Why Your Credit Score Matters
Your credit score is a key part of how lenders decide whether to approve your loan. A higher score often means:
- Easier approvals
- Better interest rates
- Higher loan limits
The good news? Your score isn’t set in stone — you can improve it.
How Credit Scores Work in NZ
Credit scores in New Zealand are usually between 0 and 1,000. They’re based on your:
- Repayment history
- Number of open credit accounts
- Applications for credit
- Defaults or missed payments
- +more
Your credit file is managed by agencies like Centrix, Equifax, and Ilion.
5 Ways to Improve Your Credit Score
1. Pay Bills On Time
Late payments are one of the biggest score killers. Set reminders or use auto-pay.
2. Reduce Credit Card Balances
Keeping balances low shows you manage credit well.
3. Avoid Too Many Loan Applications
Every credit check leaves a mark. Apply only when you're ready. Unsure if you're ready? Give our friendly team a call today!
4. Check Your Credit Report
Get a free report and look for errors or outdated info.
5. Clear Old Debts
Settling overdue accounts can help your score bounce back.
How Long Does It Take to Improve my Credit Score?
Some changes (like updating a paid debt) may reflect quickly. Others (like building a repayment history) can take several months. The key? Start now and stay consistent!
Need Help with a Loan While Improving Your Score?
At Instant Finance, we understand that everyone starts somewhere. If you’re working on improving your score, we’ll look at your full picture — not just the number.
