Will a cheque account help with my credit record?

[Gtx Gaming]

So im still young and trying to build up a credit record for my self , without actually be in dept lol

So i started by getting a credit card from absa as have a savings account there for years , they gave it to me.
I used it allot and then just paid it off in full each month, i only spent on it with cash i have in my capitec account.

I also got me vodacom top up contract (cellc declined me because of my credit record) , i hope that shows on my credit record also , because i did on qualify for a higher contract yet.

So yesterday i applied for cheque account silver value bundle from absa.

Seems like decent decent , unlimited swipes, free debit orders etc.

But the main question is will it help my credit record by using the cheque card instead of using my capitec card?

i want to get me a car one day etc, but want to start building up a credit record now

 

[Hamster]

So im still young and trying to build up a credit record for my self , without actually be in dept lol

So i started by getting a credit card from absa as have a savings account there for years , they gave it to me.
I used it allot and then just paid it off in full each month, i only spent on it with cash i have in my capitec account.

I also got me vodacom top up contract (cellc declined me because of my credit record) , i hope that shows on my credit record also , because i did on qualify for a higher contract yet.

So yesterday i applied for cheque account silver value bundle from absa.

Seems like decent decent , unlimited swipes, free debit orders etc.

But the main question is will it help my credit record by using the cheque card instead of using my capitec card?

i want to get me a car one day etc, but want to start building up a credit record now

Don't think it will do much. Go get yourself an Edgars clothing account or something. Buy stuff now and again and pay them off monthly.

I had a similar problem when trying to get my 8ta account. I hate being in debt and got to the age of 25 with no credit record. It took quite a bit of phone calls and "fighting" for them to agree. Funny thing is, because of them I now have a credit record

....dumb world.

 

[chrisc]

A cheque account is an utter waste of money. Also antiquated, plus very few merchants accept cheques. Rather use a debit card, this will also earn you brownie points

 

[TJ99]

Cheque cards aren't/don't create a form of debt so I doubt it.

 

[Gtx Gaming]

A cheque account is an utter waste of money. Also antiquated, plus very few merchants accept cheques. Rather use a debit card, this will also earn you brownie points

ya i applied for cheque card with no cheque book or overdraft, so its just actually a debit card lol ( will use it to swipe)

thanx i will try to apply for edgards account, last time it got declined , could not verify my contact details , also vodacom was a pain to apply as my work uses 086 number , they said its not valid , need to be 021 number etc

 

[Hamster]

ya i applied for cheque card with no cheque book or overdraft, so its just actually a debit card lol ( will use it to swipe)

thanx i will try to apply for edgards account, last time it got declined , could not verify my contact details , also vodacom was a pain to apply as my work uses 086 number , they said its not valid , need to be 021 number etc

FICA is always a bitch. Good luck.

 

[chrisc]

Cheque cards aren't/don't create a form of debt so I doubt it.

When he has had the cheque card for a year or so, he could apply for an overdraft. Then, if he maintains that well, this will earn him a good standing record. Banks are more willing to grant overdrafts to customers who have kept their accounts in good order, ie not withdrawing to the last 5c

 

[Gtx Gaming]

When he has had the cheque card for a year or so, he could apply for an overdraft. Then, if he maintains that well, this will earn him a good standing record. Banks are more willing to grant overdrafts to customers who have kept their accounts in good order, ie not withdrawing to the last 5c

ok so you suggest applying for overdraft later on and just not using it?

 

[TheGuy]

I manged to get a good enough credit record with only a cheque account to buy a house. I've never had a clothing account, cell phone contract or car finance.

So yes a cheque account will help your credit record.

 

[Cius]

Yep, unfortunately you only get a record by having accounts that you use. I don't like debt and the only formal debt I have ever had or will ever have is on my house. I applied for a homeloan without any credit record beyond what a normal cell contract gave me and got the bond fine. If you have a decent deposit and a few months bank statements they generally are OK with giving you credit anyway, or perhaps I was just lucky. Don't know.

 

[PsyWulf]

Get a credit card,cellphone contract and clothes accounts. Use them but pay religiously end of the month ( do not spend more than you would have with your debit card )

GF couldn't get car when she started working due to insufficient credit record,while bank happily approved car loan for me even with 2 vehicles on my name already

A good clean payment history with an array of different types of debts will indicate your ability to manage finances and repayments well

 

[Wyzak]

I've never had to open an account simply to bolster my credit record.

I only had the normal stuff, like a cellphone, cheque and credit card. That has always been sufficient for me.

I am very sceptical about the need to open accounts just to show that you can pay your bills...

 

[ebendl]

My wife works in the credit industry, so from her knowledge I can tell you that yes, it helps to have a cheque account.

Furthermore, the clothing account is always a good idea. I pay R50 into my Edgars account every month automatically, and then buy a pair of jeans every now and then. My wife has a Truworths account which she purchases stuff on, then immediately goes to customer service and pays it off - that counts.

