Had enough of the credit bureaus

[H8rlequin]

So I want to check if it's just me that is struggling with credit bureaus so much of late.

Firstly, the credit scores are extremely inconsistent (I check on a daylie basis). And often it is reported much higher or lower depending on the day... surely this should not be the case as it's based on "factual" information?

Next, some months my credit score would improve by X amounts of points, and other months with the same payment history it would just stay as is?

The banks are not reporting the received payments to the credit bureaus, which leads me to launch credit disputes which are never resolved in the 20 day time-frame as legally required (I have proof of this). Both Transunion and Compuscan simply do not get back to me at all!

And then lastly, I believe my credit score is artificially low... For someone that has not missed a single payment in 7 years I am struggling to even reach the 600 score mark? I know exactly what the factors are that affects scoring, but I am not doing anything to impact it negatively.

This is impacting my life in ways that I can even describe! I can't buy a car (needed, urgently), I can't take out a small loan to cover part of the expenses for my wedding... I have no way to account for emergencies... And after this all I am completely powerless to do anything?!?!?

 

[UrBaN963]

So I want to check if it's just me that is struggling with credit bureaus so much of late.

Firstly, the credit scores are extremely inconsistent (I check on a daylie basis). And often it is reported much higher or lower depending on the day... surely this should not be the case as it's based on "factual" information?

Next, some months my credit score would improve by X amounts of points, and other months with the same payment history it would just stay as is?

The banks are not reporting the received payments to the credit bureaus, which leads me to launch credit disputes which are never resolved in the 20 day time-frame as legally required (I have proof of this). Both Transunion and Compuscan simply do not get back to me at all!

And then lastly, I believe my credit score is artificially low... For someone that has not missed a single payment in 7 years I am struggling to even reach the 600 score mark? I know exactly what the factors are that affects scoring, but I am not doing anything to impact it negatively.

This is impacting my life in ways that I can even describe! I can't buy a car (needed, urgently), I can't take out a small loan to cover part of the expenses for my wedding... I have no way to account for emergencies... And after this all I am completely powerless to do anything?!?!?

Stop checking your credit scorer constantly. AFAIK, these things are tracked. Same as if you keep applying for finance and get disapproved, it affects your score.

 

[Slootvreter]

Stop checking your credit scorer constantly. AFAIK, these things are tracked. Same as if you keep applying for finance and get disapproved, it affects your score.

WHy would checking your score affect your score?

 

[ToxicBunny]

WHy would checking your score affect your score?

I've also heard it before...

The logic I heard from that person was that many checks means you're applying for loans at many different places.

 

[AchmatK]

I've also heard it before...

The logic I heard from that person was that many checks means you're applying for loans at many different places.

It's only applicable if you using a third party to check your profile. If you a are checking your own profile directly it will not appear on your profile as an inquiry.

I've used Windeed to check my profile and it appears as an enquiry on my credit report. When i checked directly on ITC, there is nothing indicating that i checked my credit profile.

 

[H8rlequin]

I check directly on the relevant bureau's website. It does not affect your score and does not show up as an inquiry.

 

[Slootvreter]

Either way, no chance of me paying to see my own credit profile. TSEK

 

[cr@zydude]

Anyone know what using the Capitec app to check your credit score does? It uses Compuscan.

 

[Milano]

No problem with credit scores but annoyed that they can decide on a whim that I am no longer me and impact my life.

 

[Ray7905]

Anyone know what using the Capitec app to check your credit score does? It uses Compuscan.

It has no effect. Compuscan sends your data to Capitec monthly. So doesn’t come up as an enquirer when you check it.

 

[shaunbrookes]

Checking your own score definitely does not lower it.

 

[iDOL]

Credit Scores (yes it's calculated on the basis of the bureau data) don't do dust for you - we don't use it in the manner that the Americans use it. So seeing it reflected means very little.

What matters is your debt commitments, disposable income and other additional household expenses (capped at 15% of your income and family size) , especially when taking into account the NCAA legislation.

So if you are over extended (use in excess of 30% of your income to service debts) banks won't grant credit for fear of when consumers default and then they cry wolf and use the reckless lending card.

 

[cr@zydude]

Credit Scores (yes it's calculated on the basis of the bureau data) don't do dust for you - we don't use it in the manner that the Americans use it. So seeing it reflected means very little.

What matters is your debt commitments, disposable income and other additional household expenses (capped at 15% of your income and family size) , especially when taking into account the NCAA legislation.

So if you are over extended (use in excess of 30% of your income to service debts) banks won't grant credit for fear of when consumers default and then they cry wolf and use the reckless lending card.

What exactly count towards your carried debt?' I spend about half my salary on my paying my credit card, but that's to settle each month's spending. Would that count as 50%, 0% or somewhere in between?

 

[iDOL]

What exactly count towards your carried debt?' I spend about half my salary on my paying my credit card, but that's to settle each month's spending. Would that count as 50%, 0% or somewhere in between?

How you service or pay your debt speaks to your behaviour - which is a benefit to you, but when assessing your affordability it just means that you can continue with the application process (gets you in the door) as you are a trustworthy client when it comes to servicing their commitments.

However when calculating affordability they will consider your full use of the limit available to you and how you would be able to afford to pay it back over the 12 month period if you were to use your straight limit.

In some instances they will request you to lower the limit to enable them to grant or approve a new credit agreement.

 

[tRoN]

If you need a loan to pay for your wedding then your credit score accurately reflects the state of your finances.

 

[iDOL]

If you need a loan to pay for your wedding then your credit score accurately reflects the state of your finances.

Ding!! Ding!! Ding!!

Also no matter how special a day you would like rather opt to go conservative and live within your means - save the cash and use it as a start for a new joint family home, a deposit.

 

[Ray7905]

Is that bad

 

[Cius]

Avoid debt. Its not worth it. If you need a loan to finance a wedding I would strongly suggest scaling the wedding back rather. Also switch to saving and buying cars cash ASAP. Personal debt other than for a moddest home, a first car, and education is almost never worth it.