How tf do I get my credit score up when nobody wants to give me credit?

[Nemo415]

i was in the same boat 10 years ago...

started working, had no credit card, no phone contract etc.

TElkom + edgards declined me credit.

so after few months of working, and having some money in an fnb cheq acc, i applied for a credit card with fnb...

after few months i was able to apply for a phone contract.

register on mycreditcheck.co.za , and you will see what credit products you have.

 

[Yasin]

Hey everyone,
So I am in a weird predicament where I am sure others have found themselves in the past.
I am needing/wanting to get my credit score up as I recently (April) landed another job and my income has been substantially more, which has allowed me to finally look at things like my credit score.
I have previously not done ANYTHING on credit and according to Clearscore, my credit is -1 (Due to a credit check??)
Anyways, I did not study and take a student loan so essentially, I am a fresh young person looking to work towards a good credit score.

The problem is... Nobody wants to give me credit.
I have tried:
- Mobicred (Declined due to credit and blocked from applying for 2 years. Apparently this is normal???)
- Payflex (Declined due to credit)
- FNB Credit Card (Declined on app. Applied in person & was told it was going for manual review. Never heard back)
- Capitec Credit/Loan/Revolving (Declined due to credit)
- RCS Credit Card (Declined due to credit)
- FNB Connect - R120pm contract for SM Watch 4 (Declined due to credit)
- MR Price store card (Declined due to credit)
- Trueworths store card (Declined due to credit)

The two things I have been successful in:
- Opened a new FNB account and was given a R1000 overdraft.
- Woolworths approved me for a store card with R3000 limit.

The thing with these is that I really don't know how the overdraft works and their chat is useless. Would my account go into the negative if I use the overdraft, then I have to pay it back? Or does the R1000 get added to my balance?
Secondly, I don't know how "fast" these two things would generate good credit. Honestly I would prefer a contract of some kind so that I don't have to be continually buying shit. I don't spend a lot of money on clothes and whatnot from Woolies for example.

So honestly I am just looking for some input. Some "dad-like" input, if you will.
I have heard that debit orders go towards your credit score but I have had a debit order go off for medical for the last 3 years and it doesn't seem to have made a difference.
Thanks all, look forward to hearing your suggestions!

Buddy of mine gave me this advice yday.

Spoiler: ...

Start a private company (separate entity). Transfer client payments to personal bank acc on a monthly basis but consistently so it looks like recurring monthly salary. Transact from personal acc to purchase goods for jobs, etc. Apply for credit after 6 months

 

[CraigThePlague]

For all the students out there wanting to build credit. ABSA offers a zero monthly fee credit card which you can get without having a formal job(just getting an allowance is enough). Obviously it has a very low limit( R200 in my case) but it does build a credit score which is nice. I believe you need to have a transactional account with them as well which is also free if you are a student

 

[Nirv]

I have a decent credit score on ClearScore/Experian (>600) from cellphone contracts and a TotalSports account. I recently tried to apply for a credit card through the FNB app, which usually works nicely, but I would get to the end of the application process and some undetermined error would occur when trying to finalise the process. This happened 3 times, each time being a "hard" credit check.

I finally went in to FNB and got my card sorted out in person, but of course that was the 4th hard check in a short space of time. So my score went down slightly, irritatingly. Honestly their systems should be smarter - applying for the same thing 3 times within a few minutes is obviously not me "hunting around" for credit. I can probably dispute it somehow but not sure if worth the effort.

 

[Rickster]

I do not know how but Toyota allowed me to finance a car even though I didn't have anything in my name.

All I had was a FNB Easy Savings account and a pre-paid phone.


Footnote, I would like to check out my credit score but I'm worried they are going to sell my data and spam the kuk out of me. Any recommendations?

 

[Hamz1121]

I do not know how but Toyota allowed me to finance a car even though I didn't have anything in my name.

All I had was a FNB Easy Savings account and a pre-paid phone.


Footnote, I would like to check out my credit score but I'm worried they are going to sell my data and spam the kuk out of me. Any recommendations?

Clearscore

 

[Rickster]

Clearscore

I just signed up, 663 out of 740 for me.

