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10 Hacks To Improve Your Credit Score

why is my credit score important

Key Takeaways

🔑Unfortunately your credit score can drop for many reasons but you can also counter act this in various ways.

🔑Check up on and correct any mistakes in your financial history, but not too often this can lower your score, once a year is just right.

🔑If you get married or change your name, make sure to list all your previous names on your applications.

🔑Changing your adress too often can damage your score.

🔑Don’t default on utility bills, credit card or loan repayments if you want a healthy credit score.

🔑Defaults affect your score dramatically and stay on record for 4 years (even if you repay them).

🔑Filing for bankrupsy has a dramatic affect on your credit score.

🔑Practice proper financial planning and management to keep on top!

At Quick Loans we understand that a healthy credit score can get you far in life 💪, but we also understand humans and that your credit score may not necessarily mean you can’t get a loan ♥️. If you are struggling financially, need emegrency cash or help consolidating your debt we are here to talk with you. Read on to get our tips on how to maintian a strong score from the offset!

It is important that you have as high of a credit score as possible, so that you can be approved for loans and get lower interest rates when buying a home and/or car, or even starting your very own business ✅. Believe it or not, but there are many ways for your credit score to go down without any warning ⚠️. Here are ten instances where your credit score can take a hit, as well as ways you can fix or prevent possible problems from further doing harm from your credit history.

  1. You have no credit history
  2. You’ve made too many credit applications
  3. You changed your name and lost your history
  4. You change registered address often
  5. You have incorrect info on your credit report
  6. You make late repayments on your loans and credit cards
  7. You don’t pay your utility bills on time
  8. You defaulted on your obligations
  9. You got a court judgement against you
  10. You went bankrupt

Read on to find out just what to do about all of these and get you in the green! 💪

You have not applied for credit before; you need a history

When you apply for a credit report, review your financial history, and do so sporadically ✅. You can find possible errors before you ever start to plan for an approval. You can start off with a good credit score or a bad one, and this really depends on you correcting any possible mistakes in your personal or financial history 🕰️.

You’ve made too many attempts to obtain credit (credit applications)

Your credit history is not only based on how much debt you have as of now. When it comes to your credit score, your debt to credit ratio is very important. You can experience lower credit scores just simply by attempting to check your credit report often in a short amount of time 😖. Only attempt to check your credit every once in a while ✅.

You have changed your name (got married); Your new name could be a brand new credit file with no history

Credit scores are based on personal information within your credit file, such as your name and address. If for any reason you decide to change your name 💍, you can get the slate wiped clean on your credit report. This can leave you will little to no credit history. Your credit report will likely be under your previous name. A tip to avoid this happening is to list any other names that you are known by on your application, that way your credit application will be linked to your existing credit file ✅.

You change/move to a new address a lot

Moving may not seem like a big deal for your credit score but being inconsistent with your residency can actually take a toll on your credit 🗺️. If you often change your address, you can find yourself being repeatedly denied a personal loan. Also, it’s important to provide your full and accurate address on each loan application ✅.

There is incorrect information on your credit report

If you know for certain that specific information on your credit history in incorrect or inaccurate, be sure to change it, fast‼️. You need to take a look at your score at least one time a year ✅ in order to make sure it is accurate avoid penalties towards your credit score. If there are loans that you are not familiar with, be sure to get to the bottom of them so that there are no errors in your credit report. If you are a twin 👯you may see credit enquiries come through on your credit file that belong to your twin, so it pays to check your credit file for accuracy. You can request a free copy of your credit report from the three main credit reporters in New Zealand.

You make late payments on credit accounts (eg. visa card or a bank loan)

If you want a good credit score, then it is very important for you to pay your debts on time ✅. If you fall back on credit card bills and car and/or house payments on a monthly basis, your credit will take a turn for the worse 😣.

You make late payments on utility accounts (eg. power or phone account)

Of course, it is not only loans that you need to pay off on time. Monthly payments 💡, such as utility bills, cable bills, and other expenses can affect your credit score if you are not quick enough to pay them. You cannot afford to miss your payments if you are looking to take out a personal loan, so keep on top of that and you’ll be in a better position ✅!

You defaulted on your obligations (eg. a loan or credit card)

When you default on your payments, these instances appear on your credit report. In turn, this makes it hard for you to qualify for loans. Even if you can repay your defaults afterwards, these defaults will be documents for at least four years😱. A great way to keep on top of your payments is to use a monthly budget planner so you have all your expenses in one place. There are many tools out there and ways for you to put money aside for your obligations for example choosing appropriate repayment dates and setting up a direct debit that gets paid straight after you do ✅.

You got a court judgement against you

If by chance that you are identified as a defendant in court for a case of outstanding debt or bankruptcy filings, and lose the case, it will too affect your credit score 🧑‍⚖️.

You went bankrupt, filed no asset procedure (NAP) or filed Summary Installment Order (SIO)

Filing for bankruptcy and/or asset protection will also affect your credit score. The trick about bankruptcy is that the better your credit score, the bigger of a drop it will experience. Even though bankruptcy is meant to release your obligation from some debts, expect your credit score to be severely reduced or disappear completely 🫥.


To prevent a drop in credit score, be on the lookout for errors in your credit report, pay money that you owe to your creditors on time, and do not make any extravagant expenses that could affect you for the worse from a financial standpoint. Proper financial planning is key, there are options if you feel like you could be in the red with your finances (consolidation loans for example). If you want to talk to us about applying for a loan please call Quick Loans on 0800 200 275 or simply apply online. 

This is not legal advice.

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