Improve Credit score

One Up

One Up

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I have no credit history, apparently.

I want to get a cellphone contract, because my company will reimburse me. Vodacom says I need credit history to do this. How can I get a positive credit history with as little effort as possible (when I have no credit history)?

I tried applying for a credit card with FNB, but I need credit history. I tried signing up for mobicred, so I can buy consumables on Takealot on credit, but my application was automatically declined, probably for the same reason. I have a few debit orders (gym, rent, internet, medical aid, etc), but apparently those don't count. I always pay cash, even for large purchases. This seems to have been a bad strategy.

It is a bit frustrating, that I need credit history to apply for credit, but need credit to have a credit history.
 
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One Up said:
I have no credit history, apparently.

I want to get a cellphone contract, because my company will reimburse me. Vodacom says I need credit history to do this. How can I get a positive credit history with as little effort as possible (when I have no credit history)?

I tried applying for a credit card with FNB, but I need credit history. I tried signing up for mobicred, so I can buy consumables on Takealot on credit, but my application was automatically declined, probably for the same reason. I have a few debit orders (gym, rent, internet, medical aid, etc), but apparently those don't count. I always pay cash, even for large purchases. This seems to have been a bad strategy.

It is a bit frustrating, that I need credit history to apply for credit, but need credit to have a credit history.
Click to expand...
if all else fails, as a last option, if it is viable, get a contract from telkom mobile, if they dont approve you for a contract you can pay a R700 deposit to cover for the risk they are taking.
 
Look into discovery short term insurance(car, household). They add the account at credit bureaus.
 
I'm in the same boat and I'll be honest, this is soo hard. I made a clothing account with Edgars but don't buy from them often so it isn't helping it seems. I buy more from Woolies but they reject my application due to my credit score.
 
Capitec credit card, small limit (1% of your salary)

Max it every month, settle it the following month. Do this for 2 years.

(will cost you fees in the beginning, but you gain a good credit record. So see those fees as an investment.)

My credit score is 688, not the highest, but good enough to get access to money below prime if need be for business, etc.
 
Depending on your salary, you should be able to get a credit card from the place you bank.

Both my sis and I managed to get a credit card using only salary slips.

My brother got declined at Telkom at first, then gave them a copy of salary slip, and average expenses, and they approved him.

You could probably do the same, and also get another letter stating your company is reimbursing you for it.
 
When I started with credit I started with a Mr Price account, limit was R2000. I would spend R1000 at Mr price home, pay it off a week later, spend again, I think it took me a few months to build up a good record.
Do whatever you have to but don't fall in the trap of credit.
 
My first credit was a telkom landline account. From there I was able to open a Virgin money credit card. And from there came everything else.

To be honest I don't know how I've managed so well because I tend to avoid credit.
 
Your two easiest options: MTN cellphone contract (they aren't strict like Vodacom) and an Edgars Clothing account (just get the six month interest-free one and avoid all the extra goodies). From there, give it six months and you'll have a credit history. A car loan is your next bet. From there, the sky's the limit.
 
One Up said:
I have no credit history, apparently.

I want to get a cellphone contract, because my company will reimburse me. Vodacom says I need credit history to do this. How can I get a positive credit history with as little effort as possible (when I have no credit history)?

I tried applying for a credit card with FNB, but I need credit history. I tried signing up for mobicred, so I can buy consumables on Takealot on credit, but my application was automatically declined, probably for the same reason. I have a few debit orders (gym, rent, internet, medical aid, etc), but apparently those don't count. I always pay cash, even for large purchases. This seems to have been a bad strategy.

It is a bit frustrating, that I need credit history to apply for credit, but need credit to have a credit history.
Click to expand...

Paying cash is a bad move, my 2c!

Take baby steps. Look if you can take out a new subscription, and after 6 months let your employer refund you.

A bank wants to see debt! Medical aid can be stopped anytime. Commitment is the keyword

Go to MTN or Vodacom, 3 months bank statements. Sigh a debit order, and proof of address. How difficult is that?
 
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If you paying rent. You can get the landlord to register these payments.
 
Thor said:
Capitec credit card, small limit (1% of your salary)

Max it every month, settle it the following month. Do this for 2 years.

(will cost you fees in the beginning, but you gain a good credit record. So see those fees as an investment.)

My credit score is 688, not the highest, but good enough to get access to money below prime if need be for business, etc.
Click to expand...
We're did you check your score?i liked tyme coach but they stopped there service it seems.
 
millennia said:
Open a clothing store account. Use it. Pay it back in full. Repeat for a month or 2. Reapply.
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I have been doing this every month since May. It has been 7 months, including May and December. I have been buying clothes from Mr Price on credit and paying it back the same day. I tried applying for a Samsung A30s contract with Vodacom for R229 a month and was denied.

On clearscore my credit score is 654/750. Vodacom can't tell me what my credit score needs to be to get a contract. I have approached FNB and Standard bank to apply for a credit card, both of which denied my application, but they can't tell me what the requisite credit score is either. FNB offered me a R4000 loan which I would have to pay back R9000 after 6 months. Tony Soprano would blush at those numbers.

I offered to put down a R40k car as collateral on my R4000 loan, but this was denied.

The mechanics of the credit system are opaque to even the people that work in it (e.g. bank employees), as an outsider to it, I have no idea how I am supposed to understand it. This whole process has been very frustrating and I have simply decided to buy my cellphone in cash from Takealot.
 
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