Thanks for watching! Let me know if you have any questions as well as what type of video you would like to see next? Here is a breakdown of the information covered in this video: 00:00 - Introduction 01:22 - What Is A Credit Score? 01:55 - Why Do You Need A Good Credit Score? 03:54 - Who Determines Your Credit Score? 05:10 - How Is A Credit Score Determined? 08:44 - How To Improve Your Credit Score? 12:58 - Take Home Message
Hi i was behind on my edgars account for a few months...the account is paid up an closed ....but on my credit report is still shows that i need to pay?
Hey Schalk. It does take a while for any changes to reflect on your credit report (I think about 2 months). But if it persists you can dispute it so that they can investigate and remedy the mistake.
Hey, is it possible to get a secured credit card in South Africa? Apparently they are common practice in the US. It could be very useful for foreign nationals that maybe want to start building their credit history in South Africa, students and people without a credit history in general.
Hey Pieter, thanks for the insightful video. I wasn't aware that enquiries reflected as bad marks on my profile and racked up quite a few while doing research. I rate I'll follow your advice & maintain a healthy record. Thanks :)
thank you for this video, it's really informartive. If someone works and lives abroad is that information used? for instance, if I pay something via my internation bank account will that be included in my credit score? I hope my question makes sense
Great video! Any chance you would be able to do a video breakdown on 1) Rating the best credit card to get in SA. 2) Rating the best savings account in SA.
Hey AW. Excellent suggestions! I am actually in the process of reviewing my own banking needs and have done a lot of research on credit cards/savings accounts, so I will probably make a series soon outlaying all the best options available for S'africans :)
@@MoneyMarx That would be great thanks. Busy weighing up the pros and cons of fees for credit card vs the rewards they offer. Or just keeping a debit card at this point.
I’m struggling with improving my credit score 😩 from past mistakes I messed my credit but I have paid up but still won’t improve ... I’m declined everywhere I go , pls help
What would be an overall average minimum Credit Score needed for me to take a cellphone contract in South Africa. for more info, a R1000pm contract while earning R30k> pm
Jip logically it would make more sense that people who never use debt are more responsible with money, hence they should be trusted more by banks. But if you never take on some form of credit, you never build a credit score, hence you are seen as a risky borrower. It doesn't make much sense, but it is unfortunately how the system works and there's no way around it 😔
Hi, Money Marx I am so against debt, that I don't even want to HAVE a credit score. Is there no way in SA to get a home loan with a good interest rate, if you have a hefty deposit (20% to 50%) and proof of permanent employment, as well as other supporting documents such as proof of timely payment on rent, etc.? I know that if I want to, I can build a great credit score, and be responsible. But I just wanted to to if there is not another way.
Hey Kimberly. I think it would really depend on your bank's discretion. They might accept you as a client based on an affordability test (where they look at your income and expenses), but whether or not they will give you a good rate is up for debate. The thing is, from a banks perspective, they are taking a huge risk by lending you millions of rands, and for them to know whether or not you will pay back the money they want to see some sort of track record, i.e. how well you handled debt in the past. I know the system is rigged and it doesnt really makes sense, but it is unfortunately how it works. I would strongly advise taling out a credit card and just buying something small every month and paying it off in full. The different rates you will be offered based on a good and a bad credit score can be the difference of over a million rands in interest over a 30 year loan, so it is definitely something to consider 😀
Thanks so much, I will definitely take that into consideration! My fiance and I are really enjoying your videos. I'm a big Dave Ramsey fan and a lot of your content has the same principles, just more relevant to RSA, which is what I've been looking for. Keep it up!
Hey. You can check out this helpful article that lists and compare all the available credit cards in South Africa. moneytoday.co.za/credit-cards/ You can basically use any type of credit card to build credit, even store cards. Just make sure you repay the balance every month so you don't get into debt. :)
Hey Jaymhlur. Yes, you can technically, but that will mean that you will basically need to buy your car and house cash, as if you ever need to take out a loan to purchase something big, the bank will first look at your credit score to see if you are a trustworthy candidate to lend money to. Even with small things like cell phone contracts you need a good credit score, so it is better to work to improve yours rather than to fight it. The system is rigged yes, unfortunately.
@@MoneyMarx after thinking about, life is unpredictable and you might have an emergency that needs a good amount of money, so even though I don't like the sound of it I guess I should start considering it. Thanks
@@MoneyMarx Done. Just wanted to confirm that they're trustworthy - they are seen that they're affiliated with Experian, right? Thanks for the response!
@@aneesaismail3163 Yes they are the only one that offers a free Credit score with the report. You can also use one of the other 3, but then you will have to pay something like R80 to see your actual score. Only problem is they use different rating services, so your credit score will probably be different with each, which makes it difficult to compare. Best is to compare your score with the national average to see where you are roughly placed
Hey Mardo. Which credit bureau did you use to check your credit score? If you register with Compuscan, they give your credit report and credit score as well as a bunch of offerings that you qualify for, which includes credit cards at different banks. Different financial institutions report to different credit bureaus, so I would recommend just checking your credit score at at least two different bureaus to make sure it is correct. Note that they also use different grading systems, which makes it confusing, but it should be able to tell you if you are in the red or in the green. I used both Compuscan (free) and Transunion (I think it costs about R80) when I checked my score. Good luck! I hope you come right.
