Is your Afterpay habit hurting your financial future and stopping you from hitting big life goals like buying your first home?
Every financial decision leaves a digital footprint, and banks and mortgage lenders use that data to check your creditworthiness, spending habits, and loan affordability. But with so much scaremongering and myths around credit scores in New Zealand, it's easy to panic.
This week on Ask the Experts, Jessica O’Hare, Head of Lending at Revolut, breaks down the truth about what lenders actually care about, what gets flagged on your credit report, and how to set up simple money systems that stick.
This episode of Making Cents is proudly supported by Revolut, the card and app for everyday spending in NZ, and smarter money on your travels. Use this link https://get.revolut.com/e9Jc/makingcents7 to try them out, spend, and Revolut will give you $40 to get started.
This episode covers:
- How lenders check your credit score, payment history, and loan affordability in New Zealand
- What happens when you miss an Afterpay, BNPL, or utility bill payment, and how long defaults stay on your credit file
- Red flags vs. green flags on your bank statements and credit reports when applying for a mortgage
- Why positive credit reporting means your phone and power bills can actually help your credit history
- How to automate your income, split your salary, and use "money pockets" to stop overspending
*T&Cs apply. Spend min $1 to receive reward. Exchange rates will vary. Comparison to major bank rates based on exchanging NZD $1K Mon-Fri, within your plan’s fair usage limits. More info: https://www.revolut.com/en-NZ/nz-fx-substantiation. Revolut Payments New Zealand Pty Ltd.
If you have a letter you’d like us to answer, please send it through to ask@francescook.co.nz and you might feature on our next episode!
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Production and video editing by Lana Byrne
Audio engineering by Tash Chittock
Filmed by Fanaticals
