Lenders use credit scores to determine who qualifies for a loan, at what interest rate and what credit limits should apply.
Credit scoring is not limited to banks. Other organisations, such as mobile phone companies, insurance companies, employers, landlords and government departments employ the same techniques.

In the current environment, a declined credit score result can severely affect your chances of obtaining the finance you are seeking.
Two years ago, it would have been rare for a customer’s application for finance to have been rejected solely on the basis that you failed the credit score. Although many clients’ initial applications were ‘system declined’, we were able to have this system-generated decision regularly overridden (where there were aspects of a client’s application that warranted this).

Here are some legitimate fundamental steps that you can take to help maximise your credit score.

• Provide licence number when you have one
• Show all addresses for period required (2 years or 3 years)
• Show all employment details for required period including address, phone numbers etc
• Show bank account details (even if there is not much money in them as this can affect credit score if not listed)
• List all phone numbers even if you are not home during the day
• Include all assets including super and shares
• Excessive enquiries on a credit report can also affect your scoring.

Although this may sound simple, try not to leave any area on an application blank as they are included for a reason which can affect the score.

Visit a Newcastle Financial Advisor and speak with a Financial expert if you have any queries about ensuring your Credit Rating.

Source: Lonsdale Finance Choice

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Disclaimer – The information contained in this document is based on information believed to be accurate and reliable at the time of production/publication.  Any illustrations of past performance do not imply similar performance in the future.  To the extent permissible by law, neither we nor any of our related entities, employees, or directors gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting on the basis of information contained in this document.   This information is of a general nature only. It is not intended as personal advice or as an investment recommendation, and does not take into account the particular investment objectives, financial situation and needs of a particular investor.  Before making an investment decision you should read the product disclosure statement of any financial product referred to in this communication and speak with your financial planner to assess whether the advice is appropriate to your particular investment objectives, financial situation and needs.

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