What is your Credit score

Dolby

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#21
I heard applying for - for example - vehicle finance also effects it if you don't go ahead.

Stupid really :/
 

semaphore

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Nov 13, 2007
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#22
I heard applying for - for example - vehicle finance also effects it if you don't go ahead.

Stupid really :/
Thats correct, any form of credit enquiry will reflect on your record.

Transunion may provide a facility to view your existing record or to view the data of your profile without actually doing a score enquiry.

Each time you do an enquiry for an account or potential credit it gets recorded as a consumer enquiry.
 

lholhos

Well-Known Member
Joined
Oct 14, 2010
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352
#23
I heard applying for - for example - vehicle finance also effects it if you don't go ahead.

Stupid really :/

and If the application does go ahead i guess the results will be positive...


ANYONE KNOW/UNDERSTAND THE ALGORITHM THESE COMPANIES USE?
 

semaphore

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10,158
#24
and If the application does go ahead i guess the results will be positive...


ANYONE KNOW/UNDERSTAND THE ALGORITHM THESE COMPANIES USE?
The algorithms differ from provider, to provider. They have actuaries that have different calculations per item that may exist on your profile. And as such they will never let anyone know exactly what equations are used.


Example : http://www.vantagescore.com/docs/score_consistency_index.pdf
 

HavocXphere

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Oct 19, 2007
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#25
I would love to know who told you its a myth;) i work in the credit industry
The logic behind it was that if you've got all these companies checking your score, but not giving you credit then that implies that you're being rejected left right & centre.

sema could you perhaps provide a list of things to do affect the score?
 

semaphore

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#26
The logic behind it was that if you've got all these companies checking your score, but not giving you credit then that implies that you're being rejected left right & centre.

sema could you perhaps provide a list of things to do affect the score?
Some things but not all are.

- High utilization of revolving accounts (i.e. credit cards)
- Defaulting payments
- Over indebted
- Judgement
- Adverse Accounts (defaults basically)
- High number of inquiries within in a particular sector (i.e.micro loan)
- Possible fraud indicators (hawk alerts, cell phone consumer changes, etc..)

They may not reject you due to inquiries but it may look a bit suspect, as you usually get loan hunters that get rejected somewhere else and seek another provider.

Each micro-loan company has different scoreband requirements. 560 being the worst 600+ being pretty good.
 
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HavocXphere

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31,487
#28
I don't see an actual score on that trans report?

Looks good aside from that. Though employment date is 5 months off.

Sema is high utilization of a/c a plus or neg?
 

lholhos

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Joined
Oct 14, 2010
Messages
352
#29
Some things but not all are.

- High utilization of revolving accounts (i.e. credit cards)
- Defaulting payments
- Over indebted
- Judgement
- Adverse Accounts (defaults basically)
- High number of inquiries within in a particular sector (i.e.micro loan)
- Possible fraud indicators (hawk alerts, cell phone consumer changes, etc..)

They may not reject you due to inquiries but it may look a bit suspect, as you usually get loan hunters that get rejected somewhere else and seek another provider.

Each micro-loan company has different scoreband requirements. 560 being the worst 600+ being pretty good.

If i have one Credit card, what is the "acceptable" credit balance in terms of percentage I should have of my card limit?

You talked bout over use, Hence the question
 

Hamster

Resident Rodent
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Aug 22, 2006
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30,028
#30
So all that pain of Transunion signup just so I CAN'T get my score :/

Luckily, everything is green with an "OK" in it :D
 

semaphore

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Nov 13, 2007
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10,158
#32
I don't see an actual score on that trans report?

Looks good aside from that. Though employment date is 5 months off.

Sema is high utilization of a/c a plus or neg?
Negative but if you pay it back then its fine

@lholhos im not sure what they deem acceptable, but i usually pay back about 200% what i owe each month.
 

lholhos

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Joined
Oct 14, 2010
Messages
352
#33
Some things but not all are.

- High utilization of revolving accounts (i.e. credit cards)
- Defaulting payments
- Over indebted
- Judgement
- Adverse Accounts (defaults basically)
- High number of inquiries within in a particular sector (i.e.micro loan)
- Possible fraud indicators (hawk alerts, cell phone consumer changes, etc..)

They may not reject you due to inquiries but it may look a bit suspect, as you usually get loan hunters that get rejected somewhere else and seek another provider.

Each micro-loan company has different scoreband requirements. 560 being the worst 600+ being pretty good.


Tell me,
What I usually do is to take a loan over 3 years and pay in 9 months on Average, all with FNB/Westbank..how does this affect my score? too many loans in a very space of time, but i pay them on time, just quicker! just Maxed my Credit this month(paying it back December)
 

semaphore

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10,158
#34
Tell me,
What I usually do is to take a loan over 3 years and pay in 9 months on Average, all with FNB/Westbank..how does this affect my score? too many loans in a very space of time, but i pay them on time, just quicker! just Maxed my Credit this month(paying it back December)
Having no credit history is a bad thing, taking out loans does not lower your score, it does however increase your debt exposure. What you find is people take out micro loans in order to rebuild their credit history/rating. Maxing your credit etc will not lower your score, if you start default payments/paying less than the minimum that will effect your score.
 

lholhos

Well-Known Member
Joined
Oct 14, 2010
Messages
352
#35
Having no credit history is a bad thing, taking out loans does not lower your score, it does however increase your debt exposure. What you find is people take out micro loans in order to rebuild their credit history/rating. Maxing your credit etc will not lower your score, if you start default payments/paying less than the minimum that will effect your score.
Greatness, No wonder i Scored 871 :D:D...
 

chrisc

Executive Member
Joined
Aug 14, 2008
Messages
7,147
#36
I have a bad record from Telkom for a phone service that someone took out in my name but in a house I never lived in back in 1996. I refused to pay since they could not give me the signed application. It was R1600. Telkom renew the blacklist every 3 years. I have been unable to find the dept in Telkom who deals with this since they seem to be uncontactable.
 

semaphore

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10,158
#37
I have a bad record from Telkom for a phone service that someone took out in my name but in a house I never lived in back in 1996. I refused to pay since they could not give me the signed application. It was R1600. Telkom renew the blacklist every 3 years. I have been unable to find the dept in Telkom who deals with this since they seem to be uncontactable.
Lodge a complaint with the ombudsman. But almost 20 years later may be a bit to late LOL

When i was developing our fraud prevention model last year i was running some tests, when it went live i ran it against and found i had a tracealert against my name from an attorney for SABC. Even thou i had cancelled my TV license.

871 is good, i've never tested my score to TU.
 

chrissy

Senior Member
Joined
Jul 2, 2009
Messages
977
#38
765, but at least its good and not average.. I seen you can get your credit report for R69 at the Checkers kiosk.
 

Honey Badger

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Apr 30, 2010
Messages
17,036
#39
My credit score is probably 0. Check the worry in my eyes :D

I was blacklisted by FedHealth a couple of years back for disputing a premium which I know I paid/

It, at the very least, keeps me from making debt
 

semaphore

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Joined
Nov 13, 2007
Messages
10,158
#40
My credit score is probably 0. Check the worry in my eyes :D

I was blacklisted by FedHealth a couple of years back for disputing a premium which I know I paid/

It, at the very least, keeps me from making debt
Thats bad lol. 0 score means you off the grid.
 
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