Stupid, but that's how the system works!

You can pull your free credit record from TransUnion - should show you how many credit accounts you currently have.

 

[skusku]

Well I applied for a credit card when I was still working.And now Im back to being a student. A month or 2 back I got a mail from Edgars and Jet (I think) that says I already meet the initial requirements. Sneaky bank giving my details away. I havn't applied for Edgars yet, though I want to. My checque account I have for about 3 years now and the credit card for 1 and half years. I am also wondering if I need to apply for cellphone contract or any other account if they would approve it? But thats only next year's worries.

 

[Gtx Gaming]

cool thanx guys will use the new account then and see how it goes, will try to get a clothing account also when i have time

 

[Zapo]

Was just reading this and thought I would comment on it.

I am in the same boat now, I am a 23 years old, always been proud of the fact that I save up and buy only what I can afford to pay cash on. I am now looking to buy a property as an investment. All young and naive I think I can go with my fancy pay slip and go get me a home loan. Cough cough. Nudge nudge.

After many attempts later. Every bank declined me a credit card. I bank with Capitec (which I love) but sadly they don't do credit cards. Woolworths declined my request for an account. They say I have no credit rating. My phone contracts have always been in my parents name as its on their company package.

So my house buying planning just jumped a good 5 months further away. Even though I have saved up a nice juicy deposit.

Long story short, I have had to apply for a cheque account at fnb. Move my salary into that account. Only after 3 months of my salary coming into the account will they reconsider my application for an over draft or credit card. ( This I donot know why, you can see my salary coming into my capitec account for the past year).So now im paying extra banking fees every month for a service I donot really require. Buy unnecessary clothes on credit all just to obtain a credit record.

So my advice to all you kids out there. Yes listen to your maths teachers, buying on credit is bad. But you still need to do it.

For anyone battling with getting a credit record. Don't waist your time with the banks. From my experience the only companies who granted me credit without any previous record was Edgars and Truworths.

Its a stupid system which proves nothing. The fact that I pay R50.00 a month for a pair of jeans in no way suggests that im going to pay my ~10k home loan every month.

Sorry for the rant and rave. But had to get that off my chest.

 

[Micdew]

You are aware you could have kept your salary in the capitec account and then get a cc from virgin money. That is what i did. Fnb sales guy got you hook line and sinker with the line "you have to bank with us. He tried his luck and u fell for it.

 

[krycor]

Was just reading this and thought I would comment on it.

I am in the same boat now, I am a 23 years old, always been proud of the fact that I save up and buy only what I can afford to pay cash on. I am now looking to buy a property as an investment. All young and naive I think I can go with my fancy pay slip and go get me a home loan. Cough cough. Nudge nudge.

After many attempts later. Every bank declined me a credit card. I bank with Capitec (which I love) but sadly they don't do credit cards. Woolworths declined my request for an account. They say I have no credit rating. My phone contracts have always been in my parents name as its on their company package.

So my house buying planning just jumped a good 5 months further away. Even though I have saved up a nice juicy deposit.

Long story short, I have had to apply for a cheque account at fnb. Move my salary into that account. Only after 3 months of my salary coming into the account will they reconsider my application for an over draft or credit card. ( This I donot know why, you can see my salary coming into my capitec account for the past year).So now im paying extra banking fees every month for a service I donot really require. Buy unnecessary clothes on credit all just to obtain a credit record.

So my advice to all you kids out there. Yes listen to your maths teachers, buying on credit is bad. But you still need to do it.

For anyone battling with getting a credit record. Don't waist your time with the banks. From my experience the only companies who granted me credit without any previous record was Edgars and Truworths.

Its a stupid system which proves nothing. The fact that I pay R50.00 a month for a pair of jeans in no way suggests that im going to pay my ~10k home loan every month.

Sorry for the rant and rave. But had to get that off my chest.

It's about responsibilities and priorities. They want to see that you will settle debt and keep spending inline. The move bank account is not a requirement albeit some banks will push it as much as possible.. BUT, this they do only when they provide you with a really phenomenal bond interest rate. if they offering nothing special vs others then tell them to fly a kite

Way way back ABSA use to be guilty of forcing bond owners to take all products with them.. times have changed and regulations do not allow banks to do this anymore.

 

[^^vampire^^]

Go get a virgin money credit card. There are no fees for anything on the card. Use the card in store or for online purchases and transfer money from your regular account into the card STRAIGHT AWAY. This way you can get a credit record, pay no fees, and don't get into debt.

 

[KalMaverick]

Go get a virgin money credit card. There are no fees for anything on the card. Use the card in store or for online purchases and transfer money from your regular account into the card STRAIGHT AWAY. This way you can get a credit record, pay no fees, and don't get into debt.

If I recall correctly a member of this forum "in the know" stated that this does not work as reports are sent monthly and if you pay the full amount immediately it appears as if you never utilise your credit facilities thus no record... Can't remember who it was though that said it.