Posts Tagged :

credit score

Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, in 2012, New Zealand implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty, this infographic should give…

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What is a good credit score in New Zealand?

What is a good credit score in New Zealand? Your credit score, which is sometimes referred to as your credit rating, can range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. In all cases, the higher the score, the better. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in New Zealand – bureau by bureau. If you want to see how…

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man watering money tree
Here’s how to grow your business if you want to take it to the next level

So business is booming and you’re not content to just maintain the status quo…. you want to grow your business into something bigger. Well, strap in because you’re in for an exciting ride that will expand your skills, test your mettle and ideally put your business on the trajectory toward bigger success. Here are some tips that any small business, sole trader or freelancer can use to grow their business, regardless of industry. Decide how you want to grow There…

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Your business credit score: what it is and why you should care

By this point, you’re probably aware that you have a personal credit score – you know, that number that tells lenders how good of a borrower you’d be? But did you know your business can have a score of its own?  That’s right. If you’re the director of a company registered with the New Zealand Companies Office (NZCO), lenders can use your company’s business credit score to determine if it is creditworthy. Doesn’t matter if you’re a scrappy startup, small…

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How to find the best home loan for your needs

Of course you want a home loan with low interest rates, minimal fees and an offset account that lets you deduct 100% of the balance from the amount owed. But other than that, the definition of the “best” loan varies based on your personal circumstances. Ready to apply? Check out our offers page for a range of home loan offers to suit your needs. See offers The basics As described in the intro, there are three basic things all hopeful…

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Everything you need to know about online home loan calculators

Online home loan calculators can be among the most valuable tools you’ll find as you seek to maximise your borrowing capacity, nab the best deal and work out the most cost effective way to pay the darn thing off.  What is a home loan calculator? “Home loan calculator” is actually a catch-all term that applies to an entire category of calculators that each has its own function.  For example, one type of calculator will estimate how much you can borrow,…

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Got a Christmas debt hangover? We’ve got tips to help

The post-Christmas season can be a tough one, and our data shows Kiwis are more likely to let their credit bills languish unpaid at this time of the year compared to any other. If you’re anything like the average New Zealander, you’re probably feeling the effects of spending up large in the lead-up to the festive season and in the wake of Boxing Day sales. Usually around 6.4% of credit card accounts go past due without being paid, but in the January…

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Should you consolidate your debts? We weigh up the pros and cons

Debt in New Zealand has been slowly increasing over the past few decades, and household debt is higher than it’s ever been in 2018. If you have a lot of debt, you may be considering debt consolidation, which has its benefits – as long as you’re aware of the risks. Pros of consolidating your debt If you pursue debt consolidation, you’ll be able to combine all of your debts into one loan, giving you just one payment to make each…

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5 hobbies you don’t have to spend a fortune on

Everyone wants to go fishing without spending money, right? But how do you manage that? You need fishing rods and tackle, a boat (or a lucky spot on the coast) and bait. If you’re new to the game, you’ll have to invest in the equipment, and that expense can really add up. Taking up a new hobby on a budget is possible, but it requires forethought. We all want to try new things (golfing, fishing, off-roading) but don’t have the…

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Why did my credit score change?

Due to the amount of information that is used to calculate your credit score, it’s easy to see how your score can fluctuate. Still, if you don’t believe much has altered in your financial habits and your credit score still has changed, it can be confusing. Here are a few common reasons why credit scores change: You applied for a new loan or credit card Any new applications you make for credit will directly affect your credit score. Keep in…

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