 

[Brukutu]

Hi everyone, thank you all for the responses.
I understand that I have to start slow. My goal for the end of the year was to look at a car, and I have been trying since Feb to work up my credit score.
I am buying things on my Woolies account as much as I can and paying it back as soon as possible. Obviously don't want to just buy stuff for the sake of it.

Thankfully, my FNB bank account is a Cheque account so I will start using that for my day-to-day transactions instead of my Capitec account which has been my primary account up until this point.
Perhaps I should go to Capitec or FNB and try again in person. Their apps are pretty terrible when doing credit checks, which is why the FNB consultant offered to do a manual check. Just nothing came from it, so perhaps it is worth another try.


@UrBaN_BuNnY , when you say into the red, do you mean a negative amount? For example, if my balance was at R0, would I then owe the bank R1000, or would I only owe them money when it goes to -R1000?


So far it looks like my goal of the end of the year is most likely going to be pushed back a bit in order to build this up.

There is 2 numbers to look at.
You balance.
Your available funds.

With an overdraft of R1000.
Your balance is R3000
Your avail is R4000.

Or

Your balance is R1000
Your avail is R2000.

Or

Your balance is R0.
Your avail is R1000.
In this case, if you spend on your card it will allow it to go to a balance of:
Balance R-1000
Avail R0.

When you get your paycheck in, your avail a balance would be your paycheck. Although uojr balance will be R1000 lower then what hon received.

Hope it makes sense.

 

[Dom]

Might be useful as you're banking with FNB:

• Log in to your FNB mobile app
• Scroll down and tap on ‘nav-igate life’
• Tap on the ‘Money’ tab
• Finally, tap on the ‘Credit status’ tab
• You might need to approve the terms and conditions of this is your first time using this feature.
• You’ll now see your personal ‘credit status’

This is (sadly) highly influenced by your time + transactions with FNB.

 

[Frana.mtb]

Hope someone here can advise

I need to up my credit limit

Reason I have some big expenses coming up in Dec and can't cover all of them cash ( by 2nd week of Jan easy but not by dec 12 )

So I tried to build a credit record by opening a MRP account and Credit card

MRP account got defrauded and due to that my credit score is in the toilet , that has been resolved. The credit card I more than pay off and even maxing it out with the limit i intend to put on will be settled within 40 days.

Is there any way to get my credit score updated early ?

Its still bad in will probably only change in Dec but when ?

I'll need the credit by the 2nd but with the score low the bank is refusing to help

 

[Dom]

Hope someone here can advise

I need to up my credit limit

Reason I have some big expenses coming up in Dec and can't cover all of them cash ( by 2nd week of Jan easy but not by dec 12 )

So I tried to build a credit record by opening a MRP account and Credit card

MRP account got defrauded and due to that my credit score is in the toilet , that has been resolved. The credit card I more than pay off and even maxing it out with the limit i intend to put on will be settled within 40 days.

Is there any way to get my credit score updated early ?

Its still bad in will probably only change in Dec but when ?

I'll need the credit by the 2nd but with the score low the bank is refusing to help

Ummm, hat is a complex one - don't make too many enquiries.

What is your current score & are the expenses avoidable?

 

[Frana.mtb]

Ummm, hat is a complex one - don't make too many enquiries.

What is your current score & are the expenses avoidable?

expenses monthly are about 18k

Ad another 15k ontop of that ( which I'll need the credit for ) not avoidable unfortunately

I'll have a big influx in early to Mid jan so will settle the debt inside 55 days and then lower to a more reasonable limit but ja...

Score 585 :/

 

[Dom]

expenses monthly are about 18k

Ad another 15k ontop of that ( which I'll need the credit for ) not avoidable unfortunately

I'll have a big influx in early to Mid jan so will settle the debt inside 55 days and then lower to a more reasonable limit but ja...

Score 585 :/

Ah, I get you.

A score of 585 sounds pretty solid - who is the Credit Card through & what is your current limit?

 

[Frana.mtb]

Ah, I get you.

A score of 585 sounds pretty solid - who is the Credit Card through & what is your current limit?

Standard Bank , 2500 ( with a repayment of 69 monthly ....no wonder our economy is so fucked )

I ad 5k in monthly( i use the card for everything ) just so i can pay everything with the card and score back on ucount

 

[Nyt Ryda]

I'll have a big influx in early to Mid jan so will settle the debt inside 55 days and then lower to a more reasonable limit but ja...

