A person's credit history is kind of like an invisible Sword of Damocles. We know it's out there, but tend to adopt a head-in-the-sand approach until it suddenly chops you in the neck. Fortunately, it's possible to improve your creditworthiness in a few easy steps. This infographic illustrates how to swing credit scoring back in your favour.
In Australia, civilians do not have a set number representing their creditworthiness like in the US. However, credit scoring is still used to determine everything from home loan approvals to setting the credit limit on crappy retail store cards.
The system relies on negative credit reporting such as adverse listings indicating a default under a credit contract. However, you can also lose points for simply making a lot of credit card applications or frequently changing jobs.
Here are a handful of tips and potential pitfalls that credit applicants should be aware of, courtesy of Home Loan Experts.