Existing cardholders: Find out what you need to know about the move to MyCard including important information about managing your account and helpful FAQs.
New applications: Applications for new MyCard credit cards are coming soon.
Put simply, your credit score is a number that summarises information on your credit report and your ability to manage your debts. In the language of credit providers, a higher score means that you have financial bandwidth or “creditworthiness” when it comes to borrowing or applying for credit.
Your credit score reflects your financial track record which includes account payment behaviour, total debt, negative listings and enquiries made by credit providers. The three credit reporting bodies operating in Australia (Equifax, Experian and illion) crunch the numbers, turning your broad financial picture into a single number.
Your credit score changes throughout your life, with many factors at play. Soft enquiries, like viewing your credit score or a preapproval quote, never dent your record. Hard enquiries, like formal credit card applications, stay on file for five years and can nudge the score down. Lenders refresh your file every month, so positive habits surface quickly, and past slipups fade.
| Bureau | Below average | Fair | Good | Very good | Excellent |
|---|---|---|---|---|---|
| Equifax | Below average 0-459 | Fair 460–660 | Good 661–734 | Very good 735–852 | Excellent 853–1200 |
| Experian | Below average 0-549 | Fair 550–624 | Good 625–699 | Very good 700–799 | Excellent 800–1000 |
| illion | Below average 0-299 | Fair 300–499 | Good 500–699 | Very good 700–799 | Excellent 800–1000 |
What Is a Good Credit Score? | Equifax Personal, opens in new window, Credit Scores | Experian Australia, opens in new window, FAQs - illion Credit Check, opens in new window | Accessed 9 October 2025
Sliding from Fair into Good is generally viewed favourably by lenders and may improve access to credit products, depending on the lender’s individual assessment criteria and the applicant’s overall financial situation.
A higher score can unlock, higher opportunities:
Now you know the power of a strong score, you want to find out where you stand today. You’re entitled to a free credit report and score from each credit reporting body every three months and again if you've been declined credit in the past 90 days.
Contact these agencies to uncover your score:
Wherever your number sits today, it's only just a snapshot. Even if it isn't as high as you hoped, the main thing is that you know what's in your arsenal. Now your journey begins.
How to grow it over time:
Any advice has been prepared without considering your objectives, financial situation, or needs. Before acting on any advice, consider whether it is appropriate for your circumstances and view the relevant terms and conditions.
MyCard branded credit products are issued by National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”). Our/us/we means NAB.