Do you know your credit score? Survey finds Gen Z behind Gen X

Nearly 7 out of 10 Australians don't know what their credit score is. Do you?

Residz Team 3 min read

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Before you buy a home your bank will want to know: Can you be trusted with a loan?

They’re not going to take your word for it. Instead, they check your credit score.

Recent Finder analysis of nearly 60,000 credit reports found the average Aussie has a credit score of 735, which falls in the "very good" category.

However, the average Gen Z credit score of 741 was lower than the 760 for Gen X.

Western Australians have the lowest credit score at 716, with Queenslanders the second-worst at 720.

Nevertheless, average credit scores are up from 2021 when the average Australian had a credit score of 711. So, what is a credit score and what makes your credit score go up or down? Here’s what we’ve discovered.

What is a credit score?

Your credit score is a rating that helps financial institutions judge if you’re good for the money they lend you.

Credit scores (or credit ratings) are a score between 0 to 1000 or 0 to 1200 (depending on the agency). The higher your score within that range, the better.

Canstar says things to avoid if you want a healthy credit scores are:

A strong credit history greatly increases your score, but stable employment, choosing good quality lenders, and not applying for credit or loans too often also help to lift your score.

Credit scores are improving

It is fascinating that credit scores (or credit ratings) are - on average - improving.

With the higher cost of living and pressure on incomes coming from all directions it is surprising that Australians’ credit scores are better than they were a year ago.

But, higher they are.

"Despite the rising cost of living, many Aussies are keeping on top of their financial responsibilities,” says Amy Bradney-George, credit card expert at Finder.

Amy says this is encouraging as a good credit score makes a big difference to your chance of approval for credit cards and loans.

"When you're planning a big purchase, such as a car or a home, your credit score is an important part of negotiating the best interest rate and loan terms,” she said.

Baby Boomers also booming on credit scores

As we saw earlier, Finder analysis showed that the average Gen Z scores 741 compared to 760 for Gen X.

But the ‘baby boomers’ take out the highest average credit score prize at 846 while millennials have the lowest at 713.

Best and worst states and cities

Aussies in the ACT have the highest credit score (763) and Canberrans enjoy the highest credit score of all the capital cities at 765.

At a state level, South Australians come in second-best with an average credit score of 753.

Melbournians and Sydneysiders are just behind Canberra for highest credit scores in the capital cities at 758 and 757.

Brisbane and Perth have the lowest credit score (735) of the capital cities.

People don’t know credit score

So, what is your credit score? Chances are, you have absolutely no idea. I didn’t until I checked just now (for free on

A Finder survey found that 69% of Australians didn’t know their credit score. Almost half (43%) had never checked, 7% were too scared to check, and 6% didn’t know what a credit score was.

Amy of Finder says it’s vital to check.

"Banks and lenders check your credit score and history when you apply, so it's better to know where you stand beforehand, rather than right when you need to access cash,” she says.  

Residz can help buyers and sellers reduce the stress:

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