Can you please give me abit of insight here Im looking into buying a car on finance My current score accross is as follows 548 Transunion below av 643 compuscan Average 586 Experian below av 645 xds higg risk I have on active clothing acc, credit utilization of about 60% can i get approved or and what could my interest rate be i this case
Hey Samantha. Best would be to approach your bank and ask them to run a credit check on you to see if you qualify. The current Prime lending rate is 7.5%, so depending on your Credit score they will probably add 2-4% to that. If the interest rate is very high, and if it is possible for you, then it might be a good idea to hold off on your loan for a while, improve your credit score and save up for a big enough deposit before reapplying. :)
How did your debt affect your credit score? Was it something that got you before you applied /set up your credit , I.e) you had debt before you had a credit history
That coach Carter insert OMG!!🤣🤣🤣I wasn't ready
Hahaha ;)
Thanks for watching! Let me know if you have any questions as well as what type of video you would like to see next?
Here is a breakdown of the information covered in this video:
00:00 - Introduction
01:22 - What Is A Credit Score?
01:55 - Why Do You Need A Good Credit Score?
03:54 - Who Determines Your Credit Score?
05:10 - How Is A Credit Score Determined?
08:44 - How To Improve Your Credit Score?
12:58 - Take Home Message
Hi i was behind on my edgars account for a few months...the account is paid up an closed ....but on my credit report is still shows that i need to pay?
Hey Schalk. It does take a while for any changes to reflect on your credit report (I think about 2 months). But if it persists you can dispute it so that they can investigate and remedy the mistake.
Hey, is it possible to get a secured credit card in South Africa? Apparently they are common practice in the US. It could be very useful for foreign nationals that maybe want to start building their credit history in South Africa, students and people without a credit history in general.
The YT Channel I didn’t know I needed. Great Video!!
Thank you Naledi. Welcome to the family. :)
As always, appreciate the South African perspective. Keep up the good work.
Thanks Ntsako. I really appreciate the support!
Thank you so much! This is super helpful!!
Thanks man, I just subscribed.
Hey Pieter, thanks for the insightful video. I wasn't aware that enquiries reflected as bad marks on my profile and racked up quite a few while doing research. I rate I'll follow your advice & maintain a healthy record. Thanks :)
Great content bro! keep it up! Very valuable :)
Thanks! Will do! :)
Thanks for the intel!
Only a pleasure Zama. Thank you for watching. :)
Love the video
Great stuff man
Thank you. :)
Thanks so much for this useful information
You are so welcome Ando! :)
Awesome video. Very helpful 👍
Glad it was helpful! :)
Great video Im In a mess at the moment😢
Found you through the fat wallet Facebook group. Keep up the great work.
Thanks Shaun. Will try my best :)
Flippen awesome explanation!
Thanks Ellie. Glad you found it to be useful. :)
Goeie video! Baie beïndruk.
Baie dankie! :)
Great video
Thank you Ayanda. Glad you enjoyed it :)
very informative
Thank you Rendani :)
thank you for this video, it's really informartive. If someone works and lives abroad is that information used? for instance, if I pay something via my internation bank account will that be included in my credit score? I hope my question makes sense
Great video! Any chance you would be able to do a video breakdown on 1) Rating the best credit card to get in SA. 2) Rating the best savings account in SA.
Hey AW. Excellent suggestions! I am actually in the process of reviewing my own banking needs and have done a lot of research on credit cards/savings accounts, so I will probably make a series soon outlaying all the best options available for S'africans :)
@@MoneyMarx That would be great thanks. Busy weighing up the pros and cons of fees for credit card vs the rewards they offer. Or just keeping a debit card at this point.
"Those, are the numbers. Those, are some stats for your ass." 😹😹
😅
I’m struggling with improving my credit score 😩 from past mistakes I messed my credit but I have paid up but still won’t improve ... I’m declined everywhere I go , pls help
💯
How to start a credit score,it seems impossible?
What would be an overall average minimum Credit Score needed for me to take a cellphone contract in South Africa. for more info, a R1000pm contract while earning R30k> pm
Does paying a revolving loan and closing it improves your score or keeping it open?
It improves it if you don’t use more than 50% of your credit card limit.
I was declined for the car I wanted today due to bad credit. I'm devistated!😭😭😭
7 months later have you made some progress?
@@prichardgumpo1604 I was able to get a credit card and take out a cellphone contract, but the banks still don't want to give me vehicle finance.
dont worry bro gods rejection is protection eye want a car and house so eyem working on it didnt know shit about scores
Listening to your introduction thinking that's why I'm here 😭😭😭💔
Jup the feels are real. 🙃
Can I get trust worth hacker for cibil without asking any upfront payment??
