Credit Ratings

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Personal wealth and the suburb you live in have little influence on the 'health' of your credit score, according to the latest Veda Australian Credit Scorecard.
Data sourced by getcreditscore.com.au, which analysed over two million VedaScores across 326 regions, with the New South Wales suburbs Blue Mountains and the Hawkesbury a higher average VedaScore than those in Potts Point, Elizabeth Bay and Rushcutters Bay.
In Victoria the rural area of Barwon West outperformed Carlton and South Yarra.
Luke Keller, chief executive officer, getcreditcsore.com.au said the research underlines Australia’s next generation could take a lesson or two from their older counterparts on how to successfully manage their finances and maintain a strong credit score.
"It also showed that with some of Australia’s wealthiest suburbs on the lower end of the ratings, this wealth may not be all that it seems,” he said.
"In regional Queensland, for example, the results reveal the Gen Y men of Caboolture Hinterland, who have the lowest VedaScore in Australia, could take some financial tips from their elders, with those aged 65+ in the same region holding one of the highest VedaScores in the country.
"In New South Wales, the rural areas of Blue Mountains (VedaScore: 791) and Hawkesbury (788) with their beautiful, relaxed lifestyles have a higher average VedaScore than those living the high-life in Sydney Inner City’s (738) harbourside suburbs of Potts Point, Elizabeth Bay and Rushcutters Bay.
"The surfing culture of the Central Coast also seems to help cultivate some strong credit scores in Newcastle (765) and Gosford (772), which are surprisingly higher than those living with harbour views in Sydney’s centre.
"While there are many things that go into a score, you can control how you manage it – it doesn't matter if you’re in the Darling Downs or Darlinghurst,” 
Results from the research include:
● McGraths Hill in the outer suburbs of NSW has a high average credit score (787) with a low median property price of $682,000 compared to Darlinghurst, which has a low average credit score (738) and a high median house price of $1.78 million
● Lilydale in Victoria’s Yarra Ranges tells a similar story. The suburb, which has a high average credit rating (789) and a median house price of $624,000, has a stronger credit score than South Yarra in Melbourne City (739) which has a high median property price of $1.46 million
● Queensland’s high $1.62 million median property price its average credit score of 737 is below that of Bald Hills, which has an average credit score of 777 and a median property price of $419,000
● In Western Australia the family oriented, middle class suburb of Melville (797) manage their finances better than those in Perth City (766), which includes the leafy suburbs of Crawley, West Perth and Subiaco
● The winemakers of South Australia’s Adelaide Hills (795) also show North Adelaide (Adelaide City - 735) residents who’s the boss when it comes to credit
● Young women are more creditworthy across the country than young men with Gen X and Gen Y females out performing Gen X and Gen Y males with higher average credit scores in the majority of 326 regions. (304 Gen Y, 289 Gen X) (see below)
Battle of the sexes – Who’s more creditworthy in your generation?
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<td valign="top" width="142">
Generation
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<td valign="top" width="142">
Female
</td>
<td valign="top" width="142">
Male
</td>
</tr>
<tr>
<td valign="top" width="142">
Gen Y (18-34)
</td>
<td valign="top" width="142">
304
</td>
<td valign="top" width="142">
22
</td>
</tr>
<tr>
<td valign="top" width="142">
Gen X (35-44)
</td>
<td valign="top" width="142">
289
</td>
<td valign="top" width="142">
37
</td>
</tr>
<tr>
<td valign="top" width="142">
Baby Boomers (45-64)
</td>
<td valign="top" width="142">
251
</td>
<td valign="top" width="142">
75
</td>
</tr>
<tr>
<td valign="top" width="142">
Builders (65+)
</td>
<td valign="top" width="142">
156
</td>
<td valign="top" width="142">
170
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</tr>
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</td>
<td colspan="2" valign="top" width="284">
Number of regions
</td>
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