So you’ve just went through the process of applying for your payday loan online, only to find to your frustration that
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you’re application was declined? As frustrating as this might be, don’t lose hope – with our tips and the help of the guys at Moneysmart Finance you can start actively managing your credit score to build a better risk profile! Never be declined for a loan again!
What is a Credit Score Anyway?
A credit score is a simply a number that summarises your credit files and tries to
your creditworthiness, i.e. your ability and likelihood to repay debts. As such it is the main criteria lenders in South Africa use to decide on whether or not you qualify for a loan. They also use it to evaluate the potential risk posed by lending money to you, and it also tells them who qualifies for a loan, at what interest rate, and how much you money you will be able to borrow.
As such, your credit score might well be one of the most important numbers in your adult life! Unfortunately for such an important number, credit scores are not easily accessible – however through platforms like Moneysmart Finance, you can get access to your personal credit score, track its progress and build it so
you can enjoy easy access to credit in the future.
So how do I improve my Credit Score?
Your credit score is impacted by a lot of things you do in your everyday life – whenever you buy on credit, or take out a retail account at your favourite retailer, or pay back outstanding debts, student loans or your credit card. Unfortunately, all this data sits with one of South Africa’s 3 national credit bureaus and as such is not easily accessible – this is where Moneysmart steps in.
Through their relationship with the leading credit bureau XDS, they are able to pull your credit report directly from the bureau on a monthly basis. This means that you will know exactly what your credit score is and with access the best tips and tools to help you manage your credit profile, you will be able to free yourself from old judgements, defaults, bad credit and declined loan applications.
In addition, you will be able to:
- Review Your XDS Credit Score and control your credit profile
- All your creditors and debts listed in one report
- Track your payment progress and know your account balances, settlement amounts and due dates
- Get notified of judgements, notifications, defaults, fraud activities and credit enquiries on your name
- Monthly Action Plan to pay your debt faster and increase your financial status