What's a good VedaScore and what if I have a bad score?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: What's a good VedaScore and what if I have a bad score?

Post by Otto Dargan »

Hello magicarp. Welcome to the forums.

Generally, if you have a VedaScore of above 700, it's excellent. A VedaScore from 600 to 700 is good and 550 is the average score. If your score is from 400 to 500 then that will be considered bad whereas any score below 400 is very bad. Do note that your score can range from -200 to 1,200 although it’s extremely rare to see scores higher than 900 or lower than 200.

If you have a score of 550, it means that you have a 1 in 12 chance of having a default lodged on your credit file in the next 12 months. If you have a VedaScore of 200 then that means you have a 1 in 2 chance.

If you have any problems with your credit score, you can consider using our credit score calculator to identify those problems or reading about lenders that don’t credit score.

Hope this helps.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: What's a good VedaScore and what if I have a bad score?

Post by Otto Dargan »

Hi magicarp,

Improving your VedaScore is different to improving your credit score with a particular lender as it's calculated looking only at your credit file, whereas a lender is looking at all aspects of your application.

You may be able to improve your VedaScore by asking Veda Advantage to fix up any data on your credit file that’s incorrect, avoiding moving address or employer unnecessarily, avoiding applying for credit that you don’t need, avoiding applying for credit with less reputable lenders and paying all of your debts and bills on time every time. If you have any defaults then you need to make sure that they are paid.

You can learn more in detail on our website. Or you can speak with one of our mortgage brokers, who are experts in credit scoring and know which lenders will assess your application favourably. You can speak with directly by calling 1300 889 743 or enquiring online.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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