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

[fiberoptical]

So you're saying there isn't a cut-off?

Or are you saying there is a cut-off?

So you're saying there isn't a cut-off?

Or are you saying there is a cut-off?

No.

 

[Frana.mtb]

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 :/

Okay new score out but shit is very tight now so will be calling the bank later to see if they'll up the limit to what I need and then go from there.

MRP account closed last month which is reflecting

Score went up to 618 , which still feels low ?

I only have the credit card which I'm paying monthly into 5k , ( the credit card limit is 2.5k -_- ) I just use it so much that repayment is what i need to cover everything i use it for.

What do you more finance mature people think

30k Limit or 50k Limit ?

30k I should be fine over dec and have everything settled by late feb , 50k i can comfortably cover everything and unforseens while still making way over the repayment

In theory the repayment for a 50k limit should be R1 390 , which i can make suppppper comfortably

But I'm scared the 50k will get rejected and then the 30 for sure cause it will be two hard inqueries and then I can't study next year and might be very tight come end Jan

 

[goldfritter]

Okay new score out but shit is very tight now so will be calling the bank later to see if they'll up the limit to what I need and then go from there.

MRP account closed last month which is reflecting

Score went up to 618 , which still feels low ?

I only have the credit card which I'm paying monthly into 5k , ( the credit card limit is 2.5k -_- ) I just use it so much that repayment is what i need to cover everything i use it for.

What do you more finance mature people think

30k Limit or 50k Limit ?

30k I should be fine over dec and have everything settled by late feb , 50k i can comfortably cover everything and unforseens while still making way over the repayment

In theory the repayment for a 50k limit should be R1 390 , which i can make suppppper comfortably

But I'm scared the 50k will get rejected and then the 30 for sure cause it will be two hard inqueries and then I can't study next year and might be very tight come end Jan

I think at this point your credit limit will be determined by your credit score and income/expenses, won't it? You can apply for a CC limit increase but your bank will determine whether you qualify based on your score and other factors, I think - you can't tell them what you think you want the limit to be.

You can also try apply for a short-term loan? This might be easier to argue for, as you only need to prove you can pay back the money once off, with credit limit you need to prove you can afford that amount of credit every month.

/this is not financial advice

 

[Frana.mtb]

I think at this point your credit limit will be determined by your credit score and income/expenses, won't it? You can apply for a CC limit increase but your bank will determine whether you qualify based on your score and other factors, I think - you can't tell them what you think you want the limit to be.

You can also try apply for a short-term loan?

That makes alot of sense , perhaps should just call them and see what they offer.

Short term loan feels like bad debt to me , like i know a credit card isn't ideal but I can manipulate it easier and pay much less effective interest. Looking at it but highly doubt I'll go through


Will update this afternoon

 

[el_guapo3291]

30k Limit or 50k Limit ?

From what I have seen they will normally go up to about 2.5x your total monthly income on average, so say you earn 10k per month they will allow up to 25k limit. Having a long credit history with a high score can allow for more though. My first ever card was roughly equal to 1 month salary, the last time I got a card they offered about 4x my salary.

 

[Frana.mtb]

From what I have seen they will normally go up to about 2.5x your total monthly income on average, so say you earn 10k per month they will allow up to 25k limit. Having a long credit history with a high score can allow for more though.

2.5 my gross is actually exactly 50k

 

[Frana.mtb]

Declined , bank is willing to give me zero increase.

So won't be able to study next year and might have a very tough dec

So fucking stupid , bet i won't find a single person with a 100k limit that repays 5k every month.

 

[TheJudge]

Okay new score out but shit is very tight now so will be calling the bank later to see if they'll up the limit to what I need and then go from there.

MRP account closed last month which is reflecting

Score went up to 618 , which still feels low ?

I only have the credit card which I'm paying monthly into 5k , ( the credit card limit is 2.5k -_- ) I just use it so much that repayment is what i need to cover everything i use it for.

What do you more finance mature people think

30k Limit or 50k Limit ?

30k I should be fine over dec and have everything settled by late feb , 50k i can comfortably cover everything and unforseens while still making way over the repayment

In theory the repayment for a 50k limit should be R1 390 , which i can make suppppper comfortably

But I'm scared the 50k will get rejected and then the 30 for sure cause it will be two hard inqueries and then I can't study next year and might be very tight come end Jan

My credit limit is R10k, Std Bank stopped offering me increases after I kakked on them for not taking no for an answer. Can cover a basic emergency, for everything else my current account will step in.

 

[Shampoo1014]

Hey everyone!
Update time...

So I finally got some credit and thus, credit score is slowly going up!

Woolies gave me R5k
PayJustNow (like PayFlex) gave me R3.5k, then two months later they upped it to R10k
FNB gave me a credit card with R3.5k (Tried upping it already, no luck. So I am just putting all small transactions through it)

My credit score has finally started going up and I managed to get a decent cellphone contract now! P60 Pro and super happy with it.

Thank you all for your input. Just needed patience and persistence and it paid off.

Cheers

 

[Frana.mtb]

Credit score went up to 623 as of today ( up 3 points from Last month )

Seems whats holding me back now is that I have missed payments within 6 months , like it was fucking fraud but still I'm somehow penalized

Weird game this , but she's climbing

 

[Frana.mtb]

Credit score fell in March

I now have a credit card and small loan ( 3k ) which I'm making the correct payments on and haven't missed anything in the last 6 months now but yet it fell ?

Fucken BS system

 

[Wolfeh]

Don't check your score too often, that also negatively impacts your credit score.

Once a year is best.

 

[charizarding]

how accurate is clearscore? I've been sitting at 670 rating on clearscore for like a year now

 

[Frana.mtb]

how accurate is clearscore? I've been sitting at 670 rating on clearscore for like a year now

Fuck knows

Banking app shows higher than clearscore

but 3 months ago it was the otherway round

 

[Dom]

Fuck knows

Banking app shows higher than clearscore

but 3 months ago it was the otherway round

It is from Experian & the algorithm is slightly different to the banks (may even use Experian as well - can also use Free Credit Check – Credit Score and Reports | My Credit Check @charizarding

 

[ultimate]

how accurate is clearscore? I've been sitting at 670 rating on clearscore for like a year now

in my opinion it lags by a few months by judging the balances.

 

[Kamikaze]

Clearscore is a month or 2 behind.

 

[ENT_DocY]

Still amazing that you're punished for being solvent and living within your means. How dare you!

This. You get punished for "not having enough accounts for us to track". So paying cash for everything is considered worse than having a million store accounts and paying them off.
The banking industry is fucked up (and the root cause is that it's interest-based).