A good credit score can be anything above 500, but it really depends on which of the 3 credit reporting bodies you get it from - Experian, Equifax or Illion.
For example, a good Experian credit score is 625 or higher, whereas a good Illion score is 500 or higher and a good Equifax credit score is 661 or higher.
Credit reporting bureaus also have different credit rating ranges for Australia, so what counts as a good credit score here will be different to other countries such as the USA.
The main reason for having a good credit score is so that you're more likely to get approved for a loan, credit card or phone plan. However, having a good credit score can also bring other benefits.
Here are some other ways a good credit score can help you get a better deal on your finances:
"Your credit score is a measure of your overall financial health. If you have good credit it tells lenders that you're a responsible borrower and likely to pay off any debts on time."
There are 3 major credit reporting bodies in Australia that calculate your credit score: Illion, Equifax and Experian (which Finder partners with). Each bureau separately records the details listed on your credit report, and each uses a different credit rating system.
Unlike the US, where the maximum credit score is 850 regardless of which bureau you get it from, in Australia, the maximum credit score will vary based on the bureau, and can be as high as 1,200.
For example, your credit score will be a number between 0 and 1,000 with Illion and Experian but can be up to 1,200 with Equifax. What's always the same is that a higher score is better than a lower one.
| Response | Male | Female |
|---|---|---|
| Yes | 65.65% | 61.19% |
| No | 34.35% | 38.81% |
Whether you have a good credit score will depend on both your actual score and which credit bureau you're using. You can use the table below to work out whether you have a good credit score with Experian, Equifax and Illion:
Here, we've listed the different credit score ranges for the 3 credit reporting bodies in Australia. If you get your credit score through Finder, it will match up with Experian's ratings.
| Credit score range | Illion | Equifax | Experian |
|---|---|---|---|
| ⭐⭐⭐⭐⭐ Excellent | 800–1,000 | 853–1,200 | 800–1,000 |
| ⭐⭐⭐⭐ Very good/Great | 700–799 | 735-852 | 700–799 |
| ⭐⭐⭐ Good/Average | 500–699 | 661-734 | 625–699 |
| ⭐⭐ Fair/Room for improvement | 300–499 | 460-660 | 550–624 |
| ⭐ Low/Below average | 0–299 | 0–459 | 0–549 |
79% of people have a good credit score or better, according to Finder data. This means 21% of people have an average or below average score.
Roughly two-thirds (69%) of Australians don't know their credit score, and 6% don't know what a credit score is.
This is despite 45% of those who have their credit score saying it helped them make better financial decisions.
| Score rating | Score range | % of people |
|---|---|---|
| Excellent | 800-1000 | 15% |
| Very Good | 700-799 | 46% |
| Good | 625-699 | 18% |
| Average | 550-624 | 6% |
| Below Average | 0-549 | 15% |
Finder's research has found the average credit score in Australia is 735.1
This is based on analysis of 59,016 credit reports between 2020 and 2023. We also found the average has improved since 2021, when it was 711.
According to our data, the older you are, the higher your credit score is likely to be.
Baby boomers have an "excellent" credit score on average, with an average score of 846.
Gen X have an average credit score of 760, which is considered a "very good" score, followed by gen Z at 741 and millennials at 713.
Average credit score by generation
You can see how your credit score compares to the average score for your age group below:
The ACT is the state with the highest average credit score, followed by South Australia and Victoria. Western Australia has the lowest average credit score.
| State | Average score |
|---|---|
| ACT | 763 |
| NSW | 741 |
| NT | 744 |
| QLD | 720 |
| SA | 753 |
| TAS | 729 |
| VIC | 745 |
| WA | 716 |
Credit scores between 0 and 500 are generally considered below average. If you have a bad credit score, you may find it harder to get approved for a credit card, loan or other form of credit.
Thankfully there are things you can do to improve your credit score.
Thankfully, bad credit doesn't last forever and as long as you're taking steps to improve your credit score, you should see your credit report get better over time.
Major credit infringements will stay on your credit report for a certain period of time and will continue to impact your credit score during this time.
Your repayment history information stays on your report for two years, while credit enquiries, payment defaults, overdue accounts, and court judgements will stay on your report for five years.
Overdue accounts listed as serious credit infringements will stay on your report for seven years.
| Credit score rating | Why do you have this score? | What do lenders think? |
|---|---|---|
| 1,000 or 1,200 (perfect score) |
| You'll have a strong chance of approval for most credit products and could be able to negotiate better lending terms than most people. Just remember that other factors are also considered when you apply. |
| 800–999 (excellent) |
| You could get better rates and terms than people in the very good or good credit score range. |
| 700–799 (very good) |
| You can still apply for most loans and credit cards, as long as you have the ability to pay off a new account. |
| 500–699 (good) |
| Securing a big loan will depend on the lender's criteria and other individual factors like your current employment and debts. |
| 300–499 (fair) |
| Lenders may focus more on other factors when you apply, such as proof of stable and regular income, bank statements or a form of security. |
| 0–299 (low) |
| It could be difficult to get a new loan or another credit product. If you can, focus on improving your credit score first. |
Finder research has found 69% of Australians don't know their credit score – and it only takes around 3 minutes to get it with the free Finder app.
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