What is your Credit score

Foxhound5366

Executive Member
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Oct 23, 2014
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6,490
I don't mind having access to the debt (I'm keeping most of my credit facilities open once I've paid them off) but I'd presumed that in this case if Havoc applied for a limit of R80K then he intended to use all of that.

Debt is bad children, and unsecured debt is the worst. How does that one financial guru* put it? "If you're in debt, you need to run around like your hair is on fire until you have paid it all off."

Edit: *Mr Money Mustache, that's the one.
 

TheBadMadMan

Senior Member
Joined
Jan 13, 2009
Messages
772
I don't mind having access to the debt (I'm keeping most of my credit facilities open once I've paid them off) but I'd presumed that in this case if Havoc applied for a limit of R80K then he intended to use all of that.

Debt is bad children, and unsecured debt is the worst. How does that one financial guru* put it? "If you're in debt, you need to run around like your hair is on fire until you have paid it all off."

Edit: *Mr Money Mustache, that's the one.
Perhaps he increased it so that he can use a lower percentage of his credit?

ie. Assume the following: 20K credit per month. Paid off every month with no interest paid.
Now, with a 30K limit that is 66.7% utilisation. Whereas with an 80K limit that is only 25% utilisation.
= Lower risk = Better score = Lower house interest rates..

Just the way I do it.
 

Foxhound5366

Executive Member
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Oct 23, 2014
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6,490
Perhaps he increased it so that he can use a lower percentage of his credit?

ie. Assume the following: 20K credit per month. Paid off every month with no interest paid.
Now, with a 30K limit that is 66.7% utilisation. Whereas with an 80K limit that is only 25% utilisation.
= Lower risk = Better score = Lower house interest rates..

Just the way I do it.
That's an interesting theory, but can anybody with a knowledge of the credit bureaus confirm whether that'd work? It'd be like taking one bit of debt and then splitting it up over four different cards and voila ... better credit score? I'm not so sure.
 

TheBadMadMan

Senior Member
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Jan 13, 2009
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772
That's an interesting theory, but can anybody with a knowledge of the credit bureaus confirm whether that'd work? It'd be like taking one bit of debt and then splitting it up over four different cards and voila ... better credit score? I'm not so sure.
As far as I'm aware: Someone who uses R4000 of a R5000 limit is worse off than someone who uses R10000 of a R30000 limit.

Personally I have 2 CCs. Virgin money with a R35K limit and a BlueBean CC with a R50K limit. I pay the settle amount every month (no interest) and at most have utilised about R25k split over the two cards in one month (normally my utilisation is MUCH less per month).

My credit score from transunion the last time I checked (end 2016) was 977 (up from 881 the previous year which in turn was also higher than the previous year).
 

Mike Hoxbig

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Apr 25, 2010
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As far as I'm aware: Someone who uses R4000 of a R5000 limit is worse off than someone who uses R10000 of a R30000 limit.

Personally I have 2 CCs. Virgin money with a R35K limit and a BlueBean CC with a R50K limit. I pay the settle amount every month (no interest) and at most have utilised about R25k split over the two cards in one month (normally my utilisation is MUCH less per month).

My credit score from transunion the last time I checked (end 2016) was 977 (up from 881 the previous year which in turn was also higher than the previous year).
I'm sure utility plays a part, but I'm not sure if it's as important as you think it is. I think your ability to service your debt, and how efficiently you do so, is a factor as well...
 

HavocXphere

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Oct 19, 2007
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31,487
*shudders* I didn't just hear that. OMG and to think I'm really upset about my R30K on my credit card.
It's purely for the points. Corporate expense on personal card = free points. Should be good for 300 zar a month.

Def not crazy enough to rack up 80k debt personally

I'm sure utility plays a part, but I'm not sure if it's as important as you think it is. I think your ability to service your debt, and how efficiently you do so, is a factor as well...
It's all of the above I believe.

Seems pretty random though. At least with Amex - they let you triple the limit every couple months. I've had them deny a small increase though before. They also randomly decline ppl on card applications - or at least for no obvious reasons

Why would you be upset? R30k should be plenty for most people.

I was offered about R80k as well recently and chose to actually drop it to R25k. I only use my CC for monthly expenses for eBucks, and pay it off at the end of the month...
Yeah not a big fan of big limits either but in this case it makes sense. Esp since I'll clear it by month end
 

Sly21C

Expert Member
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Feb 14, 2008
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4,632
Mine is 730 now :(. I haven't bought anything or applied for new credit since my above post last year, I wonder why the change? I'm guessing it's because I cancelled automatic monthly debits of my transmission account to pay for my mortgage. I decided to cancel the debits because I have excess money in my access bond account, the bank simply deducts monthly from my access bond money. I did the cancellation January this year. I'm surprised though that my credit score will decrease so much because of that? Assuming of course that the reason for the "downgrade" is as a result of me cancelling mortgage debits.
 
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zwayi081

New Member
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Jul 27, 2017
Messages
9
My problem is i dont have a pretty credit record as i was once unemployed and some of my accounts history showed that i was once in arrea for more than 150 days but i have broght them to date now. any one knows how long should i wait before my score move from poor account condard to excelent(experien), High risk (compuscan) 729(XDS)
 

Pho3nix

The Legend
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Jul 31, 2009
Messages
27,401
My problem is i dont have a pretty credit record as i was once unemployed and some of my accounts history showed that i was once in arrea for more than 150 days but i have broght them to date now. any one knows how long should i wait before my score move from poor account condard to excelent(experien), High risk (compuscan) 729(XDS)
2 years
 

Pho3nix

The Legend
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Jul 31, 2009
Messages
27,401
Mine is 730 now :(. I haven't bought anything or applied for new credit since my above post last year, I wonder why the change? I'm guessing it's because I cancelled automatic monthly debits of my transmission account to pay for my mortgage. I decided to cancel the debits because I have excess money in my access bond account, the bank simply deducts monthly from my access bond money. I did the cancellation January this year. I'm surprised though that my credit score will decrease so much because of that? Assuming of course that the reason for the "downgrade" is as a result of me cancelling mortgage debits.
Mine dropped as well. No idea why though
 

waynegohl

Ancient Astronaut
Joined
Nov 4, 2007
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41,441
long story short.

came to the USA almost 4 yrs ago with no credit history let alone credit score and now I'm at 764. My plan is to get up over 850.

had an issue of a 20 point drop and the excuses the credit issuers use and credit monitors sounds like a BS story and people need to monitor their credit score.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
46,135
My problem is i dont have a pretty credit record as i was once unemployed and some of my accounts history showed that i was once in arrea for more than 150 days but i have broght them to date now. any one knows how long should i wait before my score move from poor account condard to excelent(experien), High risk (compuscan) 729(XDS)
24 months history of payments is what is shown to enquirers.

Judgements show much longer.
 

cr@zydude

Executive Member
Joined
Jul 20, 2008
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6,745
I noticed that the Capitec app lets you check your credit score. According to Compuscan I am below average (no score given). I guess only having a credit card and paying it in full every month doesn't help with their algorithm.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
46,135
I noticed that the Capitec app lets you check your credit score. According to Compuscan I am below average (no score given). I guess only having a credit card and paying it in full every month doesn't help with their algorithm.
Well, how long have you had it (the CC)?
 
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