What Is a Good Credit Score in Australia? Ranges, Myths and How to Check Yours Free

Here’s a question that trips up a lot of Australians: "is 650 a good credit score?" The honest answer is, it depends who’s asking. Equifax might call it average. Experian might call it good. That’s not a typo or a mistake on your file. It’s just how credit scoring works here.

Quick answer: in Australia, a "Good" score generally sits around 661+ on Equifax and 625+ on Experian. But the number on its own only tells half the story. Let’s break down exactly what counts as good, why your score can look different depending on where you check, and how to actually see where you stand.

Credit Score Ranges in Australia

For a long time, Australia had three main credit bureaus: Equifax, Experian, and illion. That’s changed. Experian completed its acquisition of illion in 2024, and Moneysmart now describes Australia as having two main credit reporting bodies rather than three. You might still spot illion-branded reports floating around during the transition, but the two names to know going forward are Equifax and Experian.

Here’s how the bands break down:

Notice the scales don’t match, and neither do the cut-offs. Someone could sit comfortably in "Good" on Equifax and land in "Average" on Experian, purely because the two bureaus use different models and different data.

What Is a Good Credit Score?

A "Good" score, roughly 661+ on Equifax or 625+ on Experian, generally means you’re eligible for most standard loan products at mainstream rates. It’s not the top tier, but it’s a solid, unremarkable place to be. Lenders see it and move on to the rest of your application rather than flagging it as a concern.

"Very Good" and "Excellent" bands sit above that, and they’re what unlock the sharpest interest rates and fastest approvals. But plenty of people get approved for everyday credit, personal loans included, sitting comfortably in the Good band without ever chasing Excellent.

If your score sits below Good, it’s not the end of the road. It just means lenders will look a bit harder at the rest of your application, things like your income, your expenses, and your repayment history. There are still loans for people with bad credit if your file isn’t where you’d like it to be yet.

Common Credit Score Myths

A few myths do the rounds constantly, so let’s clear them up.

• "Checking your own score hurts it." Not true. Checking your own file is a soft enquiry and has zero impact on your score.
• "I have one score." Nope. You’ve got a score with each bureau that holds a file on you, and they can differ significantly.
• "No credit history means a good score." Actually, it usually means no score at all, or a low one, since there’s nothing for lenders to judge you on yet.
• "Closing old accounts helps." Often the opposite. Closing old accounts can shorten your credit history and actually work against you.

How to Check Your Credit Score

Checking your score is free, doesn’t affect your score, and takes about ten minutes. You can request it directly from Equifax or Experian, and you’re entitled to a free report every three months under the Privacy Act 1988.

A few things worth knowing:

• Many banking apps now show a version of your score for free too
• It’s worth checking more than one bureau, since a lender might use either one
• If you’ve been declined for credit recently, you can request an additional free report within 90 days

One thing that has changed recently: Buy Now Pay Later accounts now appear on your file too, so Afterpay and similar apps can affect your credit score in a way they simply didn’t before June 2025.

How Long Does a Default Stay on Your Credit File?

This is the one that worries people most. A default is generally listed when a payment of $150 or more is 60 days or more overdue. Once it’s on your file, it stays there for five years, whether you eventually pay it off or not. Paying it does update the listing to show it’s settled, which looks better to future lenders, but the entry itself doesn’t disappear early.

If you’re wondering what else besides a default can drag a score down, we’ve covered what counts as bad credit history in more detail, including late payments, court judgements, and how each one is treated differently.

How to Improve a Score That’s Not Where You Want It

None of this is about chasing a perfect number. It’s about steady, boring consistency.

• Pay every bill on time, even the small ones
• Keep any credit card balances well below the limit
• Space out new credit applications rather than applying for several at once
• Check your file regularly and dispute anything that looks wrong

If you want the fuller step-by-step version, our guide on building your credit score in Australia walks through the whole process from scratch. And if you’ve already been turned down somewhere, it’s worth understanding why loan applications get declined before you apply again.

Key Takeaways

• "Good" generally means 661+ on Equifax or 625+ on Experian
• Australia now has two main credit bureaus rather than three, following Experian’s acquisition of illion
• You have a different score at each bureau, and that’s completely normal
• Checking your own score is free and doesn’t affect it
• A default can stay on your file for five years, paid or not

If your score isn’t where you’d like it yet, that’s okay. It’s not the only thing that decides whether you can borrow. MoneyBuddy looks at your current situation, not just a number, with small loans up to $5,000 for everyday Aussies working through a rough patch.

This article is for general information purposes only and does not constitute financial advice. Please consider your own financial situation before applying for credit.