Understanding what hurts or improves your credit score is a great starting point to improving your financial fitness.
So, what makes up your credit score?
Personal info
Adverse events
Repayments
Historically lenders might review your repayment history by looking at your recent bank statements to assess whether you might be creditworthy, but CCR will actually mean that a lot of your repayment history will be shared automatically by financial institutions, so it will become baked into your score.
Joanne
Enquiries
The number of credit enquiries you make, regardless of whether you were approved for the finance or even accepted the offer, generally plays the biggest role in your credit score.
Check your credit scores with Wisr
If you use your credit cards responsibly, you can certainly maintain good credit scores. Head to your dashboard now and see where you stand.
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.