Credit Record Help

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thewebdevguy

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Good Morning

I would like to find out if an MTN contract will count towards your credit record and how long it will take for you to get a score if you have no credit history at all?

Also does anyone have any tips on how one can build their credit rating.

Lastly, is there anywhere one can apply for a loan without a credit score. I have my payslips and bank statements showing regular income.
 
MTN will count towards credit record after the 1st payment have gone off

Credit card is a good start use it and pay it off.
 
I am in a situation where i have no credit no contracts i buy everything cash, so i am not even sure what my credit rating will be...basically i use and abuse the banks to pay my way, through fixed deposits investments and so on.
 
xodosman123 said:
I am in a situation where i have no credit no contracts i buy everything cash, so i am not even sure what my credit rating will be...basically i use and abuse the banks to pay my way, through fixed deposits investments and so on.
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Mtn might decline you. Get a clothing account somewhere. Easiest credit to gain. Use it a couple of times. Pay back quicker that the store requires. In a couple of months you will easily get a cell contract. After that you can payup and close the clothing account. Once you've had the cell account a few months you will get easier credit from other providers.
 
xodosman123 said:
I am in a situation where i have no credit no contracts i buy everything cash, so i am not even sure what my credit rating will be...basically i use and abuse the banks to pay my way, through fixed deposits investments and so on.
Click to expand...

You don't use credit, so you won't have a credit rating. Not good if you're applying for credit.
 
I paid cash for everything till I got a job. When I got a job I got a credit card. Used that to pay for everything that I could pay in full for the end of the month. Settled that every month. Took out a cell phone contract.... 3 years later impeccable credit score and got a home loan prime minus 0.5 full bond at 27. No other accounts... I used the credit card to build the credit score always settle in full every month...
 
I started with a credit record a few months ago, actually too late in my life BTW.
First thing I tried was a Capitec credit card, but they didn't want to give me one because I have no record, but I did qualify for a lone with them which they said will build up my record to qualify for a credit card later.
I didn't want a lone, I rather got a Edgars clothing account as well as a Trueworths one.
I spent R250 with Trueworths and now pay it off, I spent R380 with Edgars.
I'm 2 or so months in now and my credit score summary on the Capitec app shows as below average, where before it couldn't pick up a rating at all.

If I'm 6 months or so in, I'll try apply for a Capitec credit card again and use that to maintain my record, I'll also get a small cellphone contract and close the clothing accounts.
 
Apply for a Virgin Money credit card, they didn't seem to care that I had no credit score before applying with them.
 
bigboy529 said:
I started with a credit record a few months ago, actually too late in my life BTW.
First thing I tried was a Capitec credit card, but they didn't want to give me one because I have no record, but I did qualify for a lone with them which they said will build up my record to qualify for a credit card later.
I didn't want a lone, I rather got a Edgars clothing account as well as a Trueworths one.
I spent R250 with Trueworths and now pay it off, I spent R380 with Edgars.
I'm 2 or so months in now and my credit score summary on the Capitec app shows as below average, where before it couldn't pick up a rating at all.

If I'm 6 months or so in, I'll try apply for a Capitec credit card again and use that to maintain my record, I'll also get a small cellphone contract and close the clothing accounts.
Click to expand...

Loan.

Anyway, back in a Telkom land line was a good way to build a credit record, but they (the tech) are not that useful anymore except if one uses ADSL).

Topup contracts with cellular providers are also shown on the credit reports, so that's another way to start if one can get one.
 
Quicks said:
MTN will count towards credit record after the 1st payment have gone off

Credit card is a good start use it and pay it off.
Click to expand...

I have an MTN contract. Have paid it for 2months now but still have no credit score.

I've tried to apply for a few credit cards, all of them were declined due to no credit score.

It seems I need accounts to get a credit score but can't open an account without a credit score.
 
[email protected] said:
I have an MTN contract. Have paid it for 2months now but still have no credit score.

I've tried to apply for a few credit cards, all of them were declined due to no credit score.

It seems I need accounts to get a credit score but can't open an account without a credit score.
Click to expand...

It takes a few months, (not just 2). Hell, after 2 months only 1 months credit history will show on the credit report, so absolutely nothing to base score upon.
 
[email protected] said:
I tried virgin money online but it was also declined.
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I will probably never understand how credit scores work. Cell C wouldn't let me have a R99pm contract a few years back, days later Virgin Money gave me a credit card with a limit in the 10s of thousands.

Best of luck to you.
 
I spent 15 years in the UK, recently return to SA to see if I can re-acclimatise so to speak...apply for cc with my bank where i have nearly a million Rand in savings...which i've sent back over the years plus an endowment policy at Momentum worth half a mill currently.

Credit score here 0.
No debt, no judgements, all clear with SARS.

It's not that I need money...I pay for everything cash.. I want to build up credit should I look at a house purchase or for contracts like mob phone etc

In UK my credit score is outstanding. Never missed a payment in 15 years.
2 credit cards, own business, etc

But like car insurance,its worth squat if you dont have credit locally.
I found that out when i left for UK in 2002. Was treated as a 18 yr old new license holder.

No big sweat, just a bit annoying really...
 
[email protected] said:
I tried virgin money online but it was also declined.
Click to expand...

Two years ago I applied for virgin money with no credit record and they approved. But I cancelled the application.

Don’t. Try to get too much credit in a small period of time because all the declines you get reduce your credit score. Wait 6 months then apply.
 
cr@zydude said:
I will probably never understand how credit scores work. Cell C wouldn't let me have a R99pm contract a few years back, days later Virgin Money gave me a credit card with a limit in the 10s of thousands.

Best of luck to you.
Click to expand...

Cell c approved me for a R99 contract with no credit score and then two days later they approved for a R1300 iPhone contract still with no record. Go figure
 
Hi I have No accounts so I did an online home loan application and all was green and approved, yet i have absolutely no accounts.
 
xodosman123 said:
Hi I have No accounts so I did an online home loan application and all was green and approved, yet i have absolutely no accounts.
Click to expand...

No cellphone contracts or credit cards or insurance (short and long term) or DSTV or vehicle finance ever?*

Damn son, impressive.

*Just going by things listen on my credit reports
 
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