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Understanding Credit Scores

To help maintain your financial wellbeing, it’s worth knowing and understanding your credit score, especially when applying for a personal loan, home loan or credit card. Once you know your credit score, you can monitor it regularly, make sure it’s accurate and take steps to keep it healthy.


A credit score or credit rating is used to determine the level of risk that you, the borrower, poses to a lender, like a bank. Your credit score is a number which is calculated based on your financial history. Depending on which credit reporting body is used, your score will be a number between zero and 1200. The higher the score, the less risky you’re considered, and the more likely you are to get credit. A lower score may impact your ability to get credit or a loan.


This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.