Equifax 550 Business Loan - What Credit Score Do You Need in Australia?

What Equifax score do you need for a business overdraft?

Most non-bank lenders on OverdraftMe's panel require a minimum Equifax credit score of 550. Some specialist lenders can work with scores as low as 400-500, though the rates and terms will be less favourable.

For context, the Equifax scale runs from 0 to 1,200. A score of 550 is considered "below average" but is sufficient for most non-bank business finance products. The average Australian credit score sits around 650-700.

How to check your Equifax score for free

You can check your Equifax score for free at getcreditscore.com.au. Checking your own score does NOT affect it - it's a "soft enquiry" that doesn't appear on your credit file.

What if my score is below 550?

A score below 550 doesn't mean automatic decline. Some options:

• Specialist lenders: Some lenders on our panel specialise in impaired credit and can work with scores of 400+.
• Secured facilities: Offering property or business assets as security can offset a lower credit score.
• Wait and rebuild: Paying existing debts on time, reducing credit card balances, and correcting errors on your credit file can improve your score within 3-6 months.

What hurts your credit score?

• Late payments on loans, credit cards, or utilities
• Defaults and court judgments
• Multiple credit applications in a short period (each one leaves a mark)
• High credit utilisation (maxed-out cards)

This is why OverdraftMe lodges a single credit enquiry across 50+ lenders - protecting your score while maximising your options. Going direct to multiple lenders means multiple enquiries, each one lowering your score further.