Do you know your credit score? NZ Car Finance » Car Money

Do you know your credit score?

Do you know your credit score?

Having a good credit score can help you in many ways – including reducing the cost of your bills or giving you access to more cost-effective interest rates.

But as important as a good credit score can be, we often tend to put it in the ‘too hard basket,’ or simply don’t know how to check it and what to do with it. So here we look at some key steps you can take to stay on top of your credit score and, most importantly, make it work for your goals.

What is your credit score?

If you’d like to give your credit score a healthy boost, understanding your rating is a good place to start.

You can request a copy of your credit report to any (or all) of the three credit reporting agencies in New Zealand:

Keep in mind that, depending on the agencies you choose, your credit score will be a number between 0 and 1,000 (illion and Equifax) or 0 and 1,500 (Centrix). 

How to improve your credit score

One of the key things to know about credit scores is this: they go up and down based on many factors, including your payment history. Just to give you a couple of examples, paying your bills on time can help your credit score stay higher, while applying too often for finance can have a negative impact.

So what’s affecting your credit score? Your Credit Report has the answer. It includes details of your debts, defaults and balances, and can give you a better understanding of what’s happening to your score and why. Then, you can create your ‘action plan.’

Do you have any unpaid defaults, for example? It’s a common issue, and being proactive about it can really help. Make sure you contact your provider to make them aware of the situation: they will be happy to work with you on a possible strategy.

Being proactive is important for late payments, too. If you often feel that you are playing catch-up and missing out due dates, it’s a good idea to give your payment behaviour some thought. For example, setting up automatic payments is one of the easiest ways to stay on track, but take the time to understand what works best for you.

With a bit of focus and planning, you can make your credit score work for you. And remember, your credit score is not a still snapshot; it changes as your circumstances change. By following its fluctuations over time, you can take action more quickly, and make sure that your rating is ready for your short and long-term goals.

Like to know more? Click the links below for additional information on credit scores:

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure the content is correct, the information provided is subject to continuous change. Please use your discretion and seek independent guidance before making any decisions based on the information provided in this article.


1.*Fixed interest rates range from 9.95% p.a. to a maximum of 29.95% p.a. on a minimum 12 month to a maximum 60 month loan term. The actual interest rate charged to you will depend on your circumstances, the type of lending required, the security provided, and is determined by the lender.

2. Fees apply, including an establishment fee of up to $450 and an introducer fee of up to $995. A loan of $5,000 over 12 months at 10.95% p.a. has fees totalling $495 and a total repayment of $5,832.00 equating to 12 monthly payments of $486.00.

3. Approval is subject to meeting lending criteria, and affordability test applies. Our lender will independently assess whether you are eligible for a loan. We don't provide advice on whether a particular car loan offered by a lender is suitable for you.

4. One hour application decision subject to affordability test, the applicant meeting the lending criteria and supplying all the required information to process the loan application.

5. Same day payout subject to the applicant meeting the above conditions and completing loan documentation by 12pm.