Publish Date: 07/03/2019
We’ve just dipped our toes into 2020, so before work and school completely take over your schedule, now is the best time to take stock of your finances.
A great place to start is your credit report. Understanding how your credit score is calculated will give insight into how companies view you according to your credit history and how you manage your money. It also allows you to confirm that all the debts against your name are correct and that you’re not being penalised for administrative mistakes.
Your credit score will be a number between 0 and 999, although the figure may vary depending on the credit bureau calculating it. It’s an indication of your ability to repay debt, with a higher score being better. If you have a low credit score, then you’ll likely struggle to get a loan at any store or bank, whereas a higher score will give you better access to credit.
By improving your credit score, you will also improve your own financial management, your debt situation and your overall finances.
Here are some tips to improve your credit score in 2020:
Empower yourself by taking charge of your finances this year and work towards understanding and improving your credit score.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.