Debt Rescue outlines the importance of credit and how you can improve it for better financial freedom.
A good credit score is of paramount importance in South Africa’s financial landscape, playing a pivotal role in determining an individual’s access to credit, interest rates, and overall financial well-being.
In South Africa, where credit is essential for major purchases like homes and vehicles, a good credit score can make the difference between approval and rejection for loans. Moreover, a strong credit history can influence rental applications, insurance premiums, and even job opportunities, as some employers evaluate creditworthiness to gauge financial stability.
Your score tells prospective lenders how much of a ‘risk’ you are in terms of your past debt repayment behaviour.610 to 649 – FairThis scale varies slightly depending on which credit union you use. According to MortgageMarket.co.za, “the minimum credit score for a home loan in South Africa is around 640. A score of 600+ will give you a fair chance of home loan approval – although this may vary according to which bank you use.
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