Improving Credit Score

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wetwipes

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I'm currently considering a new business venture and was asked to present a credit report. I contacted two agencies and both have scored me as "average".

Here's the problem:
I am a high income earner (LSM 7) but came from a working class background. My grandparents always taught me that if I can't pay for something cash, I should do without it. So, although several banks have offered me credit cards before, I've never wanted one. I even purchased my cars cash. I am the only child of a retired company director and she and I share her luxury home, since I am not married. Although the house is very highly valued it's my moms (even though I am her heir). [She's at an advanced age and can't live alone and I neednt purchase my own home because we already own this large property].

I've never had store furniture or clothing accounts, paying cash for all my stuff.

So while my report shows no adverse information at all, the score is rather low.

Is there anything I can do to improve it?
 
And finally, we have the answer to "How am I quantifiably better at life than a rich kid who lives with his mom still?" ;P

Seriously though, you know the answer. Get credit. Get a car loan on a Jaguar for 12 months and pay it off in six. Buy a house on a loan and pay it off in three months. I dunno, rich people stuff.
 
wetwipes said:
I'm currently considering a new business venture and was asked to present a credit report. I contacted two agencies and both have scored me as "average".

Here's the problem:
I am a high income earner (LSM 7) but came from a working class background. My grandparents always taught me that if I can't pay for something cash, I should do without it. So, although several banks have offered me credit cards before, I've never wanted one. I even purchased my cars cash. I am the only child of a retired company director and she and I share her luxury home, since I am not married. Although the house is very highly valued it's my moms (even though I am her heir). [She's at an advanced age and can't live alone and I neednt purchase my own home because we already own this large property].

I've never had store furniture or clothing accounts, paying cash for all my stuff.

So while my report shows no adverse information at all, the score is rather low.

Is there anything I can do to improve it?
Click to expand...

You answered your own question. You need a credit record for a credit score.

Get a credit clothing account or credit card, and maintain payments to build up a credit record.
 
genetic said:
You answered your own question. You need a credit record for a credit score.

Get a credit clothing account or credit card, and maintain payments to build up a credit record.
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Spoken like a normal human being. Rich kids don't have us normal people problems ... or solutions. They'd buy Edgars, not buy clothing on an Edgars clothing account.
 
Foxhound5366 said:
Spoken like a normal human being. Rich kids don't have us normal people problems ... or solutions. They'd buy Edgars, not buy clothing on an Edgars clothing account.
Click to expand...

It's like saying "My car gets dirty, and the person who cleans it is gone. It's not cleaning itself. How do I keep it clean?"

Wash your own car you idiot!!! :p
 
genetic said:
It's like saying "My car gets dirty, and the person who cleans it is gone. It's not cleaning itself. How do I keep it clean?"

Wash your own car you idiot!!! :p
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I knew it was going to be a special post when I read this: "I am the only child of a retired company director and she and I share her luxury home"

I have NEVER read a better way of saying "I live with my mom still". That's class. That's private school education right there.
 
Foxhound5366 said:
I knew it was going to be a special post when I read this: "I am the only child of a retired company director and she and I share her luxury home"

I have NEVER read a better way of saying "I live with my mom still". That's class. That's private school education right there.
Click to expand...

One might have all the education and money, but lacks common sense.
 
wetwipes said:
I'm currently considering a new business venture and was asked to present a credit report. I contacted two agencies and both have scored me as "average".

Here's the problem:
I am a high income earner (LSM 7) but came from a working class background. My grandparents always taught me that if I can't pay for something cash, I should do without it. So, although several banks have offered me credit cards before, I've never wanted one. I even purchased my cars cash. I am the only child of a retired company director and she and I share her luxury home, since I am not married. Although the house is very highly valued it's my moms (even though I am her heir). [She's at an advanced age and can't live alone and I neednt purchase my own home because we already own this large property].

I've never had store furniture or clothing accounts, paying cash for all my stuff.

So while my report shows no adverse information at all, the score is rather low.

Is there anything I can do to improve it?
Click to expand...
What happened to your Dublin plans?
 
Op just get a credit card asap and pay for everything on the card, use the full 55days interest free and then settle it in full on the final due date.

No risk, using the banks money for free and it'll help your credit rating about as fast as any other method.
 
Weren't you going to get married and leave the country because the ANC failed you?

Yes get a credit card and don't use more than 30% of the credit limit when making debt, or even better, use the credit card monthly and clear it monthly. The longer you keep the credit card (or any account) the better. You don't need to make any debt that charges interest.

Install ClearScore and it will show you how you can improve your credit score.

Other accounts also help, such as Foschini group card. First couple of months is interest free. So can make use of that as well.

Basically you want to show and keep a footprint of good credit history.

IMG_20211229_182011.jpgIMG_20211229_182027.jpg
IMG_20211229_182532.jpg
 
this is exactly the reason I have a credit card. Buy your groceries every month with it and pay it off immediately when the bill is generated.
But when I was buying my house, they did say I dont have a good credit score because I dont have a repayment history of big amounts over months. I think what they meant was I don't pay enough interest to banks :unsure:
 
Foxhound5366 said:
And finally, we have the answer to "How am I quantifiably better at life than a rich kid who lives with his mom still?" ;P

Seriously though, you know the answer. Get credit. Get a car loan on a Jaguar for 12 months and pay it off in six. Buy a house on a loan and pay it off in three months. I dunno, rich people stuff.
Click to expand...
There's just so much paper work and additional costs at buying property on loan than buying it cash.

And I already have two cars, I don't need another depreciating asset.
 
Thanks for the idea and being able to relate but I'm uncomfortable with the whole idea of eating o
 
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