Your credit score can go up or down over time as information on your credit report changes. This is completely normal, and even small changes to your accounts or borrowing can affect your score. You can check your report for insights into what may be impacting it.
Some common factors that can affect your score include:
- Accounts in arrears
- Missed or late payments
- Hard enquiries / credit applications
- Inconsistant or no/high credit utilisation
- Length of credit history
- Opening multiple new accounts in a short period
- Defaults or accounts handed over for collection
- Judgments or legal action
- Debt review / debt counselling
- High usage of retail or short-term credit accounts
- Fraud markers or disputed information under investigation
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Your financial situation is about more than just your credit score. Activate your Credit Health to get a fuller picture of how lenders may see you. In just 3 easy steps, you can unlock more personalised insights to help you better understand and improve your financial wellbeing.