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Late payments are the biggest reason for a low credit score…
Let’s face it, they can happen to anyone at any time due to circumstances and unfortunately can have a devastating impact on your credit score.
The downside of this is that it restricts the amount of credit you will qualify for and can lead to disappointment when you approach your financial institution for a loan.
It is always a good idea to check your credit report from time to time. Mistakes do happen or there is even a chance there is an outstanding debt you have forgotten about.
It is always better to be informed than to get an unpleasant surprise when you apply for credit.
There seems to be a lot of confusion regarding credit bureaus and how they determine our credit scores. For many years the industry was shrouded in secrecy and the man in the street had little no access to their own vital credit information. Fortunately, they are now a lot more transparent and the process is becoming a lot easier for the average Joe to understand. It has also been regulated for some time now that the various bureaus have to give you access to at least one free credit report per year. This has gone a long way towards demystifying credit reports but many myths and untruths still prevail.
A lot of ignorance and misinformation exists surrounding the credit industry and the functioning of credit bureaus in South Africa. There have also been a number of changes in recent years, mostly designed to offer additional protection to the consumer.
It is important for people to understand how the system works so that the are able to maintain a good credit rating or improve one that is poor.
Next time you’re at a dinner party and there's a lull in the conversation, ask people about the biggest bargain they have ever bought. And then fill everyone’s glasses, as you’re probably in for some fantastic stories.
When it comes to bargain hunting, sheer luck sometimes comes into play, such as when I drove past a donkey cart on its way to the dump and spotted an antique oak washstand with marble top about to be sold for firewood.
Your finances might be tough to manage at times, but it is extremely important that you ensure you have enough money saved for a rainy day. But how do you manage to stay afloat? Here are a few signs to look out for, to avoid heading for a financial disaster!
Did you know that South Africans are forking out approximately 76% of their salaries on debt repayments as of 2014? We’ve all been there, whether it’s a clothing account, gym membership or student loan, debt repayment is part of the consumer experience in our country. Knowing how to manage that debt and better communicate with creditors and debt collection agencies is key in forging a healthier credit score and wealthier bank account in the immediate future.
“Your credit record is your financial ‘good name'. It's your reputation in the eyes of credit- and other service providers and it's one of the most important considerations when deciding if they should lend you money.”
Credit can be useful. Whether you use it to get you through a few rainy days when you know the money will come in soon, to help you purchase a valuable asset or build a business; it can come in handy by allowing you to afford things faster when you need them. In order to be able to take advantage of this opportunity, you will need a good credit score. Your rating with the credit bureau is based on your credit history. If you do not have a good history or simply wish to improve your existing one in order to qualify for more credit, there are a few things you can do.Continue reading
A “good” credit score depends on the scoring system used by your particular lender. Different scoring systems use different scales. However, if you have a good credit score from one of the credit reporting agencies, you are likely to have a good credit score with your lender.
Even with interest rates on the rise, you can still manage your debt. Here's how:
The first quarter of 2014 has hit consumers’ pockets hard: the inflation rate has reached the 5.9% mark after a third consecutive increase in February 2014 and the repo rate, which many predicted would only change in March 2014, was increased by 0.5% at the end of January 2014.