Tip 1: Know your credit scoring numbers.

  • 0-299 - You don't exist for lenders unless it's for high-risk, short-term loans. You need to start a credit history, or improve a bad one, to get noticed for better loans.
  • 300-579 - Below average. You'll be paying high-interest rates for anything you get.
  • 580-670 - Fairly average. You can start getting loans from banks to help with credit applications and other stuff. You could even secure yourself a reasonable interest rate on the house, providing you've got the savings to back it up!
  • 671-739 - You're in a good range here and can pretty much secure loans from most places.
  • 740+ - You're golden!

Tip 2: Applying for a business loan? Do a credit report.

  • Check your score through Yonda for instant access.
  • Touch base with a credit reporter for a full paper report to take to the bank. We have three in New Zealand; Equifax, illion and Centrix.


Tip 3: Query what you find. 

  • Credit reports can go astray, so check for errors.
  • If anything seems amiss, query what you find with your credit reporting agency. They have to fix it if it's wrong.

Tip 4: Stay on track.

  • Once you've got your score, start noticing areas you can improve.
  • Don't make any drastic moves, to begin with! Make a budget about how best to pay off your existing debts and loans.
  • As you pay them off, track the changes in your credit score.

Tip 5: Make adjustments as needed.

  • Close accounts that have been open a while. They help provide a financial history of you to lenders, but too many available versions can raise eyebrows.
  • Keep your credit cards down to a few.

Tip 6: Don't make too many credit enquiries.

  • Asking for too many credit enquiries makes lenders think you're desperate.
  • But do enquire before you go in for a big financial project, like an investment in a house, car, business or even a student loan. In any case, you'll need to.

Need help managing your money? Yonda's here for you.

Yonda's all about helping you make the most of your money, so you can get the best deals out there. We believe knowing your credit score's an important step to making the best financial decisions, including finding the best loans and interest rates out there.

That's why we've developed a new app to help people learn about credit borrowing and make better financial choices.

Sound good? Head to our homepage to download the app and find out more.


Info and tools on the Yonda website are to be used as a guide only and do not constitute financial advice. Use Yonda as a starting point and then seek professional advice.


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