A good credit score opens doors; a poor one means you’ll battle to get credit, and even if you do, interest rates may be higher. And at some point, we all need to apply for credit, whether to take out a cellphone contract or buy a car or home. Paying a lower interest rate saves money, so looking after your credit score makes financial sense. Take charge of your credit score so you can actively manage it. Start by checking your score with one of the many online services that provide free credit reports. Then, understand how credit scoring works and what you can do to keep it in good shape.
AIM FOR A SCORE OVER 600
South Africa has four main credit bureaus: Experian, TransUnion, Compuscan and XDS. A lender will request reports from multiple credit bureaus, and what is considered a good credit score may differ slightly between bureaus. According to Benay Sager, executive head at DebtBusters, a score in the upper 600 range is considered very good, and anything below 600 is considered poor.
CREDIT SCORE CALCULATION
Numerous factors are considered when determining your credit score:
✣ Your debt-repayment history
✣ How much of your available credit you’re actually using
✣ How many accounts you currently have, and how many you’ve had in the past
✣ How long you’ve had good credit accounts – the longer, the better
✣ What kinds of credit you have – the mixture of secured (home loan) and unsecured (such as vehicle finance)
✣ How frequently you apply for new credit – the more often you apply, the more it looks like you can’t make ends meet
Esta historia es de la edición January 2024 de woman & home South Africa.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 2024 de woman & home South Africa.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Till death do us part
It is not a lack of love, but a lack of friendship that makes unhappy marriages, said Nietzsche. He may be on to something, says Lorraine Kearney
Hit the ROAD
Ensure your vehicle is as ready as you are for your long-awaited summer road trip
Make a meal of it
There are two basic rules when it comes to wine and food pairing: acidic wine with acidic food, and low acid wine with savoury food, Lorraine Kearney learns
Update your GARDEN
Now's the time to refresh your outdoor space
the art of INTERIORS
Colour and texture are the stars of this apartment, writes MARGARET RAFFERTY
FALLING OFF THE DIET WAGON isn't a disaster
Changing your mindset is key when it comes to smashing your health and fitness goals, says Annie Deadman. Already let things slip? It's not over yet
LIFE after BETRAYAL
Broken trust can take on many forms, but there's always one common denominator - a feeling of hurt that can last for decades
The Ties That Bind
We're all humans, which means we all need relationships to survive. stands to reason that good relationships are the best kind to have. There are ways to get there, says Lorraine Kearney
A beauty REVELATION
The self-care sanctuary Nylde Hoffman and Riëtte Lategan introduced to Stellenbosch has become a sought-after location. We spoke to them about how clients and staff are equally important in their success
Love me, LOVE MY MONEY
Married people are generally wealthier than their single counterparts. But finding peace with your partner when it comes to finances can be a tall order