What is considered a good credit score?
Since all three credit bureaus use different scales, the numbers and tiers change slightly:
Equifax: Scores between 841–1,200 are considered excellent, 756–840 are very good, and scores between 666–755 are good.
Experian: Scores above 800 are considered excellent; between 700–799 is very good; and between 625–699 is good.
What is a soft credit enquiry?
A soft enquiry get a rate estimate with a 'soft enquiry' before proceeding with an application. This allows you to shop around for the best deal without impacting your scores. However, not all credit providers will offer this option. So be sure you understand what kind of 'check' is being conducted when seeking a rate estimate.
or 'soft check' or 'access seeker enquiry' occurs when either you or an authorised third party appointed by you checks your credit reports. This generally happens when you first express an interest in a credit product such as a loan or mortgage. Often, you can
Soft checks or 'soft enquiries' also occur when you look at your credit scores to see what kind of shape they're in. Soft enquiries do not impact your credit scores. You can check your credit scores for free with Wisr.
Why do I have more than one credit score?
Each credit bureau has its own scoring system. They assess different types of data over different durations, and as a result, they each produce slightly different credit scores. They should all be sitting around the same band, i.e. good, very good, excellent. If one is drastically different from another, that may be an indication of a reporting error. Check through your credit reports carefully and if you spot anything unusual or incorrect, contact the credit bureau right away.
Who can see my credit scores?
Unless you decide to share it with the world, chances are, only a select few people will ever see your credit scores. Your credit file is generally only accessed when you apply for a credit product, as well as a few other rare cases for employment or real estate purposes. Conducting a credit check on someone else is considered fraud and is treated as a serious offence.
Why do my credit scores matter to lenders?
Your credit scores indicate how well you manage your financial obligations. If a lender is thinking of giving you a loan, they want to be pretty sure that you’ll be able to repay it. Your credit score helps them decide whether or not you’re a safe bet. Other elements of your credit report including your repayment history and recent credit activity will also play a role in determining your eligibility.
Curious to know more? Read our guide to credit scores.