Start tracking your credit score on your phone, for free.
Get notified when your score changes.
Make better money decisions and unlock cheaper rates.
More than ever, Australians need to track their personal credit score, that secret little number that tells banks and lenders that you’re a safe pair of hands for cards, loans, and mortgages.
It makes it easier than ever to track your credit health in real time, for free, in an app native to your phone. Credit Health is the first app of its kind in Australia.
Banks and lenders now have to feed all of their data (really it’s your data) into the credit reporting system. All the good and bad things that you get up to.
That’s one of the reasons why it’s called the Comprehensive Credit Reporting (CCR) system. All of your positive actions such as paying bills on time, not only the negative things such as being declined for credit applications, now go into the reporting system as of July 2019.
1. Knowledge is power
Don’t be in the dark like almost everyone else. Our research suggests that very few Australians know what their credit score is, let alone monitor it on an ongoing basis. This little known number is what the banks already know about you when you apply for a card or a loan – so you might as well know it too. Get your credit score and start to track your credit score as part of your personal finance routine.
2. Make better money decisions over the long run
Think of your long term financial future. This is an easy step you can take right now to "right the ship". Once you get your credit score you’ll have an account on creditcardcompare.com.au and you’ll be better placed to make proactive decisions to improve your trust rating to lenders. Just imagine how smug you can be to your accountant or mortgage broker if you get your credit score before they even think about asking you to check it!
3. Unlock cheaper rates
Having a good score = unlock lower interest rates. How? You keep your options open to more products, some of which are more competitively priced. However, for some personal loans and home loans in Australia something called “risked-based pricing” has been in the market. Low risk for the lender can translate into better rates. This hasn’t been introduced to credit cards in Australia… yet. But it probably will. For the moment, cards have simple standardised interest rates for a product now matter how good your credit score is. For example, the interest rate on the Qantas Money Premier Platinum Card is 19.99% p.a. regardless if your credit score is fair, good, very good or excellent.
4. Avoid knockbacks
Our credit card research from 2018 suggests that the fear of having your card application rejected is one of the top reasons why people stick with what they’ve got – even if they’re unhappy with it. That’s a valid concern for sure. Every rejected application can take your credit score down as peg. So if you if you know your score is not good then you’re better placed to avoid rejection and start fixing it. On the other hand, if you know your score is okay, and you meet the rest of the credit criteria for income and the ability to repay, then you’ll be way more likely to take action.
5. It’s free
Nothing. Zero, zip, zilch. It's a free service brought to you courtesy of Credit Card Compare. You don’t need a credit card to use the app. And there’s also no in-app purchases either. How do we make money then if we don’t charge for the service? When you do decide to get a card using our website or from within the app we’ll earn a commission at that point.
6. The onboarding process is super easy
Setting up is easier than cracking Captcha codes on websites. Once you download our lightweight app from the Apple App Store or Google Play Store for Android you can begin the onboarding process. We’ve made the signup process as short as possible. The only government ID number you need is your Driver's Licence number to confirm your identity.
7. It doesn’t hurt your score
Checking your score isn’t like Schrödinger's cat. Opening the box to see your credit score won’t hurt your score. Checking your score is a “soft” enquiry. You can check it as much as you like. You are entitled to know what your own credit score is.