I see you have two watches on Carb (of which one is very expensive).

If you can't sell them in time for the R15k expense (which I am assuming is the study fees for Wits you mentioned previously), maybe consider a loan with somewhere like Cash Crusaders and putting an item/items down as collateral.

 

[goldfritter]

I see you have two watches on Carb (of which one is very expensive).

If you can't sell them in time for the R15k expense (which I am assuming is the study fees for Wits you mentioned previously), maybe consider a loan with somewhere like Cash Crusaders and putting an item/items down as collateral.

Maybe also try a short term loan from the bank itself?

Alternatively see if you can apply for an overdraft on your cheque account?

 

[Frana.mtb]

I see you have two watches on Carb (of which one is very expensive).

If you can't sell them in time for the R15k expense (which I am assuming is the study fees for Wits you mentioned previously), maybe consider a loan with somewhere like Cash Crusaders and putting an item/items down as collateral.

Looking at something like that as an absolute last resort but the credit card thing sets my mind at easy a bit more.

The watches are both to go into investment accounts but obviously they'll help to settle cash if credit doesn't work out

Expenses are not study related ( looking at various options ) but if that comes through as well I'll loosen money up offshore.


Standard bank should know damn well I'm fairly liquid but this whole credit score story is doing my mind in , I'm sure the next evaluation my score will go up drastically I just need that day to come ASAP

 

[Andrew_Smith]

Have you had a chance to explore Discovery Bank? I recently decided to establish a credit score and found their services helpful. I hadn't built any credit history previously, and I needed to start for future financial plans.

In November 2022, I applied for and received a credit card through Discovery Bank's Full Banking Suite. Interestingly, my application for a credit card from Capitec was declined without any explanation.

After a year of utilizing the Discovery Bank credit card, my credit score stands at 661, which I've been monitoring through [Free Credit Check – Credit Score and Reports | My Credit Check].

I've found that managing credit is incredibly important. I adhere strictly to a budget and primarily rely on my credit card for purchases, ensuring to pay it off promptly from my cheque account. This approach requires a disciplined budget to avoid going into debt - essentially, spending only what I have.

In terms of accounts (I believe this is what helps with the credit score but can be mistaken) are:

• My short-term insurance with Discovery
• Vehicle Finance

 

[NemoXX7]

I do not know how but Toyota allowed me to finance a car even though I didn't have anything in my name.

All I had was a FNB Easy Savings account and a pre-paid phone.


Footnote, I would like to check out my credit score but I'm worried they are going to sell my data and spam the kuk out of me. Any recommendations?

Its literally exactly the same in my case. I use ClearScore to check my credit score.

I did start receiving spam, not sure if its due to ClearScore or the finance with Wesbank

 

[prevagov]

@Shampoo1014

Basically your best bet is to open a MR Price or any other retail account. For the first 3/6 months try taking out clothes and paying it back within or before the time required. This is your best bet to then qualify for a cellphone contract, once that is done you can basically qualify for the rest of the things you're looking at.

A overdraft is always dangerous, because it allows your account to go into negative once that happens banks classify you as a risk and automatically decline further credit. So my advice is to get a credit card at a later stage and manage it, usually by using the credit card limit (even if you don't need it) and paying it back faster than normal this will boost your credit score up and from here usually the banks and all other retailers will give you the credit limit you're looking for.

 

[samsepiolcpt]

Hey everyone,
So I am in a weird predicament where I am sure others have found themselves in the past.
I am needing/wanting to get my credit score up as I recently (April) landed another job and my income has been substantially more, which has allowed me to finally look at things like my credit score.
I have previously not done ANYTHING on credit and according to Clearscore, my credit is -1 (Due to a credit check??)
Anyways, I did not study and take a student loan so essentially, I am a fresh young person looking to work towards a good credit score.

The problem is... Nobody wants to give me credit.
I have tried:
- Mobicred (Declined due to credit and blocked from applying for 2 years. Apparently this is normal???)
- Payflex (Declined due to credit)
- FNB Credit Card (Declined on app. Applied in person & was told it was going for manual review. Never heard back)
- Capitec Credit/Loan/Revolving (Declined due to credit)
- RCS Credit Card (Declined due to credit)
- FNB Connect - R120pm contract for SM Watch 4 (Declined due to credit)
- MR Price store card (Declined due to credit)
- Trueworths store card (Declined due to credit)

The two things I have been successful in:
- Opened a new FNB account and was given a R1000 overdraft.
- Woolworths approved me for a store card with R3000 limit.

