Advice on how to build a credit profile

You may have been told from a young age by an older family member that borrowing money means you’ll get into debt and owe a bank interest, which is something to be very wary of. In this day of age, having a credit history is really quite essential. Should you wish to buy a property someday, it’s highly likely you’ll need a mortgage to pay for it. This is why every credit journey must start somewhere. It’s frustrating when you’re being denied by every creditor you approach for credit because of a lack of credit history. This article provides some basic guidelines to help you down the path to credit acceptance.  

Consider applying for a credit card

If you’ve been rejected for credit in the past, it might have been because the cards you originally applied for required a high credit score for approval. We all need to start somewhere, especially when credit is concerned, so on that basis, consider starting off small and look for cards that require very little or no credit history.

Like with all financial responsibilities, using a credit card is no different. It can be a very powerful financial tool when used in the right situation but can be equally dangerous if used irresponsibly. Make sure you thoroughly research all of your options to find the right type of card for your personal situation. Pay attention to the terms and conditions section of the credit agreement and ask the creditor to explain anything that isn’t clear to you. Reading the fine print around fees and interest rates is particularly important, not forgetting reward programs and other value-added benefits. Rule of thumb is to know exactly what it is you’re getting yourself into.

Be responsible with your credit

It’s a good feeling once you receive your first credit card. You feel empowered and reassured that you’ve been accepted for a line of credit. It’s important to make sure your credit profile gets the best standing start possible. Here are some basic tips to ensure you do:

In summary…

Remember the path to achieving a healthy credit score is a long one. Unfortunately, it takes just the once to hurt your credit score and the road to recovery can lengthy. Try to form good habits from the get-go and invest time to make sure you understand that credit health is important and the ramifications associated with not being responsible. The time and effort you put into building a solid framework will hopefully get you into the position of being able to get the best credit cards, loans and other perks associated with having good to excellent credit.

Legal information

Marketplace Finance Pty Ltd with ACN 608 607 227 and ACL 487316 is trading as Friendly Finance. Friendly Finance does not make finance or credit decisions and is not a provider. Friendly Finance helps customers find financial partners that meet their requirements.Financial partners may wish to obtain credit reports as part of the decision process. The line of credit available will vary depending on the financial provider. In order to help the government fight identity theft, the funding of terrorism and money laundering activities, providers may verify and record customer information. This website does not directly endorse a particular product and service.Any information on this website should be taken as opinion only.

Address: 903 level 9, 50 clarence st, sydney, nsw, 2000. Email:

Disclaimer: Cash Loans Paid In 60 Minutes*
* As advertised - is not a lender or broker and does not advise or recommend any lender. We simply provide options based on the information you provide.
Once you are approved by an actual lender, your loan may be transferred straight into your bank account within 60 minutes of signing the contract during standard banking hours.
The same transfer times could apply on second and subsequent approved loans.
For loan amounts over $3,000 it usualy takes longer than 60 minutes

WARNING: Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

The Australian Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.