Credit Record

[travcaine]

I want to find out how a credit granting company looks at your credit record?

Do they only look at your credit score?

So lets say I go to FNB and apply for a classic credit card and i meet the salary requirements: Credit record has no judgments, do you need to have a Fair, good, very good or excellent credit score to be approved?

Same with a cellphone contract? Will they give me a contract if my credit score is good?

*UPDATE/FOLLOW UP QUESTION* What credit union do most of the banks use?

 

[Chris14]

I want to find out how a credit granting company looks at your credit record?

Do they only look at your credit score?

So lets say I go to FNB and apply for a classic credit card and i meet the salary requirements: Credit record has no judgments, do you need to have a Fair, good, very good or excellent credit score to be approved?

Same with a cellphone contract? Will they give me a contract if my credit score is good?

Yes interesting point here. Besides that I check my free credit report annually. register with https://mytransunion.co.za

 

[DA-LION-619]

Does your credit record affect SARS?

 

[Arthur Morgan]

Why is it that as soon as you apply for credit you get a whole lot of spam calls and SMSes offering you more credit? It's like your contact details become freely available somewhere for the next week or so.

 

[travcaine]

Yes interesting point here. Besides that I check my free credit report annually. register with https://mytransunion.co.za

Yes i also check mine there that is what has me wondering. My credit score is considered good but when i apply for a credit card it gets declined. Even though I have up to date accounts and i am never late.

 

[supersunbird]

Yes i also check mine there that is what has me wondering. My credit score is considered good but when i apply for a credit card it gets declined. Even though I have up to date accounts and i am never late.

They might be using one of the other credit bureaus as a provider and your credit record there might have an issue. For example Telkom uses XDS.

Can get your free (or paid-for reports with scoring) from the below websites:

Transunion (have to pay for scoring, free report doesn't have scoring):
https://mytransunion.co.za/

Experian (free report has scoring):
https://www.creditexpert.co.za/

XDS (free report has scoring):
http://www.credit4life.co.za/

Compuscan (have to pay for scoring, free report doesn't have scoring):
https://www.mycreditcheck.co.za/

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For a paid credit report that checks XDS, Transunion and Experian at R79 you can go to any Checkers or Shoprite MoneyMarket counter or you can do it online:
http://www.kudough.co.za/shoprite_partner.aspx

For a paid credit report that uses all 4 the credit bureaus mentioned you can use the below link to buy it online for R99:
https://www.credithealth.co.za/complete-credit-report.htm

 

[Jehosefat]

I want to find out how a credit granting company looks at your credit record?

Do they only look at your credit score?

So lets say I go to FNB and apply for a classic credit card and i meet the salary requirements: Credit record has no judgments, do you need to have a Fair, good, very good or excellent credit score to be approved?

Same with a cellphone contract? Will they give me a contract if my credit score is good?

No, they don't only look at your credit score. They will have their own internal scorecard that they run based on what you put in the application form as well as any credit bureau data that they deem important. Then after they have done the scoring (which will indicate an interest rate as well as whether they want to do business with you) they will also consider all of the NCA requirements. And finally (if you have passed the first 2 hurdles) they will then consider their risk appetite limits. E.g. if they feel they have too much property exposure in a certain suburb they might decide not to do any more home loans for people looking to buy there.

 

[travcaine]

They might be using one of the other credit bureaus as a provider and your credit record there might have an issue. For example Telkom uses XDS.

WOW, i checked on XDS and it says my score is 0! How is this possible?

 

[supersunbird]

WOW, i checked on XDS and it says my score is 0! How is this possible?

Well, we cant see it. Are there accounts listed?

 

[travcaine]

Well, we cant see it. Are there accounts listed?

Just my Edgars account, which it says everything is okay and always has been. Everything else looks okay.

 

[supersunbird]

http://www.credit4life.co.za/KnowledgeCentre.aspx#What_is_a_Credit_Report

No score allocated
No score will be awarded should you be under debt review or under administration as you may not be approved for any additional credit. If your credit history is very young you will not be awarded a score. If you do have accounts, you should receive a score in a few months time.

Maybe contact them and find out why its 0

 

[munchies]

Just my Edgars account, which it says everything is okay and always has been. Everything else looks okay.

if you only have 1 account then you probably will have a 0 score on XDS. I have dealt with them before and you need a few accounts in order for them to accurately measure your score. 0 can mean that you are under debt review, or that you have a open dispute. But it can also mean that they do not have enough history on you.

 

[travcaine]

if you only have 1 account then you probably will have a 0 score on XDS. I have dealt with them before and you need a few accounts in order for them to accurately measure your score. 0 can mean that you are under debt review, or that you have a open dispute. But it can also mean that they do not have enough history on you.

But with transunion i have a >800 score? I am not under debt review