6 Tips to a healthy Credit score
‘‘The low interest rates and reduced cost of credit gives consumers an opportunity to better manage their money by making wise decisions in terms of credit’’, said Vernon Pillay. Mr Philani Potwana and Ms Emma Mer from First National Bank (FNB) have shared tips for anybody who would like to receive more credit currently or in the future to avoid bankruptcy. Customers are advised to make regular payments, and if they fail to do so then they should make financial arrangements in case they cannot afford to pay instalments which makes it easier for credit providers to re-evaluate interest rates for customers when their credit is paid up which demonstrates that they can manage their credit.
Tip number 1-Stay committed to your current credit obligations
Customers should always find alternative ways to pay off their credit which increases their chances of having more credit buying power.
Tip number 2-Do not reverse authorised debit orders
By reversing authorised debit orders, results in a negative impact on the customer’s account and credit score.
Tip number 3-Having enough funds to avoid unnecessary penalties
Debit orders should be aligned with their salary dates to avoid penalty fees due to insufficient funds in the account.
Tip number 4-Pay more than your minimum payment
Customers should strive to pay more than their monthly payments to have a good credit record for future reference.
Tip number 5-Make sure you have savings for a rainy day
Due to Covid-19 there has been a drastic change to the economy therefore people should learn how to save for the future since we don’t know when the Covid-19 era will end.
Tip number 6-Track your spending
Customers should either track their spending habits on their own or utilise a tracking tool which has smart ways to track funds.
At the end of the day all individuals have credit of some sort and they should learn to be responsible, because their personal details are used for applications and in the future individuals should ask for assistance if they cannot manage their credit instead of sitting back and relaxing which could possibly lead to the worst situations such as being blacklisted.
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