What Is a Credit Score?
Your credit score is a number (0-1,200 in Australia) that represents your creditworthiness. It's calculated by credit bureaus (Equifax, Experian, illion) based on your borrowing and repayment history.
Score Ranges
Excellent (833-1200): Best rates available. Approval almost certain.
Very Good (726-832): Competitive rates. Easy approval.
Good (622-725): Standard rates. Approval likely.
Average (510-621): Higher rates. May need a larger deposit.
Below Average (0-509): Limited options. Specialist lenders available.
How to Check Your Score for Free
Check your score for free through CreditSavvy (Experian), CreditSmart (Equifax), or directly through your bank's app. Check at least 6 months before applying for finance.
Improving Your Score Before Applying
Pay all bills on time, reduce credit card limits, avoid multiple finance applications (each one creates a hard enquiry), and correct any errors on your credit file.
Bad Credit? You Still Have Options
Specialist lenders cater to borrowers with imperfect credit. Higher rates apply, but approval is possible. At NORTH Motor, we work with a panel of lenders to find solutions for all credit profiles.