: Does applying for a loan affect your credit score?
You can improve your credit score by consistently demonstrating positive credit behaviour over time. This includes doing things like making repayments on time, keeping your debts manageable and avoiding applying for multiple credit products at once.
While improving your credit score doesn’t happen overnight, following healthy financial habits over time can make a meaningful difference. By showing you are responsible with your money, you could also improve your chances of being approved for a loan, even if your credit score isn’t great.
Read more: How to improve your credit score?
Every year, banks fail millions of Aussies who need to borrow money. They tend to have very rigid processes for assessing applications and don’t think outside the box.
When the banks decline you, even if you’re in control of your finances, come and talk to us. While we might not be your first choice, you’ll always be our number one priority.
Our state-of-the-art assessment technology looks at more than just your credit score. Our customer service team is available to chat six days a week, and services are available online 24/7.
$3,000 - $25,000
