How to check your credit record Trans union, get good credit.e.g. bank account

 

Maintaining a good credit history is important as it reflects on your credit score which, in turn, usually impacts on your financial future.

What You Need

How to Open a Bank account

credit record

To better manage your credit record, make sure you are in the loop concerning your creditworthiness (an indication of the likelihood that a borrower will default in paying back a loan). Also understand your credit score and credit report.

 

credit history

Have a credit history, make your bill and loan payments on time and keep your debt low. This will show us that you’re a reliable person to lend to.

debit orders

In addition, set up debit orders for payments such as bills. This proves you’re good at managing money.

Credit Bureaus

Secrets of Credit Bureaus

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Credit Bureau Secrets

Credit Bureaus unlocks all its credit secrets and shows you what it means to be credit worthy. We have the tools, tips and comparative credit report information to drive and guide you to obtain the best credit status you can dream of.

Get an agent to call you and help unlock the secret to credit health.

 

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South African Credit Score Secrets

Were you aware that most credit report companies are not affiliated with the credit score. It is a number generated by a mathematical algorithm, based on the statistical analysis of information in your credit report, compared to information on millions of other people.
The number is a highly accurate prediction of how likely you are to pay your accounts. A number, roughly between 300 and 999, which measures an individual’s credit worthiness. Your score is made up of information found in your credit report and can be grouped into the following main groups:
• Payment History
• Amounts owed / Account Utilization
• Age of Accounts
• Judgments and Defaults
• Enquiries
Remember, it’s all about your CREDIT SCORE!

 

Credit Status

14 steps to repair your current credit status

 

1.
Make your payments on time

You should know that your payment history can take up to 35% of your credit score. You will have to make sure that you make your monthly debt payments on time and in full.

2.
Pay attention to your credit cards first

It shows a lot if you make regular payments on your credit cards first. Keep the balances as low as possible. Credit cards are also most likely to have the highest interest rates.

3.
Don’t be brave by taking on to much debt

I would suggest that every South African household should not have more than two credit cards and more than two major debts like a home loan and car finance. You should never max out your credit cards. Always try to keep your credit balance below half the credit limit; this will count in your favour. Never take out more debt while still paying of other debts. A rule of thumb to keep in mind is that you should try not to use more than a third of your gross income towards debts.

4.
Avoid going to court

Make sure that you never get charged with a court order. You will make a lot of damages to your credit score. And these remarks on your credit score can take years to delete.

5.
Keep your credit limits high and your due amounts low

Never ask creditors to lower your credit limits. Rather just minimize the gap between your due amount and your credit limit. The credit agencies love to see that you are closing the gap between the two. It will always be cheaper for you to pay of the debts with the highest interest rates of first, but I will suggest that you rather spend your money on the debts which is closest to their limits.

6.
Close unused credit accounts

the less credit lines you have against your name the lower the risk you are towards lenders. You should close all credit accounts that you are not using and tell the creditors to inform the credit bureaus that you have closed the accounts and not them.

7.
Keep credit enquiries to a minimum

Seeking for credit can take up to 10% of your credit status. You should know that every time somebody does a credit check on you, will it have a negative impact on your score. So avoid applying for credit while you are in the process of improving your score.

8.
Don’t through your debts from one card to another.

This might keep the creditors off your back, but it won’t improve your score on the long run.

9.
Credit repair agencies can cost you thousands

Try to avoid seeking help from a credit repair agency. They can charge you over R5000 to repair your credit score, and there are lots of scammers out there. So only seek help from them if you are really not able to help your self.

10.
Avoid using revolving credit accounts

Revolving credit is debt which you can pay back on your own time. These accounts normally have high interest rates and will cause damage towards your credit score.

11.
No credit history can be bad for you

We all know by this time that by having too much credit is bad for you. You should also know that having to0 little can also be harmful. The amount of time that you are a credit consumer can take up to 15% of your total credit score. The longer you have been an active credit consumer the easier it is for creditors and lenders establish your true credit worthiness. If you have been a credit consumer for a short while then banks and lenders will see your credit score as inaccurate, meaning that you have done to little to prove that you are worthy of any additional credit. You might find that you cannot obtain a loan due to you not having enough credit. I would suggest that you option for a credit card first. They are easier to obtain, but make sure that you will be able to afford the rates and fees. There are many online comparison sites that can help you to find a low rate interest credit card. Just make sure you pay it of in full before the interest rates starts kicking in.


12.
Check your partner’s credit

If you are married then you should know that creditors might take a look at his or hers credit rating. If the other partner’s credit is very low then it might affect your loan applications as well.

13.
Get a copy of your credit report

If you are married then you should know that creditors might take a look at his or hers credit rating. If the other partner’s credit is very low then it might affect your loan applications as well.

14.
Don’t wait for the creditors to contact you

I would strongly suggest you obtain credit reports from both major credit bureaus. You have to know exactly where you are standing on the credit ladder before you can attempt to improve your credit score. You should also know that more than 80% of credit reports contain errors. Go through both reports and make sure that there is no incorrect information on them.

From website below you will get one free credit check a year. This will show you the following:

Most of your accounts. How well you pay your accounts and your overall credit score. IF you feel that the information is incorrect you can lodge a dispute.

Show websites like

www.transunion.com  www.experian.com

Credit

Credit profile

Applying for credit companies

When applying for credit companies uses systems similar to the above to see your credit profile and based on that information will they either approve or decline you additional credit facilities with them.


It is always a good idea to pay your account on time in the instalment agreed upon. This will build your credit record for future big purchases like cars or houses.

Make sure that you only apply for credit if you have the required amount in surplus to pay it back every month.

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