Easiest place/company to open an account

eviljim

Well-Known Member
Joined
Apr 26, 2011
Messages
160
Hi Guys,

So I'm a 19 going on 20 year old girl, started working about a year ago.

A few weeks ago I applied for a cellphone contract but was rejected as I have not had any debts/accounts previously. Today I applied for a Mr Price account but was almost immediately rejected.

Do you guys have any recommendations as to where I could apply to start building up some credit scores?

Thank you

PS: I earn a good salary so I doubt it is due to affordability...
 

nexxus

Senior Member
Joined
Apr 9, 2006
Messages
591
Wouldn't it be easier to get a credit card account from your bank?

Edgars Card maybe? Can't be that hard surely, they give those things out to anyone, even people I know have no business having one.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
58,471
Hi Guys,

So I'm a 19 going on 20 year old girl, started working about a year ago.

A few weeks ago I applied for a cellphone contract but was rejected as I have not had any debts/accounts previously. Today I applied for a Mr Price account but was almost immediately rejected.

Do you guys have any recommendations as to where I could apply to start building up some credit scores?

Thank you

PS: I earn a good salary so I doubt it is due to affordability...

Such a girly name, that eviljim lol.

Anyway, you'll have to start with something small, like a R50pm topup account with one of the cellphone providers. You won't get a fancy device, some cheap nokia or android phone. If you want a fancier device, buy that cash and put the contract SIM in there. IN 2 years they will be much happier to give you a bigger contract.

But do realise, contracts have their downside, so stay on the topup type.
 

Gtx Gaming

Gtx Gaming
Joined
Aug 25, 2008
Messages
23,956
Get a credit card from your bank , they should over you one without a credit record , if you were banking with them for a few years .

Absa gave me one and i just had a savings account with them.

Now lets hope you don't bank with capitec :p

This was my route.
Credit card
vodacom top up 135 contract
edgars

Once you in with edgars , most company's will help you out , i started receiving offers from other clothing company's after i had an edgars account.
 

xcpointx

Well-Known Member
Joined
Oct 22, 2006
Messages
110
Edgars is known to be the most slack with their credit account requirements. Hence why they have a lot of bad debt they're trying desperately to clear up,
 

AstroTurf

Lucky Shot
Joined
May 13, 2010
Messages
28,882
Edgars is known to be the most slack with their credit account requirements. Hence why they have a lot of bad debt they're trying desperately to clear up,

Yea, that is how we started with my Wife.
I started by buying a hifi HP purchase (just to get a credit record) but at a rather young age and on my dad's advice.
 

Forza

Well-Known Member
Joined
May 23, 2014
Messages
395
Edgars is known to be the most slack with their credit account requirements. Hence why they have a lot of bad debt they're trying desperately to clear up,

When i was done with my matric finals had a casual job for a couple of months working for petty cash then opened an edgars account most probably in 4months since i started working. Therefore I won't see a problem with you starting by them and building up your credit record.
 

k-4

Senior Member
Joined
Feb 21, 2014
Messages
500
I recommend capitec, bank charges are about R5 a month With an interest rate of 4.2% PA currently. There have been many times when my interest was higher than my bank charges, never had that at any other bank.

To compare,

Monthly bank charges, the cheapest you could get with other banks I think is R90 a month as opposed to R5 buy capitec.

Interest earned, last I checked a basic FNB account earns 0.25% per year. As opposed to capitecs 4.2% currently, it once was as high as 5%.

Swiping your card to make purchases is free. Internet banking is free. (provided you do no transactions to accounts you don't own)


What ever you do, don't touch ABSA, they are probably worse than African Bank.
 
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DA-LION-619

Honorary Master
Joined
Aug 22, 2009
Messages
13,777
I couldn't get an Edgars account because I don't have a formal job and I'm a student but Markhams gave me a store account.
 

Gtx Gaming

Gtx Gaming
Joined
Aug 25, 2008
Messages
23,956
I recommend capitec, bank charges are about R5 a month With an interest rate of 4.2% PA currently. There have been many times when my interest was higher than my bank charges, never had that at any other bank.

To compare,

Monthly bank charges, the cheapest you could get with other banks I think is R90 a month as opposed to R5 buy capitec.

Interest earned, last I checked a basic FNB account earns 0.25% per year. As opposed to capitecs 4.2% currently, it once was as high as 5%.

Swiping your card to make purchases is free. Internet banking is free. (provided you do no transactions to accounts you don't own)


What ever you do, don't touch ABSA, they are probably worse than African Bank.

capitec is not a real bank , you still have go to one of the bigger banks to get home loan , rather go with fnb

fnb easy account is cheaper then capitec .

Unless you want to be one those people who pays of somebody's else bond , aka rent :p
 

DA-LION-619

Honorary Master
Joined
Aug 22, 2009
Messages
13,777
capitec is not a real bank , you still have go to one of the bigger banks to get home loan , rather go with fnb

fnb easy account is cheaper then capitec .

Unless you want to be one those people who pays of somebody's else bond , aka rent :p
Can I access PayPal with the FNB easy account?
 

DA-LION-619

Honorary Master
Joined
Aug 22, 2009
Messages
13,777
Im not sure but I think if the card had a chip and CVC security code, I'd think yes.
No I mean, can I withdraw funds from PayPal to the FNB easy account. I can use PayPal fine with my Capitec card.
 

k-4

Senior Member
Joined
Feb 21, 2014
Messages
500
Might just go open a bank account as there's nothing wrong with having another to add the collection :p

Collecting bank accounts is awesome. You open your wallet and BAM...several fancy ATM cards that somewhat resemble credit cards. But can be an inconvenience trying to decide which to use and tiring to follow all your funds of each account, similar to having several email accounts.

brings back memories. I was with 2 different banks (FNB & ABSA) 9-12 years ago. Now I'm just with capitec.
 
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DA-LION-619

Honorary Master
Joined
Aug 22, 2009
Messages
13,777
Collecting bank accounts is awesome. You open your wallet and BAM...several fancy ATM cards that somewhat resemble credit cards. But can be an inconvenience trying to decide which to use and tiring to follow all your funds of each account, similar to having several email accounts.

brings back memories. I was with 2 different banks (FNB & ABSA) 9-12 years ago. Now I'm just with capitec.
Will make it easier for receiving payments, Capitec will still be my main account.
 
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