A credit score is a numerical value financial lenders use to help them decide whether or not to approve your application for a loan or credit card. A good credit score means you’re more likely to repay your debt on time, while a bad credit score indicates you’re unlikely to repay your debt on time.
In South Africa, credit scoring is used by a number of businesses to determine who they should lend money to in order to minimise the financial risk. This includes banks, micro-lenders, all forms of retail outlets who offer store cards, and insurance companies.
What affects your credit score?
If you fear your credit score is not good enough, here are a few ways to improve it:
If you’re struggling financially, have a good credit score, and are thinking of obtaining a Personal Loan, compare quotes online today on Hippo.co.za. With numerous creditors to look through, you could find the right deal to best suit your budget.
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