Question about a building a credit score.

[TEXTILE GUY]

Building a credit score was just a passing thought though. I figured I should do it just it case, although I can afford to buy most things cash. I guess I'll just stick to buying cash.

No, having a credit rating is good. If you need to get bridging finance or the like you will need it.
The thing is, to plan for the worst - expect the best.
Dont live for today, think about the future - time flies .... fast.

Get a credit card, by all means, and use it, by all means, but, as @Snyper564 says, pay it up at month end.
You dont need to give money away in silly interest charges.

If you cant afford it, save up and buy it cash where practical.

The only issue with a credit card, is you have to be strong. Only buy what you can afford to pay back.
I am not a big fan of the store cards - they are too easy to use.

Only buy what you need .... being cooler than the guy next door costs plenty. Ask twice, buy once.
Car and house, you will need to get a loan, unless you have alot of cash stashed.
Car, no balloons payments, shortest possible repayment time, flash doesnt add value, but costa plenty..
House pay a little extra each month.

In all of this, dont forget to put some away for after 55.

This stuff I tell you from my own experience, and I too was a strictly cash guy, till I needed a loan.
I eventually got one, but it paid it up in 3 months. This helped my bank balance and my credit score.

 

[Antelope]

tyme coach is no more
the credit score function of tyme coach is supposed to be added to the tyme banking app. there's no time frame for this though.

anyone has info on the experian and compuscan merger?
they both show very conflicting information and scores.

emails to compuscan results in multiple automated mailbox full replies

 

[Antelope]

for those who find it difficult to get a store account, telkom mobile offers contracts but with a R700 refundable deposit(its telkom, so at your own risk)

do monthly contracts affect credit scores positively/ negatively? any personal experiences here?
do they even appear on a credit report.

 

[zerocool2009]

I must be honest, all credit firms are useless if you apply for something where you bank.

Banks keep their own credit scoring (not alot of guys know this).

Its the same as in PersonA took Nedbank for a ride, and apply at FNB for debt. Most credit firms only keeps history for 24 months.

So this guy who took Nedbank for a ride got away with it, as time goes on, only Nedbank flagged him.

So FNB clears him and give him credit.

That is how banks loses really alot.

If you want to build up a credit profile, start by taking a cellphone contract out (24 months at least). Clothing accounts is a joke.

Its really sad to see how people only live by “cash only”.

The real credit question comes in: you wanna buy a house (and needs to give Sars info). People freeze

Lol