Upping my credit score?

[saffakanera]

Just got off the phone with FNB, got declined for a home loan, not because I'm black listed or anything, but because my Credit score was too low, it's 690, it needs to be 750 for them to consider...

Any tips on how to decrease my credit score, guys? Any pros out there? I don't really owe allot, so eish, I dunno..

I even have 10% of the house value in an account to use as deposit.. ffs

 

[ISP cash cow]

Have you tried at other banks?

 

[guest2013-1]

You mean you need to increase your credit score to be 750? No idea, save more for another 10% deposit, then haggle with the interest rate if they being stewpid

 

[killadoob]

Credit card, clothing accounts, cell contract etc.

It's pretty sad how the banks work, people with massive debt will get more. People with no debt will get nothing haha.

 

[*SynergyX*]

had the same issue two months back -- fnb declined me flat out sayng my credit score was too low.
Standardbank gave me 100% loan on first application no questions asked - so i took that an went back to FNB, they then approved the loan but couldnt even match standardbanks interest rate so i just went with Standard Bank.

after alot of reasearch and questionining - the conclusion is that you need debt to get more debt -- or something along those lines.

 

[guest2013-1]

Its more a point of "are you a good payer" I think. Your history with the bank itself is your credit score, not much else (like clothing accounts and what not). The NCA act was supposed to centralize all of these things, but you can still get away by borrowing too much that you can't pay back because each bank has their own "score" and even though SOME info is centralized, not all of it is.

For example, when doing international transfers from South Africa, there's a limit of "gifts" you can send out each year, this is a SARB rule which the banks has to follow, but none of the banks get that information from a central point, ie, "How much did John send overseas as gifts this year?". Each of them has their own records, so when you hit the limit on one, you can just go an send money from the other, and since there's 5 banks, it's pretty easy to get your money out of this country without being penalized or questioned.

 

[Shellyb1]

it's pretty easy to get your money out of this country without being penalized or questioned.

And break the law?

 

[ele33]

I got a loan from "beep" bank and I only had a cellphone contract on my name.
Maybe try a mortgage originator, they get quotes from all the major banks...

 

[purpleonlineadmin]

Sadly in this country it's a catch 22. I also have zero, nada debt because I need my finances to be focused on my biz mostly. For me to purchase anything I'm forced to risk more debt (therefore risk future foreclosure on my biz should anything go wrong) and hope nothing goes wrong. Wonderful system we have in this country of ours, get into short term debt to take on long term debt. NO such thing as a debt less saving society these banks try to sell!