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Make your credit score work for you.

Your credit score is more than just a number – it’s a reflection of how well you manage money. And the good news? You can take control of it.

What's a credit score?

A credit score is a number between 0 and 1000 that reflects your creditworthiness. The higher your score, the more reliable you appear to lenders. It’s calculated based on factors like your repayment history, credit limits, and how often you apply for credit.

Lenders, landlords, and even utility providers may use your credit score to decide whether to offer you credit or services.

Tip: If you're just starting out, it's normal to have a lower score – simply because you don’t have much credit history yet. If your score is low and you’ve borrowed before, it might be worth improving it before applying again. With time and good financial habits, your score can rise.

Why your credit score matters

A higher credit score can make it easier to get approved for loans or credit – and may even help you borrow more or get better terms. On the flip side, a lower score might limit your options or make it harder to get approved.

Your credit score can affect:

  • Getting approved for loans or credit cards
  • Setting up utilities like power, internet, or phone
  • Renting a home
  • Some job applications.

Tip: Even if you’re not planning to borrow now, it’s worth keeping your score in good shape, you never know when you might need it.

What affects your credit score

Your score reflects your financial behaviour – the good and the not-so-good. Here’s what can help (and hurt) your score:

Good habits that can help:

  • Keep on top of bills and repayments
  • Pay fines on time
  • Keeping credit card balances low
  • Using less than 30% of your credit limit
  • Staying with accounts long-term.

Habits that can hurt:

  • Missing or late payments
  • Maxing out your credit cards
  • Applying for lots of credit in a short time
  • Defaulting on loans or bills.

Tip: If your score isn’t where you want it to be, building better habits can help improve it over time.

Positive credit reporting

Your credit report isn’t just about the tough times – it can also highlight the good stuff. That includes a history of paying your bills on time, making extra repayments, or consistently managing your credit well.

At Westpac, we support positive credit reporting.  This means we share information with credit reporting agencies not just about the credit you’ve taken out, but also how well you’re managing it – like whether you’re making repayments on time.

By including the positive alongside the negative, your credit report gives a more balanced view of your financial behaviour. It can show lenders that you’ve built good habits or bounced back from past challenges.

How to check your credit score.

You can request free monthly credit reports from Clearscore. It’s a good idea to check your report regularly to make sure everything’s accurate – especially if you’re planning to borrow.
Check your credit score

How to improve your credit score.

Here are some easy ways to improve your score:

  • Pay bills on time – set reminders or automate payments so you never miss one
  • Limit new credit applications – too many can hurt your score
  • Check your credit report for errors – and dispute anything that’s wrong.

Pro tip: Keep your credit card balance low compared to your limit.

Using too much of your available credit can lower your credit score. Try to stay under 30% of your limit – the less you use, the better it looks to lenders. For example, if you have a $2,000 credit limit and your balance is $600, you're using 30% of your limit.

The truth about credit scores.

Myth: Checking your own score lowers it.
Truth: It doesn’t. Looking at your own score using ClearScore is just for your information, and it doesn’t show up on your credit report in a way that affects your score.

Myth: Paying the minimum is enough.
Truth: It helps avoid late fees, but paying more reduces the interest you’ll have to pay (which is a good thing) and improves your credit health.

Myth: Buy Now Pay Later (BNPL) doesn’t affect your score.
Truth: It can. Missed BNPL payments may be reported to credit agencies and could hurt your score.

Things you should know.

This page is for general information purposes only and does not take your financial situation or goals into account.

References to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability or content of any third-party websites to which this page may link.

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