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What's your credit score?
Questions to ask on a first date
Kidding, but not really...
Questions to ask on a first date
Kidding, but not really...
Simply put, a credit score is a number that represents your credit worthiness. The TransUnion Credit Bureau's score ranges from 0(worst) to 999(excellent) and changes with every credit activity. An average score with TransUnion is between 583 and 613.
A high credit score means you are a good borrower, who pays on time and represents a low risk to the lender.
A low credit score means you are a bad borrower, who pays late or doesn't pay at all and represents a high risk to the lender.
A low credit score means you are a bad borrower, who pays late or doesn't pay at all and represents a high risk to the lender.
So why does it matter?
Institutions like banks are more likely to give you loans for a house or car if you have good credit. This also puts you in a good position to negotiate better interest rates on the loans.
Institutions like banks are more likely to give you loans for a house or car if you have good credit. This also puts you in a good position to negotiate better interest rates on the loans.
How is your credit score assessed?
Credit buearus have a report of your whole financial history. This includes account info,payment history, amounts owed, missed payments, unfavourable judgements.This info is collected from creditors and used to determine your credit score.
Credit buearus have a report of your whole financial history. This includes account info,payment history, amounts owed, missed payments, unfavourable judgements.This info is collected from creditors and used to determine your credit score.
It's important to check your credit report at least once a year. Information that is inaccurate or not up to date on your credit report could keep your credit score low. This info can be challenged with the credit buearus and corrected to help improve your score.
Namibians and South Africans are entitled to one free credit report by law from any credit bureau you sign up with.
In Nam there are two; TransUnion and Compuscan.
In SA there are four; Experian, TransUnion, Compuscan and XDS.
In Nam there are two; TransUnion and Compuscan.
In SA there are four; Experian, TransUnion, Compuscan and XDS.
Tips to improve your credit score:
Don't pay late
Don't miss payments
Get out of debt
Don't get blacklisted
Don't take out more credit
Close unused accounts
Don't pay late
Don't miss payments
Get out of debt
Don't get blacklisted
Don't take out more credit
Close unused accounts
Every time you approach a lender for a loan or apply for store credit they request your report from a credit bureau. This process of inquiring about your credit history also lowers your credit score. So avoid unnecessary credit applications, while trying to improve your score.
Good to know:
Some employers run credit checks for potential employees that will be required to handle large sums of money or will be in a position of power in relation to the company's finances. This can only be done with your consent.
Some employers run credit checks for potential employees that will be required to handle large sums of money or will be in a position of power in relation to the company's finances. This can only be done with your consent.
