what is the easiest/cheapest way to build a credit record

slyde

Member
Joined
May 16, 2019
Messages
19
I am a Nigerian citizen who was previously studying and been living legally in SA for 5 years now. I have just recently got my permanent residence and SA ID.I got done with my Honors in Information Technology degree a year ago and i have only been getting short term/temporary staff support jobs to sustain myself,i believe the SA ID will increase my chances of getting a permanent job(keeping my fingers crossed). What would be the easiest way/is there a way to start building my credit record ?
 

gamer16

Executive Member
Joined
Nov 3, 2013
Messages
9,372
Ahh finally I found you, listen, your long lost uncle had been disintegrated by a ceiling fan, and he has left you one million and seven dollars, all you need to do is send me your account info.
 

namzsteve

Expert Member
Joined
Oct 12, 2012
Messages
2,536
I think cellphone contract, that way you will constantly pay a fixed amount monthly.
 

joker08

Senior Member
Joined
Sep 4, 2018
Messages
632
I am a Nigerian citizen who was previously studying and been living legally in SA for 5 years now. I have just recently got my permanent residence and SA ID.I got done with my Honors in Information Technology degree a year ago and i have only been getting short term/temporary staff support jobs to sustain myself,i believe the SA ID will increase my chances of getting a permanent job(keeping my fingers crossed). What would be the easiest way/is there a way to start building my credit record ?
Do you have a job now? once you have 3 months salary deposited in the bank you might be eligible to get a credit card from the same bank.
Most of the times Store accounts applications get rejected for foreign nationals.
 

Arex

Well-Known Member
Joined
Jun 4, 2017
Messages
165
Store account at a place you shop at, Edgars, woolworths etc. Just spend a little bit on credit every month and make sure to pay it off by the end of the month. Will need 3 months payslip with record of it to your bank account to safely apply.

After a few months you can try applying for a credit card and it should be good from there.
 
Last edited:

beefymoocow

Well-Known Member
Joined
Jun 19, 2006
Messages
460
If you already renting and your landlord is using a credible agent. You should be getting scored for each monthly payment you make if not you can asked them. That's what I heard but stand to be corrected.
 

maxxis

Active Member
Joined
Jul 26, 2007
Messages
73
Don’t forget to cap your credit limit as low as possible. For example R1000 limit on credit card.

Once all your debit orders have run, transfer all available funds to the credit card and transact off of that.

You are guaranteed to build good credit by utilizing a credit facility .
 

Hellhound105

Expert Member
Joined
Jun 5, 2018
Messages
2,365
If someone is trying to build up a credit record, it's usually because they can't afford things like houses and cars cash...
And thats why both of us are telling him not to get credit. Trying to save him from being another victim.
 

Hellhound105

Expert Member
Joined
Jun 5, 2018
Messages
2,365
Don’t forget to cap your credit limit as low as possible. For example R1000 limit on credit card.

Once all your debit orders have run, transfer all available funds to the credit card and transact off of that.

You are guaranteed to build good credit by utilizing a credit facility .
This is really good advice as well
 

Magnum

Expert Member
Joined
Mar 12, 2013
Messages
2,973
Cell contract



I get you but maybe he wants to build up so he eventually can get a car or house.
Then still don't. I bought my Honda Ballade new for 180K the polo's now go for 200K around here with 100K km on the clock. The payments are killing people. It's just too expensive.
 

The Voice

Executive Member
Joined
Jan 25, 2009
Messages
7,929
If someone is trying to build up a credit record, it's usually because they can't afford things like houses and cars cash...
Key word here is "afford". And affordability (and in turn, credit) only becomes an issue when you start living outside of your means because you're chasing things you want, when you first have to focus on what you need.

Do you need the latest high performance offering from BMW, or do you just need a car to get you to work and back while you're building your empire?

Am I saying that people shouldn't want nice, expensive things? Of course not. But don't get into a debt spiral just to have something you can't actually afford, and that belongs to someone else (the bank) for almost the entire time it's in your possession.
 

Daruk

Honorary Master
Joined
Jul 18, 2008
Messages
38,473
I am a Nigerian citizen who was previously studying and been living legally in SA for 5 years now. I have just recently got my permanent residence and SA ID.I got done with my Honors in Information Technology degree a year ago and i have only been getting short term/temporary staff support jobs to sustain myself,i believe the SA ID will increase my chances of getting a permanent job(keeping my fingers crossed). What would be the easiest way/is there a way to start building my credit record ?
Cellphone contract, clothing account, internet service should all work fine. Congrats on the degree by the way!
 
Top