How to Check Your Credit Score Online & 6 Reasons to Whip Your Credit Score Into Shape

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A credit score can seem like a bit of an abstract concept when you don’t have to interact with it every day. The truth is, as alien as it may seem, your credit score can have a big impact on your financial freedom. It’s one of those financial terms that feels daunting and kind of boring, so many people simply choose to ignore it. However, that kind of attitude only works for so long. To avoid last-minute searches for “want know credit score check free online”, it’s best to start taking your credit score seriously now.

If you’re not quite sure where to start, don’t worry; you’re not alone. Your friends at Jacaranda Finance are here to help with some handy info, and to give you an insight into what your new and improved credit score could do for you. Let’s make your days of frantically typing “want know credit score check free online” into your search engine a thing of the past!

How do I check my credit scores?

In Australia, there are a few credit reporting agencies that you can apply with to get a credit check. These are Experian, Equifax and illion (formerly Dun and Bradstreet). No matter which website you use to check your credit score, if you’re in Australia then it will be coming from one of these agencies.

In the past, checking your credit score could be a bit of a chore. Even up until recently there was usually a bit of a wait involved, and you’d have to pay if you wanted to speed up the process. What about those who want know credit score check free online? Thankfully, there are now more options. You can get a free credit check super fast from a number of different websites.

For the lowdown on those options, check out ASIC’s MoneySmart website. It might even be beneficial to get a credit rating check from a few different agencies to give you a better idea of things.

What does a good credit score look like?

So you’ve got your credit score check – now what? Depending on the agency your credit rating check comes from, it will be on a scale of either 0 to 1,000 or 0 to 1,200. Experian and illion use the former, while Equifax uses the latter. Thankfully they all use similar band descriptors to give you an idea of where you’re sitting.

Credit BandExperianillionEquifax
Excellent800 – 1,000800 – 1000833 – 1,200
Very Good700 – 799700 – 799726 – 832
Good625 – 699500 – 699622 – 725
Fair/Average550 – 624300 – 499510 – 621
Weak/Below Average0 – 5490 – 2990 – 509

So, how do you stack up? If you find yourself on the lower end of the scale, don’t panic. After all, the first step to fixing a problem is recognising that there is one. Even those with good scores still have room to improve, and the higher your credit score is, the more you’ll benefit from it.

How can I improve my credit score?

Improving your credit score is all about starting and maintaining good financial habits. These include paying your bills on time, avoiding multiple loan or credit card applications, and making repayments on any outstanding loans or credit cards. It’s also a good idea to check your credit score regularly so you know how you’re progressing. Your free credit check might also give you some tips on how you can improve your situation.

For more information, why not have a look at our tips for repairing your credit score? It all starts with a simple search for “get credit score,” then you’ll be on the road to improvement. With your credit score looking healthier, you won’t have to go on any more online hunts for “want know credit score check free online.”

If your credit score is a bit below average, it might seem like you have a mountain to climb. You might even be wondering if the hard work is worth it; after all, what exactly are you getting out of it? Well, having a high credit score can make your life easier in a number of ways. Trust us, the hard work pays off in the long run! Here are some of the benefits of having a credit score in one of the top bands.

1. More negotiating power

This one can encompass a variety of areas, but it’s worth saying up top because of how useful it can be. Having a better credit score means you can negotiate with far more influence than usual. Whether that be negotiating credit card terms or sorting out a bank loan, you suddenly have much more of a say. It’s kind of like haggling if you had powers of persuasion. Because you have a history of being financially responsible, you get to call the shots and demand better rates.

With this increased influence comes more confidence. If the bank that you usually deal with isn’t giving you the terms you’re after, having a top-notch credit score means you can walk away without hesitation and find a better deal elsewhere. You’re no longer at the beck and call of the banks. Feels good, doesn’t it?

2. Job opportunities

This isn’t as relevant for entry-level positions, but rather when you get further into your career. You might find as you move up the ranks in your chosen industry that prospective employers will start to conduct credit checks as part of their vetting process. This is especially relevant if you’re applying for a position that involves financial responsibility. As you can imagine, if a company is going to trust you with the handling of their finances, they want to see that you have yours in order.

A credit check conducted by a possible future employer acts kind of in the same way as a reference. A referee is a contact you provide the employer with in order to verify your suitability for the job. They want to hear that you’re as responsible and trustworthy as you say, and a credit check can provide similar insight. If they see evidence of past bankruptcies or frequently missed payments, they might consider you an unreliable and risky choice for the job. They might also worry that outside financial issues could jeopardise your work with them.

Having a stellar credit score provides even further evidence of your credibility, and can give you an edge over other applicants.

