i think enquiries should not be listed on credit file unless its an approved active loan. how will borrowers shop around for better deals then if in fear of being listed?
You make a very good point, unfortunately this is how it is for now. We do have options to go through a broker (if its for a home loan) that can shop around for us and find the best deals without impacting your credit file - so there's that!
WOW! Thanks for that. I just assumed i had poor credit until I checked. Its Very Good - north of 750. So it pays to assume the worst and just pay for things in cash or lately AfterPay. Even with AfterPay, I assumed I wouldn't qualify and only started using it last year. 4 big payments is better than a long drawn out commitment. Bought my ute for cash, trailer, mountain bike, e-scooter, kayaks. I had been living under a rock, LOL I think I will continue paying upfront though unless absolutely necessary
@@FyzeeNauman I thought records stayed forever. I had a $5k westpac credit card and telstra mobile plan default waaaay back in 2005-8. Since then, everything was cash because I thought that's it, Im done unless I pay everything off or arrange it so. But thanks for ur info, my day is brighter already!!!
Hey thanks for your comment. Usually with enquiries, if they are correct and you really did make those enquiries, then they can't be removed. They will usually disappear off your credit file after 5 years.
Hey Fyzee. I don't have a credit card. Would you recommend getting one to build up a score. You are the expert here but I thought a credit score wasn't that important for getting a home loan in Australia but a more necessary in America.
Hey James - thanks for your comment. As far as I know, credit cards are not as important for building credit score as they are in America. (I don't have a credit card either and my score is fine). For home loans, credit scores are definitely important with most lenders, and we are seeing more lenders jump onto the Comprehensive Credit Reporting System - so make sure to make your repayments on time with everything. Hope this helps and thanks for your comment!
@@FyzeeNauman Thanks for the clarity. I had some confusion, where I thought credit score could only come from a credit card. Great videos btw, I look forward to seeing you grow!
Hi Fyzee, I don't have a credit score because I have never applied for any loans or credit and I don't pay any bills. Would it be a good idea if I get a credit card to get my credit score? Also how much would my credit score typically be after I get my credit card and would paying it off on time help increase my score over time. Thank you
This is hard to answer, but the actual score depends on a large range of factors. I think since there haven't been any negative events I.e. late payments etc, I don't think it would matter too much if you get a credit card or don't. Paying off your credit card on time may increase the score, but even if you don't get a credit card, it shouldn't matter too much. The main thing is that there is no negative history. So in terms of getting a credit card to view your credit score - this one is completely up to you, credit cards do require discipline etc so only get it if you know you can be responsible with it. Hope that helps mate, appreciate you comment.
My credit score is 482 in Australia. I applied for a new student visa in Austrlia as the current student visa is expiring, do the Department of Home Affairs check credit score? Will there be any implications for the new student visa?I did not commit serious infringement and no court actions, just owed $234.35 and paid it off in full 3 days before applying for the new visa.
Hi Goutham, credit score is generally not applicable for debit cards since it's not a loan or a credit product - it just links to a normal bank account, so usually banks don't check credit reports for debit cards.
There are so many videos explaining EXACTLY how credit reporting works in the US (primary & secondary trade lines etc). It drives me fucking wild how its nearly impossible to find anything beyond moronic consumer level bullshit when it comes to australia. Now that consumers have zero privacy or control over lender access to their personal financial information with open banking and comprehensive credit reporting, I dont see why people aren't doing their utmost to game the system given the playing field has never been less equal. Videos like this are a waste of time. Tell us in detail how a credit file is built. Tell us useful shit like how a credit file can be created or amended by being listed as a supplementary card holder on another persons credit card account, or that applying for fly buys and loyalty cards can be used to populate personal details on a credit file such as name address phone number etc!? Why waste your time and everyone elses making a video on shit of zero value that can be found a billion other places online??? DO BETTER!
Credit scores are super important - but what's been your biggest learning when it comes to credit reports?
i think enquiries should not be listed on credit file unless its an approved active loan. how will borrowers shop around for better deals then if in fear of being listed?
You make a very good point, unfortunately this is how it is for now. We do have options to go through a broker (if its for a home loan) that can shop around for us and find the best deals without impacting your credit file - so there's that!
