Credit Score
Credit Score – This article will share tips that will help you Get All 4 South African Major Credit Reports Free Forever as well as also answer the most frequently asked questions about credit scores and credit bureaus.
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How can I check my credit score & credit report for free in South Africa?
- Download the My Credit Score App from your App Store.
- By contacting The National Debt Review Center
- By registering on free credit report websites.
How can I clear my credit history in South Africa?
1. Clear your debt – The first step to fixing your credit record is to not make any more debt for the time being until your credit record has improved. You should also stay clear of making any credit enquiries, such as applying for a new credit card, as this can have a negative impact on your score.
2. Review your credit report – You can get your free yearly credit history report from one of the registered credit bureaus to check which of your accounts are likely to cause your credit record to look bad. Start paying these accounts first and also focus on accounts with very high-interest rates. The sooner you pay it off, the sooner you can have a good credit record.
3. Make payments on time – The most important thing to remember is to keep making payments and communicate with your creditors. Try to pay a little bit more than the minimum installment every month and be sure to snowball the money from other paid-off debts as you go. If your situation is overwhelming, you can approach a debt counsellor to guide you.
4. Keep old accounts open – Don’t close your existing accounts once it’s paid off as it can increase your credit utilization ratio and lower your available credit. This can lose you some points on your credit score. Improving your credit score can take several months before you see a noticeable difference. However, it is a good goal to have and the sooner you start, the sooner you will see results.
Source: Standard Bank
What is a good credit score to qualify for a bond?
650 or higher
It’s recommended you have a credit score of 650 or higher when you apply. If your score is below 650, lenders either won’t be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
670+ = excellent
650 – 669 = good
634 – 649 = average
618 – 633 = below average
Below 618 = very poor
Consult a Bond Originator for more clarity and advice.
Your credit score is a reflection of your credit health. The good news is, that your credit score isn’t static, and if you do find your score a bit low, you can improve it.
Your credit score is a number that represents your creditworthiness. It is used by lenders to determine whether you are a good candidate for a loan and what interest rate you will be offered. You can get your credit score from all four major credit reporting agencies – Experian, Compuscan, TransUnion, and Experian – for free forever by signing up for an account with each one.
This will give you a complete picture of your credit history and help you identify any potential red flags. Once you have your scores, it’s important to check them regularly to make sure there are no errors and to monitor your progress. You can get your scores for free once a year from the My Credit Score App If you see anything on your report that doesn’t seem right, you can file a dispute with the credit bureau. monitoring your progress.
4 Comments
Lwandile · December 24, 2023 at 9:28 pm
Credit report
Stephen Smith · February 2, 2024 at 12:56 pm
I was busy purchasing a company when the owner passed away with a heart attack. Paid ABSA BANK the money I could . They broke the payment agreements so many times, I have lost count, I am a SASSA DISABILITY GRANT receiver and for the past 17 months I paid my full SASSA grant into the account but they were hungry and wanted more and attached an additional R1308,06/ month onto my account. I have been forced to close my company down now and all I can get is my SASSA GRANT. I need to live and put food on my table and pay Rates and Taxes and electricity. R2000/month is not enough.