Debt Expert - Neil Roets

question

Posted by: Godwin | 2013/05/31 14:49

How to get my score or rating up?

Good day, I would like to find out how can I get my scoring from 631 currently to above 750. I've settled ALL debt that was outstanding according the credit reports on ITC, Experian and XDS. Currently I dont have any retail accounts on my name, the only info reflecting on my payment profile is my Short term insurance and my Capitec Loan account which is up to date since inception. I admit I was reckless in the past, however my life has made a 360 turn around whereby famlily and career has taken priority. Curretntly I'm renting a house to valuye of R7000 and would like purchase a house and invest in it. What advise would you give me?

expert answer

Posted by: Neil Roets | 2013/05/31 15:06
The longer your records are clean, the better your chances of getting a homeloan get. I would suggest that you visit your bank and apply for a pre-approved bond. If they decline it, ask for the reasons and ask them what you need to do to qualify eventually. You cannot force the bank to grant you a loan and only they would know why they are declining a loan. Therefore they would be in a position to tell you where to improve. The most important thing is not to default on any of your payments, whether you manage to obtain a bond or not. In time your records will indicare that you are credible. 

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers, and disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site.

user comments

Posted by: Godwin | 2013/06/28 22:05
To comment on all this. The debt trap. After settle all my debts and have a clean record I receive calls daily from banks and even my own bank to say that I have been pre approved for a loan or credit card. Absa even offered me a credit card of R56k on straight facility and 75k on budget. Told them to take a hike. Please anyone of you serous about your life and your credit health don't fall into the dent trap.
Reply to Godwin
Posted by: Robert Nelson | 2013/06/23 11:23
Credit providers look at a number of factors before lending you money. The notion that Credit Providers are guilty of reckless lending is NOT TRUE. They have real money in play, and nobody in his right mind will throw money into a dustbin. One of the most important factors that a credit provider consider is the quality and stability of your job. Contract workers are consider VERY, VERY RISKY, as debtors jump from one contract job to another to hide from their creditors. Off course their are exemptions to this rule, where some contract workers are good payers. Contract workers can also be unemployed for long periods of time in between contracts. Commission based workers and security guards also fall into this category. You may be surprised that cleaners that earn salaries of R 1500-00 per month are regarded as having stable jobs and are considered as good quality payers.
Reply to Robert Nelson
Posted by: th | 2013/06/15 04:01
my best friend's step-aunt makes $75 every hour on the computer. She has been fired from work for 5 months but last month her pay was $12815 just working on the computer for a few hours. Read more here... www.buzz90.c­om
Reply to th
Posted by: Justin | 2013/06/14 13:06
What people forget is that having a credit record with no accounts or even accounts paid up does not always mean you have a good credit record, the amount of enquiries on your ITC determines alot as well, keep in mind that enquries can take up to two years to fall off your ITC, if you have too many enquiries then you are seen as a risk and people wont give you credit because you seem credit hungry. Another issue i have is when you apply for a homeloan at all 4 banks, that starts with 4 enquries on application then as it moves through the different channels they keep doing the enquries, you can rack up 32 enquiries in no time and slowly but surely the banks screw you over. Pay cash for as much as you can and stay out of the debt trap!!
Reply to Justin
Posted by: Carl | 2013/06/14 12:59
Where do you see what your score is?
Reply to Carl
Posted by: Justin | 2013/06/14 13:02
If you get the free ITC report, in the top right hand corner of the report is your score.
Posted by: Anonymous | 2013/06/14 12:16
GOOD DAY I WOULD LIKE TO KNOW HOW TO INCREASE MY CREDIT RATING. I HAVE NO ACCOUNTS TO MY NAME AND I CANT GET BECAUSE I AM A CONTRACT WORKER AT THE MOMENT.WHAT CAN I DO BECAUSE I CANT EVEN GET A CLOTHING ACCOUNT ON MY NAME
Reply to Anonymous
Posted by: Anonymous | 2013/06/18 15:32
Having no accounts on your name is a blessing that many wish for. Don't fall into the debt trap. Cash is king.

comment on this story

8 comments
Read the comments policy
Your comment has been posted and will appear shortly.
Please fill in the required fields.