The thing with these is that I really don't know how the overdraft works and their chat is useless. Would my account go into the negative if I use the overdraft, then I have to pay it back? Or does the R1000 get added to my balance?
Secondly, I don't know how "fast" these two things would generate good credit. Honestly I would prefer a contract of some kind so that I don't have to be continually buying shit. I don't spend a lot of money on clothes and whatnot from Woolies for example.

So honestly I am just looking for some input. Some "dad-like" input, if you will.
I have heard that debit orders go towards your credit score but I have had a debit order go off for medical for the last 3 years and it doesn't seem to have made a difference.
Thanks all, look forward to hearing your suggestions!

Disclaimer: I'm not a financial advisor, this is purely my experience.

That's rough, my credit score is also -1 but I was approved for a credit card very recently from FNB, then again I've had an Easy account (FNB) for like 6 years so maybe that helped?

Remember having multiple financial institutions do a check against your name especially in a short space of time will negatively affect your score because it comes off a desperate as in you need the money but you have no track record of borrowing money and paying it back in good time.

 

[goldfritter]

Remember having multiple financial institutions do a check against your name especially in a short space of time will negatively affect your score because it comes off a desperate as in you need the money but you have no track record of borrowing money and paying it back in good time.

Worth noting there's a difference between hard credit checks and soft credit checks. Soft checks don't impact your score.

https://www.africanbank.co.za/en/home/blog-landing/understanding-credit-inquiries/

 

[Ech0.]

I'm 20, but i got my credit card last year from discovery. Literally just asked for my monthly salary and they gave it to me. 10k credit limit, been using it ever since.

 

[Dom]

Disclaimer: I'm not a financial advisor, this is purely my experience.

That's rough, my credit score is also -1 but I was approved for a credit card very recently from FNB, then again I've had an Easy account (FNB) for like 6 years so maybe that helped?

Remember having multiple financial institutions do a check against your name especially in a short space of time will negatively affect your score because it comes off a desperate as in you need the money but you have no track record of borrowing money and paying it back in good time.

It depends if it is a hard (affects) or soft (no effect) check

 

[Maxim7]

for me, i had 0 score. I then decided to take a loan of R1400 from Wonga, after first monthly payment my score jumped to over 600, after that following months goes slower but in increments of more than 10 points!

 

[NemoXX7]

I recently heard of somebody who uses a credit card to boost their score, so basically you take out a credit account that matches your monthly salary, then every month use the credit card as if it were your money, and when your salary comes in, just dump it all in one shot to pay off the credit account. Rinse and repeat

 

[Snazzylicious]

Buddy of mine gave me this advice yday.

Spoiler: ...

Start a private company (separate entity). Transfer client payments to personal bank acc on a monthly basis but consistently so it looks like recurring monthly salary. Transact from personal acc to purchase goods for jobs, etc. Apply for credit after 6 months

This sounds like SARS will be coming for you

 

[Snazzylicious]

Have you ever had credit? Or is this the first time you trying to get credit?
If you have had credit before and you were a "slow payer", the credit bureaus mark your record, and sometimes can take up to 5 years to get this cleared.
If you find any judgments and you are fully paid, you can request for it be removed after you get a letter from the creditor that you are settled.

Check Transunion, Credit Check, Credit Report & Credit Score, registration is free and you one report free a year.

If you have never had credit, it's usually the clothing store that grant you credit, ABSA also seems to be a bit more lenient with their vetting process, so maybe try for cheapish car, like suzuki s-pressor thru them, a deposit also helps as it shows the bank you are capable of saving and paying off your debt.

It's not a fast process to get your score up, could take a year more or less.

Good luck bud

 

[fiberoptical]

Get a cellphone contract if you really want to, direct from a company that reports your habits.
If you rent you can also ask your agent, if you rent private you can ask your landlord to report your good payments and lack thereof to an agency if they dont in order to reflect monthly.

 

[TheJudge]

I see the Standard Bank app has a bolt on credit score check you can install. 🤔

683...