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Bad Credit History Brisbane

Credit Scoring

If you have a bad credit history Brisbane, here is what you need to know. Creditors use automated credit scoring to assess the level of risk you are to them. This automated assessment is completed when your application is submitted to the lender, based on the information in your application and credit file. There is no human input in the credit scoring assessment, essentially the lender is assessing how risky your application is.

Whilst a lender could decline your loan for a number of reasons, generally they’ll decline an application based on its minimum score for approval not being met. The method for credit scoring varies from lender to lender and details of their scoring aren’t made public. Most common reasons to fail credit scoring include:

  • Bad credit history
  • Short term employment
  • Moving address regularly
  • Poor credit conduct – missed or late payments

Credit scoring can have a negative impact on your application, the good news is there are lenders out there that don’t credit score. They assess the application based on its merits which gives you a great chance of purchasing that dream home. Sometimes the unexpected happens and when it does it can impact your credit file, that’s why it’s important to speak with an expert who can help assist and navigate you through to getting the right result!

Contact us today – Nathan Vecchio – 0410 000 689

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