What is a good credit score?

Finder credit score ranges

Experian credit score rating	Experian credit score range
Excellent	800-1000
Very good	700-799
Good	625-699
Average	550-624
Below average	0-549

How many people have a good credit score in Australia?

Finder data shows 79% of people have a good credit score or higher. But 21% of people have an average or below average score.

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%

What can a good credit score help me do?

• Ask for a home loan discount. You could use your credit score and other financial details to negotiate a better rate on your home loan, or even get certain fees waived.
• Increased borrowing capacity. You may be able to borrow more money, but it will still depend on your other financial details.
• Increase the chance of approval for rental properties. Your credit score could put you at the top of the list for landlords and real estate agents if they check it as part of their screening process.
• Get lower rates on personal loans. A range of personal loans and peer-to-peer loans offer interest rates based on your credit score. A higher score means a lower interest rate, which could be as low as 4.45% depending on the personal loan.
• Upgrade your phone plan. Telstra, Optus and Vodafone check your credit score for different types of phone plans. So a better score can help you get a better deal on phone plans and new phones.
• Choose a credit card with rewards. If your financial situation is stable and you're considering getting a new credit card, your credit score could increase your chance of approval for one with rewards. And if you repay your full balance for each statement period, you won't have to pay any interest.

What is the average credit score in Australia?

Finder's research has found the average credit score in Australia is 735.

This is based on analysis of 59,016 credit reports in 2022. We also found the average has improved since 2021, when it was 711.

Average credit score by generation

• Baby boomers: 846
• Gen X: 760
• Millennials: 713
• Gen Z: 741

Average credit score difference between men and women in Australia

• Highest average credit score: Men over 60 years of age (788.3).
• Lowest average credit score: Women between the ages of 21 and 30 (671.7).

Average credit score by state

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

What is a bad credit score?

Credit scores between 0 and 500 are generally considered bad or low. This makes it harder to get approved for a credit card, loan or other form of credit.

If your credit score is low, Finder's guide on how to improve your credit score has simple ways to build up positive credit history.

What counts as positive credit history?

Any activity on your credit report that show you're responsible with your finances can be seen as positive. For example, making payments on time is a simple way to build up positive credit history. But other factors can include the amount of credit you have access to, the length of time you've had your accounts and how often you apply for credit (less often is better).