How to improve your credit score

Question:

I’m a 24-year-old Pharmacologist that’s lucky enough to work in a global company with great benefits.

I would like to improve my credit score (I assume it’s not bad).

I own a credit card with some debt (R10 000 – R 45 500 limit, 20 % interest rate).

I also have numerous instore accounts (Edgards, Markham, etc.) with various amounts I owe on them.

I have all my debt under control and I’m quite happy with my financial position at the moment.

I was advised by my independent broker to take out a personal loan to increase my rating.

I am to put the money aside and pay it back well within the payment timeframe.

The Money Show's Bruce Whitfield asked David Coleman (Head of Analytics at Experian South Africa) to answer.

Listen to the audio for a detailed answer to the question (and/or scroll down for quotes).

You can access your credit profile for free once per year.

David Coleman

You should not enquire about or take up unsecured personal loans.

David Coleman

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Article brought to us by Old Mutual.


This article first appeared on 702 : How to improve your credit score


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