Credit records - im confused

hyperian

hyperian

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Hey all,

Ive just started working full time and have managed to get hold of a virgin money credit card without any problems. However, when I went to the virgin mobile store to get a contract phone, they refused to give me one because I have no credit record. I asked whether they could just look at my credit card to view my credit transactions, to which they responded by saying that credit card usage is insufficient. The guy suggested that I get an edgards card or the like and get spending.

Does this make sense? If so, what is the best way to build a credit record without spending too much money?
 
You don't have a good enough credit rating or one at all.

I would advise you to go get a edgars card, buy something, say R500 and put it on terms then pay it off, basically, just to show you can pay stuff off.

Stuff like bank loans, taking them, paying them off, having accounts at places like Mr Price and paying it off, that increases your credit rating etc.

Having a good credit rating and help alot in getting BIG loans, home loans and getting contracts with whoever etc.

I've taken out a few personal loans with FNB, have a connection card with incredible connections etc... paying them off easy, I'm hoping that I have a good enough credit rating / history to get a R60000 type loan to buy a car :)
 
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Its strange though. Its not like I earn little - they didnt want to give me a credit card because they didnt believe that I had so much disposable income, because i only pay rent really. They will give me a credit card with a few thousand worth of credit, but not a R199 contract phone. Better get spending :P
 
Welcome to the wonderful world of peculiar credit. If you can show you have debt and don't do everything cash (and are therefore technically more of a risk IMO), you get credit.

It's kinda like how banks are more than happy to give you a loan if you don't need one.
 
You should also be able to get a woolies card and with an ID you can get a phone from telkom.
Spar have store cards as to truworths

- just apply
 
I got a R90 000 Bantam approved and now I have been approved on principle for a R505 000 homeloan. I guess it because Telkom is actually once good for something, since I had a Telkom + ADSL account since Feb 2005 and never missed a payment (only credit I ever had).
 
Yeah, not sure how the credit system works. Its like they would rather have you pay off a R40 t-shirt from edgars than actually have 100k in your bank account.

What cards do you think are the best / have the best benefits? I've applied for an edgars card.
 
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