Understanding your present financial situation will help you keep on top of your money, not the other way around, even if knowing your credit status is a positive thing.
To assist you comprehend your credit profile and get a complete picture of your financial situation, Sanlam offers a free tool. Additionally, we’ll help you understand the difference between good and bad debt, raise your credit score, and get your finances back on track with access to a credit management coach.
What is a Credit Score?
Your credit score is the evaluation provided to you based on the amount of credit accounts you have, your payment history, and other characteristics. An individual credit profile is pretty much a detailed picture of your financial history.
You may attempt to increase your wealth by being aware of your credit score right now and your credit profile. You’ll get access to the following information thanks to your monthly credit dashboard:
– Check your monthly account payments to see how much you are paying.
– Keep tabs on the usage of your account and interest payments.
– Check whether you may combine your credit and free up cash flow
– Check your account to see if there is any strange activity.
– Connect your bank accounts to view all of your financial information in one easy location.
– Utilize our practical budget tool to monitor your expenditures.
– Consult a coach
– Discover a variety of credit and financial options that are right for you.
Understanding your credit profile has never been more important. To get your free monthly credit dashboard, just register.
Why Hire a Credit Management Coach?
A credit management coach helps clients who need to improve their credit profile and better their overall financial well-being by reducing their credit commitments and regaining control over their finances in the same way that athletes use a coach to inspire and motivate them and to provide them with a fitness program to achieve their personal best.
Why is it crucial to periodically check your credit profile?
Each month, bogus accounts are established in the names of thousands of South Africans. You are in charge of making sure that this doesn’t occur to you.
25 million people in South Africa use credit cards, yet 43 percent of them are delinquent on at least one account. If you don’t frequently check your credit report, you might not be aware that you are behind on payments.
Every month, 15 000 South Africans file disputes with credit bureaus because they disagree with a credit record entry. To make sure your credit history is accurate and free of errors or suspicious activity, you should frequently check your credit profile.
Why does my credit score matter?
Your credit score is used by potential lenders and credit providers to assess your capacity to pay them back. Your payment history, the overall amount of debt you owe, the length of time you’ve had debt, and the number of recent credit applications all play a role in determining your credit score. You will be given or denied credit in the form of loans, credit cards, bonds, retail accounts, and even mobile contracts depending on your credit score.
How can my credit score be improved or maintained?
Paying off your bills on time, or paying what is owed on or before the due date, is the greatest strategy to raise a bad credit score or preserve a good one. Make an effort to pay even more than is necessary, and make sure you never skip a payment. Use credit cards solely to pay for expensive and necessary products (for example, home or car loans).
What is the difference between credit report and credit score?
A credit score is a number that reflects not just the amount of debt you owe overall, how long you’ve had debt, and how many credit applications you’ve made recently, but also your history of making on-time credit account repayments. Your credit score will be negatively impacted by late payments, a large volume of credit inquiries, a significant amount of debt, and time.
A credit report provides a more thorough overview of your credit history and credit score, including information on the dates and locations of credit applications you made in the last 24 months, the balance on your credit cards at the time, and your monthly payment.