3. Easier renting

If you’re living in a busy city, there’s often quite a bit of competition when it comes to the rental market. Those who aren’t homeowners still need somewhere to live, and we all want to find the perfect spot. Close to work to avoid morning traffic, walking distance from some nice parklands and a short drive to shops and restaurants. That’s the dream, anyway, but it’s not always easy to find the perfect place. If you do, you can guarantee you won’t be the only one wanting it.

Landlords, just like banks and employers, can use your credit score to determine your trustworthiness. With so many people vying for a single rental, having bad credit will make you stick out like a sore thumb. A history of missed payments doesn’t bode well for paying rent regularly, and even if your bank balance is healthy, you could still lose out.

You need every leg up you can get when you’re on the hunt for a place to rent, which is why having good credit is so important. Immediately a landlord can see that you’re on top of your finances and you have no trouble making regular payments. A good credit score puts you in high regard and could be the difference between snagging that dream rental and rejection.

4. Improved home loan rates

Say your days of renting are over and you’re now ready to look for a place to buy and call your own. However, you don’t have a few hundred thousand dollars simply lying around, so you decide to go to a bank for a home loan. If you’ve had bad credit in the past and tried to apply for a bank loan, you’re probably well aware of their strictness surrounding credit scores. If it’s that difficult to get a personal loan from a bank when you have bad credit, imagine how difficult it would be to get a home loan.

When you’ve already searched “want know credit score check free online” and improved your credit score, you’ll find that you have so much more freedom. Rather than just taking whatever the bank offers, you can negotiate terms with your good credit history to back you up.

5. Cheaper utilities

At this point you might be thinking, “Is there any aspect of life that doesn’t depend on your credit score?” Well, that’s why it’s so important to get yours back on track if it’s looking a bit rough. If you’re sorting utilities out by yourself, certain utility companies may take a look at your credit history. Just like a bank or a landlord, they want to ensure that you can make regular repayments. If you’ve got a history of defaulting or making late payments, they might require you to make an upfront deposit to accommodate the risk they’re taking.

If you’re moving into a new place, the last thing you want is another unnecessary cost to add to the list. Fixing your credit score now can pay major dividends in the long run, saving you money in a variety of areas.

6. Better insurance rates

No one likes to think about bad things happening. If the worst happens, the classic attitude of “She’ll be right, mate” won’t quite cut it, which is why insurance is so important. Everyone knows that having the different aspects of your life insured can save you a great deal of heartache down the road, but it doesn’t make the bills any easier to swallow in the meantime. To get that peace of mind without burning a hole in your wallet, you’ll need to get the best possible deal for your insurance. Surprise, surprise, your credit score comes into play here as well.

Simply put, people with high credit scores are more likely to be offered lower rates on their insurance. Insurance companies are all about measuring risk. While they won’t reject you just for having a poor credit history, you might find that the prices are quite steep. Repair that credit score and watch those costs drop, all while protecting your future.

Your credit score really can influence so many parts of your life. It’s no wonder so many people find themselves searching “want know credit score check free online.”

Don’t have a perfect credit score, but need a quick cash injection?

All these benefits of having a better credit score are great to think about while you’re on the road to improving it. However, you might get hit with some unexpected expenses in the meantime that you can’t quite cover. Cue the rush to the computer to search for “want know credit score check free online.” If you need a bit of a financial pick me up until everything’s sorted, why not give Jacaranda Finance a go? We offer loans from $300 all the way up to $10,000!

Before you apply, there’s just a few simple boxes you’ll need to tick.

You must be:

  • 18 years of age or over;
  • Receiving a regular income into a personal bank account for at least the past 90 days;
  • Have a direct contact number.

That’s all there is to it! If you can check off those then head to the top of our website and use our helpful loan calculator to start your application. We understand that some people have had past issues with lenders rejecting them based on their credit scores, leading to frantic searches like “want know credit score check free online.” Don’t worry! While we do conduct credit checks, it’s simply as part of our responsible lending practices, and we won’t judge you for it.

If you’d like to find out more, you’ve come to the right place! Our website is packed with information. You can get an idea of the costs of a loan and how it works, or check out the about us page. There’s the FAQ section for common queries, and if you don’t find the answer you’re looking for there then you’re welcome to contact us.

If a Jacaranda loan sounds right for you, then apply now to get started!

How customers rate Jacaranda

How to Check Your Credit Score Online & 6 Reasons to Whip Your Credit Score Into Shape Overall rating: 4.8 out of 5 based on 60 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) starts at 20.56%
Comparison Rate is 20.56% 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 20.56%.

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) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51

* Reducing interest means that the 20.56% 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
36 Months

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Costs

Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% 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) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.

* Reducing interest means that the 19.88% 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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