Credit rating South Africa: Everything you need to understand

Article summation

• Your credit rating performs a serious role when you look at the deciding if or not a bank approves your residence loan.
• Your credit score will be based upon issues like your top regarding loans, and how timeously you only pay their debts.
• Learn your credit score by using ooba Family Loans’ on the web prequalification unit, the connection Sign.

As far as your lender is concerned, your credit score is a huge count over your face one to says to her or him exactly how much of a danger you’re. They takes on a significant character in determining your chances of getting recognition towards the home financing app.

What is a good credit score inside the Southern Africa?

You want a credit rating with a minimum of 600 on lender to consider your financial application, while one thing above 650 represents a good credit score.

• 670+ = excellent
• 650 – 669 = good
• 634 – 649 = mediocre
• 618 – 633 = below average
• Less than 618 = less than perfect

How do i learn my personal credit score?

ooba Lenders – South Africa’s top home loan analysis solution, tends to make this simple with the totally free, online prequalification product, the text Indication. You should use which to ascertain your credit rating, as part of the process of determining what you can afford towards the a home loan.

Alternatively, you can get in touch with ooba Home loans and possess your credit score and you will value affirmed by the certainly one of their home loan professionals. (more…)