Improving Your Experian Credit Score
Manage your credit reputation
When you apply for credit, the credit providers will use your credit score to help them decide whether to lend to you. Each credit provider may have a different approach depending on the information they have access to and their lending criteria. The higher your credit score, the better your chances of getting approved for credit so it’s smart to look after it.
Tips to improve your Experian Credit Score
Improving your Experian Credit Score takes time and careful management. Here are some key tips to improve your credit score:
| Make payments reliably | Look after your future Experian Credit Score now by diligently making mortgage, loan and credit card repayments when they’re due. If you do fall behind on a repayment, catch up within 14 days so you won’t be reported as being in arrears (this is known as a ‘grace period’). |
| Avoid multiple late payments | Consecutive late payments and paying bills significantly late to the point where debt collection agencies are engaged can negatively impact your credit score. |
| Avoid negative entries on your credit report | Defaults, certain court judgements, open accounts with debt collection agencies and excessive credit enquiries may have a negative impact on your Experian Credit Score so it’s best to avoid them. |
| Regularly check your credit report | As new data is factored into Experian Credit Reports, now is an even better time to regularly check the information on your credit file to make sure it’s correct. |
Tips to keep your Experian Credit Score healthy
Here are some key tips:
| Continue to make payments reliably | Look after your future Experian Credit Score now by continuing to diligently make mortgage, loan and credit card repayments when they’re due. |
| Limit credit applications | Applying for credit frequently in a short space of time can make credit providers think you’re overly reliant on credit and therefore a higher risk. It doesn’t matter what form of credit you apply for, or how much you’re asking to borrow. So, try to space out credit applications. |
| Avoid negative entries on your credit report | Defaults, certain court judgements, open accounts with debt collection agencies and excessive credit enquiries may have a negative impact on your Experian Credit Score so it’s best to avoid them. |
| Regularly check your credit report | As new data is factored into Experian Credit Reports, now is an even better time to regularly check the information on your credit file to make sure it’s correct. |
How long it takes to improve your Experian Credit Score
The length of time it takes to improve your Experian Credit Score depends on a number of things such as the number of missed repayments, how recently this happened and the type of product you missed repayments on. It’s important to note that you won’t see an improvement overnight, it’s something that takes time which is why it’s really important to keep your credit score healthy.
Learn more with CreditSmart
Experian is a proud supporter of the Australian Retail Credit Association (ARCA) industry initiative CreditSmart. This informative website was developed by credit experts to help you understand how credit reporting operates in Australia as well as empower you to understand how your credit choices affect the information that credit providers can access and how you can view and control that information.
- Consumer Services
- Order Credit Report
- Request A Correction
- Place or Lift A Ban
- Help & Assistance
- Comprehensive Credit Reporting & Repayment History Information
- Credit Reporting Bodies
- Understanding My Credit Report
- Understanding My Credit Score
- Corrections To My Credit Report
- Identity Theft
- Place A Ban On My Credit Report
- Third Party Providers
- Financial Hardship Assistance & Credit Reporting
- Resources
- CreditSmart
- MoneySmart
- The Privacy Act