NeonNinja
Neon Resident
I've got about R1800 left on my Edgars account, now is it a wise thing to pay the whole amount? Is it good for my credit record/rating? Is this even allowed? Just hate seeing debt letters each month.
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Settle Edgars Debt?
- Thread starter NeonNinja
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MickeyD
RIP
If it is the non-interest bearing account, then pay off slightly more than the monthly instalment as indicated on your account. This establishes you as a regular payer.
NeonNinja
Neon Resident
I pay about R240. So I guess I'll pay now R600 x 3 months to settle it?
MickeyD
RIP
Good idea, unless you have any other debt that bears interest.
Rather pay any extra monies into those accounts.
If you then have spare cash, pay off other non-interest bearing debts.
R13...
Honorary Master
It attracts interest so paying 600 won't quite settle it. You have to check each month, should be a small amount though
I agree with MickeyD. If its not interest bearing, just pay off little amounts (over the required instalment).
I never had an account 7 years ago. Could not even get a home loan. This country is full of nonsense. Had to open three accounts for, Edgars, Truworths, Woolworths. Had to beg then to keep my limit at R 1000.
Everytime I went to buy, they would automatically increase it to R 12 000.00. Then I would call the call centre and have them reverse it.
Finally after six months, Every Tom Dick and Sue called me for credit cards, phones, holidays etc.
Its a sorry life. I eventually bought two houses.
The more credit you have the more you allowed to keep, provided you ITC friendly.
I never had an account 7 years ago. Could not even get a home loan. This country is full of nonsense. Had to open three accounts for, Edgars, Truworths, Woolworths. Had to beg then to keep my limit at R 1000.
Everytime I went to buy, they would automatically increase it to R 12 000.00. Then I would call the call centre and have them reverse it.
Finally after six months, Every Tom Dick and Sue called me for credit cards, phones, holidays etc.
Its a sorry life. I eventually bought two houses.
The more credit you have the more you allowed to keep, provided you ITC friendly.
MickeyD
RIP
There are 2 types of Edgars' accounts, hence my initial question to the OP.
NeonNinja
Neon Resident
It's locked at 22% p/a, if that helps. Just want to boost my credit record to apply for phone/data/car contracts etc.
MickeyD
RIP
That's the interest bearing account.
It's locked at 22% p/a, if that helps. Just want to boost my credit record to apply for phone/data/car contracts etc.
Settle it ASAP !!!!
NeonNinja
Neon Resident
Ok. I take it it's good for my record/rating, thanks.
noswal
Executive Member
go to https://mytransunion.co.za/ to find out your credit record, pay for a year and check up on it.
NeonNinja
Neon Resident
Yes. Only on clothes.
Kosmik
Honorary Master
Hmph OT but I had a Edgars rep wanting to discuss my purchases and gain knowledge of my other bank accounts. I refused and they denied my purchases so I cut up the card and cancelled.
If a company gives you access to credit, you have a right to use it as you see fit as long as you pay it back within the terms.
If a company gives you access to credit, you have a right to use it as you see fit as long as you pay it back within the terms.
MickeyD
RIP
They have two types of accounts; the normal one us old toppies use (6m no interest) and then a credit card type account (with the maximum interest rate allowed by law).