Credit Scores In South Africa Explained | How To Improve Your Credit Score In South Africa

📆 Check Out My Service Offering As A Fee-Based, Independent, Lifestyle Financial Planner: https://my.profileme.app/pieterdevill... Credit is foundational to overall financial wellness, but so few South Africans are monitoring their credit, and many don’t understand credit basics. Statistics from the Credit Bureau Monitor report show that only 3% of the 24 million credit active South Africans have seen and understood their credit report. These findings signal a need for better credit education for all South Africans. So in this video, I will be explaining exactly what a credit score is, why it is important to have a good credit score, who and how a credit score is determined and at the end I will also be giving you 11 easy tips on how you can improve your credit score today. 😊 It is important to remember that your credit score is in your hands, and keeping track of it is an essential part of financial health. With a record that shows you manage debt well, you are more likely to have a larger loan application approved and with lower interest rates. So, the earlier you establish a sound credit record, the better. While a credit facility is important to help you to buy a house or car – or a student loan to help you get a tertiary education – buying luxury or non-essential items like clothing or furniture on credit can make your debt quickly spiral out of control and you may struggle to repay it. To make yourself an attractive future lender, be realistic about your means and, more importantly, be disciplined about how you manage the debt you do have. You can check your credit score at any of these four credit bureaus: Transunion: https://www.transunion.co.za/ Experian: https://www.experian.co.za/ Compuscan: https://compuscan.co.za/ XDS (they use Splendi): https://www.splendi.co.za/ #CreditInSouthAfrica #PersonalFinance #MoneyMarx Here is a breakdown of the information covered in this video: 00:00 – Introduction 01:22 – What Is A Credit Score? 01:55 – Why Do You Need A Good Credit Score? 03:54 – Who Determines Your Credit Score? 05:10 – How Is A Credit Score Determined? 08:44 – How To Improve Your Credit Score? 12:58 – Take Home Message ________________________________________ My Product Recommendations: 👇 📚 Download My FREE eBook Containing 200+ Money Saving Life Hacks: https://moneymarx.ck.page/guide 🎥 All the gear I use to make my YouTube Videos: https://kit.co/MoneyMarx ________________________________________ ✅ Follow me on Social Media 👉 Website: https://my.profileme.app/pieterdevill... Instagram:   / mrmoneymarx   TikTok:   / mrmoneymarx   Twitter:   / money__marx   Facebook:   / mrmoneymarx   LinkedIn:   / drpieterdevilliers   For business inquiries: [email protected] #PersonalFinance #Investing #Southafricanyoutuber ________________________________________ My name is Dr. Pieter Marx de Villiers, and I'm a Veterinarian turned Financial Advisor from South Africa who aims to retire by the age of 35. Follow me in my journey towards Financial Freedom in (hopefully) just 10 years! :) This channel will help you achieve your Personal Financial Goals through the things I’ve learned and researched to improve my own Financial Health. If you enjoy the content and find any value in my videos, consider Subscribing and help me reach my goal of 30 000 Subscribers on YouTube in 2024! Lekker! ________________________________________ DISCLAIMER Whilst I am a Registered Financial Advisor under the FSCA as of June 2023, the content on this YouTube Channel and all of my other Social Media Platforms are for Educational Purposes only and should not be taken for Financial Advice. You and only you are responsible for your financial decisions and must therefore conduct your own research and seek the advice of a licensed Financial Advisor where necessary. Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions help fund videos like this one.