So you’re looking into making a big purchase, and whether it is a house or a car that you’re looking to buy, credit providers are always more than happy to grant you credit if you have a good credit score. It’s probably best to understand what the credit rating brackets actually mean to credit providers in order for this insight to be useful to you.
Your first step would be to do a credit check. You can get a free credit report at any credit bureau, including TransUnion, Experian and Compuscan.
Once you have received your credit report from the credit bureau, you will find that your credit score will range between the number 330 and 850. Now, understanding what these numbers mean will help give you insight into what your credit score means. The closer you are to the 850, the less risk you are for creditors to grant you credit. This means that a number close to 850 is a good credit score. To be specific, a good credit score is above 720 for South African citizens. This number also means that creditors will most likely offer you better options like lower interest rates and special deals, which will help your overall budget.
A lower credit rating tells credit providers that there is a chance that you will not commit to your credit agreement along the line and because you are a risk to them, you will either incur higher interest rates, or you will not even be considered for credit at all.
It’s best to get a copy of your credit report to check credit score. The result will give you insight into your credit history. This will help you improve your budgeting skills or if you haven’t even started, perhaps this will help you learn how to budget in the first place.
If you feel like your credit score is still not what you want it to be, perhaps debt consolidation for bad credit will be a good idea. This will help you manage your debt repayments. If you are looking for consolidation loans, Quick Consolidation Loans will help you. Simply fill out our contact form and one of our friendly consultants will give you a call.
We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.