🎧 Episode 206 - How to Get and Maintain a Good Credit Score

Think paying everything in cash is the best way to stay financially secure? Think again. In this episode, we explore why having no credit history can actually hurt you when it's time to apply for a home loan—and what you can do to build a solid credit profile.

We're joined by Kevin James, General Manager at Equifax, who unpacks the ins and outs of credit scores: what they are, how they're calculated, and why they matter. You'll learn how things like paying your bills on time and being mindful of your credit applications can positively impact your score. Kevin also clears up misconceptions about buy-now-pay-later services and why they don't do much to boost your creditworthiness.

If your credit score isn't where you'd like it to be, don't worry—we've got you covered. Kevin shares practical steps for repairing a bad score, including how to check your credit report for free and the importance of working with your lender when times get tough. He also talks about the surprising benefits of small financial habits, like managing a credit card or phone plan in your name.

This episode is your guide to understanding and improving your credit score, helping you get closer to your goal of homeownership. Listen now and take that next step toward financial confidence!

Subscribe: Omny Apple Podcasts Spotify Youtube RSS

Episode Highlights:

00:00 - Introduction
01:59 - Who is Kevin James?
03:30 - What does a credit score actually look like?
04:55 - What behaviours or actions impact a credit score?
06:49 - When does one start getting a credit score?
08:40 - Full payment vs. Minimum payment on credit card bill: what's best for your credit score?
09:27 - How does "buy now, pay later" services like Afterpay influence a credit score?
10:36 - Why are credit scores important for first home buyers?
12:03 - How to find out what your credit score is
15:07 - How does one get a bad credit score
18:24 - How do you repair a bad credit score
22:31 - What impact does applying for multiple credit products have on a credit score?
25:26 - The role of AI in calculating credit scores
26:21 - Can parents managing bills hinder credit building for adult children?
28:54 - Why does Money Smart advise against paying for credit score repair services?
33:34 - What Kevin wishes he knew about credit scores as a first home buyer

About Our Guest:

➼ Kevin James is the Chief Solutions Officer at Equifax Australia, leveraging his deep expertise in credit scores and financial analytics. With over six years at Equifax, including leading Advisory & Analytics Consultancy Services, Kevin has built a reputation for delivering strategic insights and innovative solutions. Known for his passion and ability to engage on complex topics, he previously held leadership roles at ANZ, focusing on customer engagement and risk strategy. Based in Melbourne, Australia, Kevin is a recognised thought leader in financial services.

Connect with Kevin James:

➼ LinkedIn https://au.linkedin.com/in/kevin-james-b1b0b558

Resources:

➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse

➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

➼ Visit our website https://www.homebuyeracademy.com.au/

➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

➼ If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]

➼ Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au

➼ Work with Veronica: https://www.veronicamorgan.com.au

➼ Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/

➼ Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!

➼ Subscribe on YouTube

➼ Subscribe on Apple Podcasts

➼ Subscribe on Spotify

Learn how to buy your first home without making avoidable mistakes.

Find out more

Co-Founders

Veronica Morgan & Meighan Wells

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.