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Couple unpacking boxes in home
The pros and cons of going guarantor

‘Going guarantor’ are two dangerous little words. “Nan, will you go guarantor on my car? You don’t have to pay any money.” Stop right there. Going guarantor can be a great way to help others out. But it’s way more risky than most people think. Read this article before you say yes or no. The worst-case scenario is that the lender comes after you for the money. Parents have lost their homes from going guarantor and families have been torn…

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Colourful cards on pale backdrop
What you need to know about balance transfer credit cards

A friend called me the other day in a panic because he suddenly realised he owed more than $2,000 on his credit card and had no way of paying it off in a reasonable fashion. “You work in finance,” he said, “what am I supposed to do now?” First I made him do the calculations to see how much interest he would pay on that $2,000. He’d blown it on dinners, drinks, and a new smartphone he didn’t need, and…

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Elinna Yao
Five minutes with … Elinna Yao, iteration manager and senior business analyst

Elinna, aka Elle, is our iteration manager and senior business analyst. She can whip stuff into shape faster than you can say ‘whip this into shape, Elle’. She aspires to one day being able to whip her boss Dorian into shape. Dreams are free.   What does a day in the life of you at Credit Simple look like? Typically I’ll make sure the team has enough work to do in our daily standup each morning, figure out what else…

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What affects your credit score (and why it matters)

Your illion credit score via Credit Simple is a number between 1 and 1,000 that indicates how financially healthy and responsible you are, and how likely you are to pay your debts. Understanding how this score is calculated is crucial to improving your score, so you can get better deals from your bank, telco, insurance company and more. Here’s what affects your credit score: Defaulting on a payment, even if you eventually pay it. Even if it’s a day late,…

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So you think you don’t have a credit history …

An acquaintance said to me – rather smugly – the other day, “I don’t need to check my credit score, because I don’t have a credit history.” “Oh, you don’t?” I said. “Have you checked it in the past and discovered you didn’t have a profile in the system?” “No,” he said. “But I’ve never had any hire purchases or a car loan, so they won’t have anything on me.” Many people think that a credit history is built solely…

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It’s in the stars: Credit Simple’s financial horoscopes (October)

Aries As Saturn reaches its closest point to Earth this month, the wise Aries will be thinking about kindness to others, avoiding foods starting with P, and paying off that pesky credit card debt before Christmas kicks in. Lucky number: any single-digit interest rate. Taurus An ascendant Shatner’s Bassoon, coupled with some instability in the Euro, could mean great things for the canny Taurus. Invest wisely now and you’re sure to reap the benefits in the New Year. Or just…

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Dog digging in the sand
Help! I want to delete my credit history

We got an email the other day from a guy who wanted his account deleted. He’d registered for Credit Simple, discovered his credit score was in the 200s, and decided the best thing was to just wipe it all off the history of the world, immediately and forever. Great idea in theory. And many people point to other parts of the world where there’s such a thing as “the right to be forgotten”, where you can apply to have things…

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Is your credit score in the zero zone? This could be why

If credit scores were emojis, getting a zero would be a bit like this guy.  Getting a zero for your credit score can be a bit of a shock. But don’t worry, you can turn your emoji frown upside down with a few fixes. But first, a bit about why you got a zero score. For 85% of people with zero scores, they’ll have a default collection record or a bankruptcy on their file. This is the major problem: not paying…

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I checked my credit report (and you won’t believe what happens next!)

I got asked for ID last week at the supermarket and I was shamefully delighted about it, earning me the disgust of the very young checkout assistant. And while she might be in need of an eye check, once I stopped waving my ID in her face with glee it occurred to me that she probably thinks I am just a sad old lady eying up forty. While this might be true, I don’t miss my twenties. I might miss…

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On the internet, nobody knows you’re a dog

I’m not who you think I am. Sure, you probably don’t think of me at all, which is fine (I won’t judge you for it) but what surprised me is I’m not who I thought I was either. I got an email from an Aussie guy out of the blue asking me if I was investing in a ceramics factory in Thailand. A curious opening gambit, for sure, but having checked my portfolio and discussed matters with my business manager…

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