Please call me!
Fill in the form below and we will get back to you.
If you’ve ever taken out a loan, registered a bond, applied for a credit card or even a cellphone contract, you’ll most likely have a credit score. Your score tells prospective lenders how much of a ‘risk’ you are in terms of your past debt repayment behaviour.
It looks at your transactional records and gives you a score, ranking you as low, medium, or high risk. Your credit score is a living number that fluctuates depending on your debt repayment behaviour. Practically, this means that the better your credit score, the better the loans and interest rates you can access.
With the right support and advice, we can potentially help you:
Pay your installment on time each month until your debt is settled completely. By doing this you will also benefit from paying less on interest charges. Don’t allow debt to get completely out of control to a point where you are unable to make payments at all.
A regular need for credit indicates someone is spending more than what they earn. This leads to defaulting on payments and over-indebtedness. Please note that credit includes Credit cards, Personal loans and Revolving Credit Plans. Only apply for credit when it is absolutely necessary.
Use less than 30% of your available credit limit. It shows you know how to manage the credit you have. i.e. If you have a credit limit of R10,000.00 then only use up to R3,000.00 at a time.
Don’t close accounts once you’ve repaid them. An important part of improving your Credit Score is your credit history. Leaving the account open, but unused, adds to your credit history and also adds to your credit worthiness.
Credit Bureaus have made mistakes in the past. Credit Providers can also make mistakes when they report to Credit Bureaus. Go through your Credit Report regularly and ask to change or remove any errors. For example, you may have settled an account, but it still hasn’t been updated on your Credit Report.
Once you are out of debt review, you can begin the process of rebuilding your credit profile and improving your score. You want to avoid new credit as much as possible so start with monthly non-debt expenses that the bureaus will pick up such as insurance premiums, pay TV subscriptions, and cell phone contracts.
Fill in the form below and we will get back to you.