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What is a Credit Score?
When you use credit, you are borrowing money that you promise to pay back within a specified period of time. A credit score is a statistical method to determine the likelihood of an individual paying back the money he or she has borrowed. Credit reporting bodies such as Veda assemble credit reports based on information like your outstanding credit and your payment history.

Why your Credit Rating is important?
When you apply for a personal loan, credit card or even a phone contract, lenders will generally ask credit reporting bodies for your credit report and may use your credit score to help decide if you qualify for credit and to assess the risk of lending to you. Your score could help determine whether you can borrow, how much you can borrow, and at what rates. The higher your Credit Score, the less risk you pose to the lender or service provider.

How to check your Credit Score for free?
In order to check your Credit Score for free, you will need to visit the following website:

https://www.getcreditscore.com.au/

All you need to do is submit some basic information to get your Credit Score for free.

Understanding your Credit Score.
Knowing your credit score is an important step in helping you understand the information contained in your credit report. GetCreditScore features the VedaScore credit score, used by hundreds of lenders and credit providers in Australia. The score is dynamic and changes over time so that the score you receive today may not be the same as the score a credit provider is returned tomorrow.

A VedaScore falls in a range between 0 and 1200. The higher your VedaScore, the better your credit profile and the better you may appear to credit providers.

Tips to improve or maintain a high credit score.
•    Make loan payments on time and for the correct amount.
•    Avoid overextending your credit. Unsolicited credit cards that arrive by mail may be tempting to use, but they won’t help your credit score.
•    Never ignore overdue bills. If you encounter any problems repaying your debt, call your creditor to make repayment arrangements. If you tell them you are having difficulty, they may be flexible.
•    Be aware of what type of credit you have. Credit from financing companies can negatively affect your score.
•    Keep your outstanding debt as low as you can.
•    Limit your number of credit applications. When your credit report is looked at, or “hit,” it is viewed as a bad thing. Not all hits are viewed negatively (such as those for monitoring of accounts, or pre-screens), but most are.
•    Credit is not built overnight. It’s better to provide creditors with a longer historical time frame to review: a longer history of good credit is favoured over a shorter period of good history.

The Bottom Line.
The importance of credit today is significant; overlooking this fact can be very detrimental to your financial health. Now that you understand the importance of your Credit Score, here are some of the major agencies you can get copies of your full Credit File from:

Veda Advantage Information Services and Solutions Limited
Phone: 1300 850 211
Mail: Veda Information Services & Solutions Ltd
PO Box 964
North Sydney NSW 2059
Web: www.mycreditfile.com.au

Dun and Bradstreet (Australia) Pty Ltd

Tel: 1300 734 806
Email: pac.austral@dnb.com.au
Web: www.checkyourcredit.com.au

Experian Australia Credit Services Pty Ltd
Phone: 1300 784 134
Mail: PO Box 1969
North Sydney NSW 2060
Web: http://www.experian.com.au/credit-services/credit-services.html

 

 

 

How customers rate Jacaranda

Want to know your Credit Score? Check it for free Online Overall rating: 4.8 out of 5 based on 57 reviews.

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Fast & Safe Loans

Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

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Terms

Minimum
12 Months


Maximum
12 Months

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Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

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Medium Personal Loan

Loan Amount

Minimum
$2,100


Maximum
$4,600

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 48%
Comparison Rate is 67.41% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 48%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest*) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $2,732.56 (reducing interest*) = $7,632.56 total repayable over 24 months with weekly installments of $73.39.

* Reducing intertest means that the 48% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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Large Personal Loan

Loan Amount

Minimum
$5,000


Maximum
$10,000

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 21.24%
Comparison rate is 48% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $2,027.80 (Interest) = $7,027.80 total repayable over 18 months with weekly installments of $90.10.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

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