How Does This Calculator Work?
The credit score calculator is a tool that helps you figure out how lenders might view your loan application. It works by asking you to enter basic details like what you need the loan for, the loan amount, the property value, and how many people are applying. This info helps the calculator give you a score that shows your risk level to banks.
The tool uses a method similar to what banks and mortgage insurers use to check loans. It looks at things like your loan amount compared to the property value and any recent credit checks you’ve had, including phones, cards, or other loans. If you and someone else are applying together and have different answers, please enter the “worst” option.
This calculator isn’t exactly like a bank’s system, but it gives you a general idea of why a loan might get turned down. It’s a helpful way to spot any issues and get ready before applying for a loan.
Note: In regards to the ‘recent credit enquiries’ question, this includes all finance types including mobile phones, electricity accounts, credit cards, store cards, interest free consumer finance (GE / Harvey Norman etc), home loans and personal loans.
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Speak with our mortgage brokers!
The secret to getting approved is finding a lender that either doesn’t credit score or has a scoring system that can accept your situation. Our mortgage brokers are credit scoring specialists. Please complete our free assessment form or contact us on 1300 889 743 and we can help you to get approved for your mortgage!
Frequently Asked Questions
What Should I Do If My Credit Score Is Low?
After using the credit score calculator, you can submit your details to be assessed by one of our mortgage brokers. If you’re not planning to take out a home loan at the moment, you can leave a Disqus comment on the page, outlining your situation, and we’ll provide a more personalized response.
What Is A Credit Enquiry, And How Does It Affect My Credit Score?
Why Do Multiple Credit Enquiries Hurt My Chances Of Getting A Loan?
What Should I Do To Avoid Issues With Credit Enquiries?
Can I Still Get A Loan If I Have Multiple Credit Enquiries?
Do All Lenders Use Credit Scoring To Assess Loan Applications?
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