@@FyzeeNauman thanks
WOW! Thanks for that. I just assumed i had poor credit until I checked. Its Very Good - north of 750. So it pays to assume the worst and just pay for things in cash or lately AfterPay. Even with AfterPay, I assumed I wouldn't qualify and only started using it last year. 4 big payments is better than a long drawn out commitment.
Bought my ute for cash, trailer, mountain bike, e-scooter, kayaks. I had been living under a rock, LOL
I think I will continue paying upfront though unless absolutely necessary
Good stuff mate! I think that score is better than most Australians out there 👏
@@FyzeeNauman I thought records stayed forever. I had a $5k westpac credit card and telstra mobile plan default waaaay back in 2005-8. Since then, everything was cash because I thought that's it, Im done unless I pay everything off or arrange it so.
But thanks for ur info, my day is brighter already!!!
@@MS-_-4891 not a problem mate, thanks for watching!!
Can u please make video on how to fix alot of Enquiries because i have made alot of Enquiries and want to fix?
Hey thanks for your comment. Usually with enquiries, if they are correct and you really did make those enquiries, then they can't be removed.
They will usually disappear off your credit file after 5 years.
Hey Fyzee. I don't have a credit card. Would you recommend getting one to build up a score. You are the expert here but I thought a credit score wasn't that important for getting a home loan in Australia but a more necessary in America.
Hey James - thanks for your comment. As far as I know, credit cards are not as important for building credit score as they are in America. (I don't have a credit card either and my score is fine).
For home loans, credit scores are definitely important with most lenders, and we are seeing more lenders jump onto the Comprehensive Credit Reporting System - so make sure to make your repayments on time with everything.
Hope this helps and thanks for your comment!
@@FyzeeNauman Thanks for the clarity. I had some confusion, where I thought credit score could only come from a credit card. Great videos btw, I look forward to seeing you grow!
@@microdozer3047 No worries!! Happy to help 😊
Hi Fyzee, I don't have a credit score because I have never applied for any loans or credit and I don't pay any bills. Would it be a good idea if I get a credit card to get my credit score? Also how much would my credit score typically be after I get my credit card and would paying it off on time help increase my score over time.
Thank you
This is hard to answer, but the actual score depends on a large range of factors.
I think since there haven't been any negative events I.e. late payments etc, I don't think it would matter too much if you get a credit card or don't.
Paying off your credit card on time may increase the score, but even if you don't get a credit card, it shouldn't matter too much.
The main thing is that there is no negative history.
So in terms of getting a credit card to view your credit score - this one is completely up to you, credit cards do require discipline etc so only get it if you know you can be responsible with it.
Hope that helps mate, appreciate you comment.
Awesome video
Thank you so much for watching, really appreciate it!!
My credit score is 482 in Australia. I applied for a new student visa in Austrlia as the current student visa is expiring, do the Department of Home Affairs check credit score? Will there be any implications for the new student visa?I did not commit serious infringement and no court actions, just owed $234.35 and paid it off in full 3 days before applying for the new visa.
I don't think they would check it, as a credit score is mostly used for when you're applying for a loans, etc - but I could be wrong.
Hello.. Brother.. How can i contact you? For my credit score queries
Hi bro, you can send me a message on Instagram but I am not an expert and can't answer everything for you.
Brother how many months take to increase credit score mine is 150
I am not too sure about that - it can take up to a few years or several months depending on the situation. Maybe try contacting Equifax?
Hi Fyzee,
Is credit score applicable for debit card as well? If so, can we create account in equifax ? Can u please help me with this.
Hi Goutham, credit score is generally not applicable for debit cards since it's not a loan or a credit product - it just links to a normal bank account, so usually banks don't check credit reports for debit cards.
There are so many videos explaining EXACTLY how credit reporting works in the US (primary & secondary trade lines etc). It drives me fucking wild how its nearly impossible to find anything beyond moronic consumer level bullshit when it comes to australia. Now that consumers have zero privacy or control over lender access to their personal financial information with open banking and comprehensive credit reporting, I dont see why people aren't doing their utmost to game the system given the playing field has never been less equal. Videos like this are a waste of time. Tell us in detail how a credit file is built. Tell us useful shit like how a credit file can be created or amended by being listed as a supplementary card holder on another persons credit card account, or that applying for fly buys and loyalty cards can be used to populate personal details on a credit file such as name address phone number etc!? Why waste your time and everyone elses making a video on shit of zero value that can be found a billion other places online??? DO BETTER!