Credit Report Tips

What type of debts affect your credit score and how?

The simple answer is all debt…

Unless you borrow money from a friend or relative, all and any debt will appear on the records of the debt review companies. Put another way, any loan, credit or finance through a registered financial service provider or registered credit grantor will affect your credit score.

They will able to track the details of all loans or credit purchases. They will have aces to open balances, current installments, payment history and total debt.

10 Reasons why you should get your credit report (infographic)

Your credit score is a very important part of your financial security, yet most people do not even bother to check their credit rating until they need to make a big purchase, such as a house or car. Imagine the horror of being turned down for finance because you are informed that your credit rating is low.

In order for you to have complete control over your credit rating and financial peace of mind, you must check your credit score on a regular basis.

What is the difference between a hard and a soft inquiry?

You may or may not be aware that every time you apply for credit and an inquiry is made on your credit report, it counts against you and reduces your credit score. Furthermore, alarm bells could well go off when a potential credit grantor sees multiple credit inquiries. In order to maintain a good credit profile and score, you want to keep these inquiries to a minimum.

Should you use a third party to increase your credit score?

Many people find themselves in a situation where their credit score has deteriorated and they have great difficulty obtaining any form of credit. Apart from the inconvenience of not having access to credit cards, personal loans or store accounts, bigger purchases such as vehicles or property will be virtually impossible.

Do I have to make debt to get a good credit score?

Should you create Debt? One of the ironies about credit is that if you do not have any, it is difficult to get.

When you apply for a loan, for finance or any kind of credit, the company you are hoping to provide the credit will do a check on your credit history. They will request a report from one of the South African credit bureaus to determine your credit worthiness.

5 Things that will affect your credit score the most

Make no doubt about it, unless you plant to live in a treehouse near the beach and live off the land for the rest of your life, you are going to need credit and you will want to have a good credit score. The better your score, the better your chances of getting credit and, in many cases, the better interest rate you will receive. A good score puts you in a stronger bargaining position with the credit provider as they will see you as a good payer and want to grant you credit.

How your credit score will change with debt review

Debt review and your credit score There is no doubt that going under debt review will seriously affect your credit profile and reduce your score with the various credit bureaus. It is a long road to repair your credit score after debt review but it can be done.

Credit score ranges explained

We all know that the credit bureaus compile information on all credit transactions we are involved in and make these reports available to financial institutions and potential lenders when we are looking for credit, financing or a loan. We understand that they generate a score based on all this information and numerous other factors and this will impact our ability to access credit and very often, the rate of interest we will pay. Remember, with vehicle finance and particularly a bond, even a 0.5% reduction in interest rate can make a significant difference. That is generally where the understanding ends and few people know what a good score is or what a bad score is.

7 Tips to increase your credit score

There are many things that you can do increase your credit score. They are all relatively simple and well worth the effort, considering the importance of your credit rating.

Disputing errors on your report

Fix Errors On Credit Report

As with anything, errors can creep into a credit report. It is important to inspect your credit report for errors in order to rectify them and have them removed.