How fintech Flux is helping millennials get serious about their money and credit score


Ordering their favourite take out, picking up a new pair of shoes, or organising a ride to get from A to B, it’s safe to say every millennial has done at least one of these with their smartphone. 

Although having the world at your fingertips is the ultimate dream, there is a degree of responsibility. From the moment you start using credit, Buy Now, Pay Later (BNPL) or when your name is on a utility bill, your money habits are shaping your credit score. 

While you might not think your credit score is a big deal now, it could be the difference between being approved or rejected for a home loan later on. 

“In 2020, we’ve seen the boom of Buy Now Pay Later services like Afterpay and Zip. But very few young Aussies know that these services can affect your chances of taking out a loan in the future,” said co-founder of fintech, Flux, Justin Joffe. 

“Imagine in 5 years your bank rejects your home loan application because of a missed repayment for that Mecca spending spree or Nintendo Switch that you bought on a whim.”

According to Flux, more than one in two Aussies struggle with financial literacy, like understanding how to keep your credit health in the green. 

Flux is among some of the many tools out there helping younger Aussies tap into their financial freedom and ensure their relationship with money is a positive one.

What is Flux?

Founded by three school friends in January 2020, Flux is a smartphone app designed to make understanding tricky money matters a piece of cake. 

At its core, the Flux app is a free tool that makes the topic of money entertaining. It helps you monitor your credit score, but it’s also a place where you can stay on top of financial news and learn more about personal finance.

Plus, they’re just about to launch a new feature called ‘Win the Week’, where users can go into the running each week to win $25,000 when they deposit $25 into their savings account! 

“When we were studying at university and then starting our professional lives, we desperately wanted to learn more about the business world and personal finances. But, we felt really disconnected and disengaged from the content and tools available,” said Joffe. 

“Our mission is to make the topic of money as culturally relevant as sport, music or the arts.”

Why is monitoring my credit score important?

Our credit score could be a make or break when it comes to achieving your future financial goals. Let’s break it down. 

Your credit score is a number between 0 - 1200 and it tells a lender how reliable you are to lend to. Your credit score is built up by a number of factors, like whether you pay your bills on time and your history with managing credit. 

So as you’ve probably guessed, the better your credit score, the more attractive you appear to a lender. And thanks to a little thing called Open Banking, it also means you have the power to ask for a better deal on products. 

Open Banking refers to a new system where consumers are given the power to share their banking information, like their credit score, with other financial institutions. And this means that banks and lenders have the opportunity to then offer customers more competitive personalised interest rates. 

Checking your credit score in the Flux app is super simple: all you need to do is enter a few personal details, like your name, address and license number and you’re on your way. 

“We know that building the right financial habits early on in life is critical. These habits can often have a snowball effect that can lead down one of two paths: mounting debts, or financial prosperity,” said Joffe. 

“We reckon checking your credit score on the reg is a really simple way to keep track of where you stand financially.”

How can I improve my credit score?

The good news is that your credit score is not fixed in stone and will change over time as you build up your profile. Here’s how to keep your score in top shape:

  • Know where you stand - Before you can get to work, it’s important to understand your financial situation by requesting a free copy of your credit report. There are a number of places where you can access this from, like Experian, Equifax and of course, Flux. 
  • Pay off outstanding debts - Whether it’s lingering credit card debt or an unpaid bill, make it your priority to clear any outstanding payments ASAP. Australia has a system of positive credit reporting so this means that your good habits as well as your bad ones get recorded so always try to make the minimum repayments on or before the due date if you can’t pay off your bills in full.   
  • Don’t apply for multiple credit products - As you work towards building up or repairing your credit history, it’s best to avoid applying for multiple new credit products. This is because each time you apply it gets recorded and having multiple enquiries on your history doesn’t look too financially responsible in the eyes of a potential lender.

If you need more tips on how to improve your credit score, check out our guide.

So, where can I get the Flux app?

You can download the Flux app for free via the Apple app store.

Like to stream fintech news from multiple faucets? Then why not add our fintech hub to the list! It’s filled with the latest movements and insights in the fintech space. 

*Flux are a commercial partner of Mozo, using our systems to enable product applications from within their app.