The entire idea of a credit score being preferable to actually being responsible with money is a bit of a joke really. The game is rigged.
Jip logically it would make more sense that people who never use debt are more responsible with money, hence they should be trusted more by banks. But if you never take on some form of credit, you never build a credit score, hence you are seen as a risky borrower. It doesn't make much sense, but it is unfortunately how the system works and there's no way around it 😔
Hi, Money Marx
I am so against debt, that I don't even want to HAVE a credit score. Is there no way in SA to get a home loan with a good interest rate, if you have a hefty deposit (20% to 50%) and proof of permanent employment, as well as other supporting documents such as proof of timely payment on rent, etc.?
I know that if I want to, I can build a great credit score, and be responsible. But I just wanted to to if there is not another way.
Hey Kimberly. I think it would really depend on your bank's discretion. They might accept you as a client based on an affordability test (where they look at your income and expenses), but whether or not they will give you a good rate is up for debate. The thing is, from a banks perspective, they are taking a huge risk by lending you millions of rands, and for them to know whether or not you will pay back the money they want to see some sort of track record, i.e. how well you handled debt in the past. I know the system is rigged and it doesnt really makes sense, but it is unfortunately how it works. I would strongly advise taling out a credit card and just buying something small every month and paying it off in full. The different rates you will be offered based on a good and a bad credit score can be the difference of over a million rands in interest over a 30 year loan, so it is definitely something to consider 😀
Thanks so much, I will definitely take that into consideration! My fiance and I are really enjoying your videos. I'm a big Dave Ramsey fan and a lot of your content has the same principles, just more relevant to RSA, which is what I've been looking for. Keep it up!
Hi who provides credit builder cards in S.A?
Hey. You can check out this helpful article that lists and compare all the available credit cards in South Africa. moneytoday.co.za/credit-cards/ You can basically use any type of credit card to build credit, even store cards. Just make sure you repay the balance every month so you don't get into debt. :)
Can you live without credit? Or has the system been setup to make near impossible to do so?
Hey Jaymhlur. Yes, you can technically, but that will mean that you will basically need to buy your car and house cash, as if you ever need to take out a loan to purchase something big, the bank will first look at your credit score to see if you are a trustworthy candidate to lend money to. Even with small things like cell phone contracts you need a good credit score, so it is better to work to improve yours rather than to fight it. The system is rigged yes, unfortunately.
@@MoneyMarx after thinking about, life is unpredictable and you might have an emergency that needs a good amount of money, so even though I don't like the sound of it I guess I should start considering it. Thanks
More info. on the signing up to view your credit score for free please? Thanks!
Hey Aneesa. You can just go to www.clearscore.com, sign up and then you will be able to see your credit report and credit score for free :)
@@MoneyMarx Done. Just wanted to confirm that they're trustworthy - they are seen that they're affiliated with Experian, right? Thanks for the response!
@@aneesaismail3163 Yes they are the only one that offers a free Credit score with the report. You can also use one of the other 3, but then you will have to pay something like R80 to see your actual score. Only problem is they use different rating services, so your credit score will probably be different with each, which makes it difficult to compare. Best is to compare your score with the national average to see where you are roughly placed
can It be that your score on Clear score is wrong ? Because my score looks good on the app but I cant seem to get approved for a credit card?
Same with me
Hey Mardo. Which credit bureau did you use to check your credit score? If you register with Compuscan, they give your credit report and credit score as well as a bunch of offerings that you qualify for, which includes credit cards at different banks. Different financial institutions report to different credit bureaus, so I would recommend just checking your credit score at at least two different bureaus to make sure it is correct. Note that they also use different grading systems, which makes it confusing, but it should be able to tell you if you are in the red or in the green. I used both Compuscan (free) and Transunion (I think it costs about R80) when I checked my score. Good luck! I hope you come right.
Hey Schalk. Just check my reply to Mardo, I hope it is applicable to you as well.
Can you please give me abit of insight here
Im looking into buying a car on finance
My current score accross is as follows
548 Transunion below av
643 compuscan Average
586 Experian below av
645 xds higg risk
I have on active clothing acc, credit utilization of about 60% can i get approved or and what could my interest rate be i this case
Hey Samantha. Best would be to approach your bank and ask them to run a credit check on you to see if you qualify. The current Prime lending rate is 7.5%, so depending on your Credit score they will probably add 2-4% to that. If the interest rate is very high, and if it is possible for you, then it might be a good idea to hold off on your loan for a while, improve your credit score and save up for a big enough deposit before reapplying. :)
@@MoneyMarx thanks a lot for the feedback
0:53 me too 😭
That's when adulting strikes haha
@@MoneyMarx yeses
Hi broer I paid my debt with an agents and Am finished all so where can I go to cleare my name
How did your debt affect your credit score? Was it something that got you before you applied /set up your credit , I.e) you had debt before you had a credit history
Why is mine -1😭😭
Same😢😅
It's a silent "b" my man.
Thanks 'randon! ;)
@@MoneyMarx ,🤣🤣**rilliant!
💔💔😭eyem on 30 something