What to do with a good credit score

It's more than just a number: Find out how your good credit score can benefit you.

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If you've checked your credit score and found it falls into one of the higher credit bands, it's important to understand how to use it to your advantage. This guide will take you through what a good credit score is, what you can do with your good credit score and how you can improve it.

What is a "good" credit score?

In Australia, you can check your credit score with credit bureaus such as Experian or Equifax. Each bureau will use a different scoring system so a "good" credit score will be different with each. Any Experian credit score over 625 is "good" and any Equifax credit score over 622 is "good".

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The following is a breakdown of credit scores from both providers:

Credit bandExperianEquifax
Very good700-799726-832
Fair / Average550-624510-621
Weak / Below average0-5490-509

I have a good credit score. What can I do with it?

A good credit score can provide a range of benefits. Here are some options to consider:

  • Ask for a discount on your home loan. Your good credit score indicates a steady financial position, so you may be able to negotiate a better rate with your home loan provider, or even get certain fees waived. Keep in mind this generally won't work for a credit card or personal loan.
  • Consider a peer-to-peer loan. This is a relatively new type of lending where your interest rate is based on your credit score. The better your credit score, the lower your rate, which can be as low as 4% p.a. for an unsecured personal loan.
  • Get rewarded. If your financial situation is stable and you're considering getting a credit card or upgrading your current one, why not consider one with rewards? If you repay your balance in full each statement period, you won't have to pay any interest.
  • Opt for a risk-based lender. Similar to P2P loans, some lenders will award different interest rates depending on your determined risk. The lower your risk, the better your rate will be.

I don't have a good credit score. How can I improve it?

  • Check your credit report for ways to improve. A low credit score indicates negative listings on your credit file. While you can't remove negative listings, you may be able to improve some of your other listings. For example, if you aren't using your full credit card limit, you might consider reducing it. This indicates responsible borrowing and may improve your credit score. Check your credit report for free with finder today so you can identify listings that can be improved.
  • Repay your bills on time. Ensure that you make all your repayments on time. Even if there are high-risk listings that you cannot improve, your positive behaviour going forward will be looked upon favourably.
  • Don't make multiple applications for credit. Every time you apply for credit, it gets listed on your credit file. Multiple applications in a short span of time can have a negative effect on your credit score. Try to space out your credit enquiries and if you already have multiple enquiries listed on your file, wait until they have expired before you apply again.
  • Monitor your credit. You should check your credit score regularly, which you can do for free with finder, and see if it changes. You should also keep an eye on your credit report to see new listings, repayments information or when listings are removed.
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32 Responses

  1. Default Gravatar
    LeslieJuly 10, 2019

    I could not be found.
    I’ve paid cash for everything for years, although I do have 2 Debit Cards.
    But I have paid for Travel flights and things by card so there should be some information somewhere?

    • Avatarfinder Customer Care
      JoanneJuly 11, 2019Staff

      Hi Leslie,

      Thank you for contacting Finder. I’m sorry to hear there is no information listed on file. It usually means that you have held no credit or utility accounts in your name. If you have, it may mean that the financial institution that you held them with has not sent the details of these accounts to the credit bureau. You may get in touch with your bank and to check if they can provide information on whether they have submitted your details with the credit bureau.

      Hope this helps!

  2. Default Gravatar
    LukeJanuary 20, 2019

    How do I get or apply for a credit card with a very good credit rating?

    • Avatarfinder Customer Care
      JhezJanuary 21, 2019Staff

      Hello Luke,

      Thank you for your comment.

      The credit card companies will request a credit check when you submit your application. You should have a good or excellent credit history when you apply. Apart from having a good credit score, you must meet the eligibility criteria and requirements set by the issuer. You may refer to the tips on how to apply for a credit card on this page and the features you have to look out for.

      Please compare different cards based on your financial circumstances here. After comparing, once you’ve chosen a product, just click the Go to Site button to apply. You will then be redirected to the issuer’s page to fill out a form.

      Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.


  3. Default Gravatar
    JulieDecember 28, 2018

    I want a 0% credit card to buy something for approx $16,000 and to pay it off within 10 months is there such a card or is it just balance transfers only?

    • Avatarfinder Customer Care
      JhezDecember 29, 2018Staff

      Hello Julie,

      Thank you for your comment.

      If you’re referring to the 0% interest rate for credit cards on purchases, you may compare credit cards on this page. This card will not let you be charged interest during the introductory period for purchases. With this type of offer, you’ll typically get an interest-free period that lasts between 3 and 14 months from when you’re approved for the card. After comparing the cards, please click the Go to Site button to apply.

      The credit limit is determined by the issuer based on your creditworthiness.

      Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  4. Default Gravatar
    wallyNovember 29, 2018

    We signed a unconditional Contract of Sale to sell a parcel of land to a property developer in November 2017, with the sale to be settled in November 2018. The developer had problems obtaining funds to pay the deposit on the sale, but finally completed those payments 2 months after the scheduled date. They made two requests to extend settlement before the deposit was paid, and have made another two since. Three weeks after settlement was due, and after making 3 different offers of part payment (which they have been unable to fund) in exchange for an extended settlement, they have admitted that they cannot obtain finance to complete the contract. How can I as a private individual and owner of the property, have this developer reported to a credit agency for this default? What documentation do I need to supply, I have copies of contract and correspondence from purchaser and his lawyer re extended settlement. We are currently down in excess of $2M on this contract, and now have a shortfall of $400K for a new home that we are building. We did actually enquire before signing the building contract for new house whether the purchaser was in a position to settle on time and were assured that there was a minimum $1M cash available to us on the settlement date, but the ‘partner’ who was providing this has since ‘pulled out’ and the purchaser cannot even obtain finance to make a part payment to cover our shortfall.

    • Avatarfinder Customer Care
      ValDecember 6, 2018Staff

      Hi Wally,

      Thank you for leaving a question. Please note that you have reached a financial comparison website.

      You may want to get in touch with Equifax to report the necessary and also to get the guidance you might need for the next steps regarding your concern


  5. Default Gravatar
    TarynNovember 13, 2018

    Why is my score 816 which is excellent but what do I do to better this score?

    • Avatarfinder Customer Care
      NikkiNovember 13, 2018Staff

      Hi Taryn,

      Thanks for reaching out and happy of your credit score! :)

      The information shows how you can increase your score if you’re aiming for 1000! You may also go to this page to see how a score increases or decreases. Hope it helps! Let us know if you have questions, we’re here!


  6. Default Gravatar
    KevinNovember 7, 2018

    hi, i have a home loan with an interest rate of 4.71% i have checked my credit score and have an excellent rating. will that help me get a lower rate?


    • Avatarfinder Customer Care
      NikkiNovember 9, 2018Staff

      Hi Kevin,

      Thanks for getting in touch. It’s great to hear that you have an excellent credit score and this is highly needed when you apply for credit such as requesting for a lower interest rate. Just the same, every creditor’s process is unique from each other. It’s important to keep your eligibility in check before sending out an application. This way, you can increase your chances of getting approved.

      Hope this helps! Reach out when you need further assistance, we’re here!


  7. Default Gravatar
    MiraOctober 16, 2018

    I have a personal loan and a chapter 9 debt agreement loan. My credit score shows that my rating is excellent. Can I get a loan that will combine both loans that would leave me with only one payment instead of two.

    • Avatarfinder Customer Care
      JohnOctober 17, 2018Staff

      Hi Mira,

      Thank you for leaving a question.

      You may click on this link to see a panel of lenders who may assist you on debt consolidation. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!


  8. Default Gravatar
    JohnSeptember 24, 2018

    I have a Rolling Line of Credit Account and a Home Loan account can I combine the two and apply for a single loan or should I keep them separate

    • Avatarfinder Customer Care
      JoshuaSeptember 27, 2018Staff

      Hi John,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Some institutions may allow you to combine your line of credit account and home loan account by refinancing them all at once. If this is something you want to explore, please go to this page. On that page, you should be able to find lenders who do loan refinancing. Compare your options and please review the criteria and details of the loan product. Click on the “Go to site” green button to get in touch with the lender directly to discuss your need. They should be able to give you further information on the best course of action that you should take.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  9. Default Gravatar
    ShaniSeptember 7, 2018

    Can you pay off cash converters payday and personal loans with a credit card?

    • Default Gravatar
      JoelSeptember 7, 2018

      Hi Shani,

      Thanks for leaving a question on finder.

      Most credit cards that offer low or 0% balance transfer rates only accept debts from Australian credit cards, store cards or charge cards. But there are also a limited number of credit card providers that allow you to balance transfer a personal loan debt, including Citi, Coles, Qantas Money and Virgin Money.

      Please use this guide to compare balance transfer credit cards that accept personal loan debt. You can also find out what steps you need to take to transfer your personal loan debt to a credit card and the key factors to consider so you can find the right card to pay off your debt.


  10. Default Gravatar
    StephenAugust 31, 2018

    I have a great score of 830. Is what on this file exactly what the bank would see if I apply for a refinance housing loan?

    • Avatarfinder Customer Care
      JhezAugust 31, 2018Staff

      Hello Stephen,

      Thank you for your comment.

      Please note that when you apply for any loan, lenders may conduct a hard pull on your credit report. This is one of their ways to conduct a credit check to the applicant. So the details on your report are exactly what the lender sees.

      You may want to know more about hard pull and how this can impact your credit score. I hope this helps.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


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