Transunion (
http://mytu.co.za)
Your score should be 850+ to qualify. The higher score + lower expense = Better interest rate.
Some banks accept 750 but you will get a crappy interest rate(p+4%) and will require a huge deposit.
Experian -
https://www.creditexpert.co.za/ a score of 1 or 2 to qualify.
Sadly I don't know the Compuscan and XDS. The last I work with Compuscan was above average rating and forgot how XDS was implemented.
Banks usually do checks on 2 Bureaus for home loans.
The score is a guideline and will not guarantee approval.
Real calculations - Most common NOT COMPLETE LIST.
The below is for affordability.
Your expense/income ratio should be low(less 0.5) and 30% of Gross Income should be the max installment. If you paying rent and it recorded in rental Bureaus, some home loan companies require to tick a checkbox to say it's primary or something to that effect, by default bank ignores rental bureaus for home loans or ignores the first entry. The system I work before we ignored the first entry but trigger a warning for call manager to confirm if the rental amount was primary or secondary.
The Below is for risk.
The following will increase your risk.
Having 2 or more credit cards.(1 for each)
Having a credit card with 90%+ balance.(Seriously, if you have 5000 limit and use 4800 you more risky then a person with 50000 credit card but with limit 56000).(1)
Personal loan(1 for each)
Revolving Loan(1 for each)
Temp Loan(1 for each)
Store accounts with 80%+ balance(1 for each)
Having used 100%+ of any credit facility(1 point additional per account)
if risk is 5 or greater your chances of getting approve is slim.
The below is behavior. You need 5+ to qualify
Paying account up to date for 3 month(1 point each account)
Paying account up to date for 6 months(2 points each account)
Paying account up to date for 12 months(3 points each account)
Paying a contract/loans 3 or more months up to date(1 point)
Paying a contract/loans 6 or more months up to date(2 points)
Paying a credit card for more then 6 months+ and maintaining a balance below 90%(2 Points)
Paying a credit card for more then 6 months+ and maintaining a balance below 80%(3 Points)
(The credit card only need to reflect the balance of the last month to achieve the points, so 0%, 100%,100%, 90%, 70%, 60%(last statement before you apply) )
Having a
Default or
Judgement automatically disqualifies you.
Having non payment has huge negative impact and takes 2 years to not impact score(I think they made it one year with new NCA)
The below does not effect your credit score/risk/behavior but only calculated against your affordability.
Short term insurance.
Some contracts(Refered to Open Account WITHOUT CREDIT LIMIT)
Telephone account(Refered to Open Account WITHOUT CREDIT LIMIT)
DSTV(Refered to Open Account WITHOUT CREDIT LIMIT)
So Affordability + Behavior + Risk + No Default/Judgement = Pre-Approved.
Other factors, home valuation, area and lastly your work position. Basically Fraud prevention.
So to answer your question yes. You need 2 active accounts. No account = No Behavior = Low Score = .......
Credit card(55 days interest free + earn rewards) is good since it gives you good points after 6 months, having just one credit card is perfect. Set up 100% payment on statement option.
A clothing account(Markams 6 month interest free), you buy R100 and pay in 5 months. the 6th month your score jumps up. Since you paid more then installment and on time.
I know the system is stupid but that how it is. You need debt to get more debt
.
