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Late school fees, underpaying by cents… little things smash your credit profile

24 February 2020 11:31 AM
Tags:
Debt
Medical aid
Credit score
Gerald Mwandiambira
Personal finance
Refilwe Moloto
Certified Financial Planner
Home loan
loans
credit
store card
cfp
credit card
transunion
Sugar Creek Wealth
credit profile
Experian
vehicle loan
CapeTalk evergreen
Financial Planner Gerald Mwandiambira on how important a credit profile is and the surprising little things that affect it.

A “credit profile” is a measure of how well you manage debts.

Your “credit score” is a quantification of your credit profile.

Credit providers perceive consumers with good credit scores as less risky than those with poor ones.

You are entitled to one free credit profile assessment per year:

Refilwe Moloto interviewed Gerald Mwandiambira, a Certified Financial Planner (CFP) at Sugar Creek Wealth.

Mwandiambira explained what a credit profile is and why it’s important to have a good one.

He also gave the following tips to improve your credit profile:

  • Manage your current account well. Always have a healthy balance.

  • Ensure all your debit orders are paid.

  • Pay more than what you’re contractually obligated to pay.

A credit profile… is a photograph of how well you keep up your payments and how good are you about maintaining your financial contracts… if you’re up to date, slowly over time your credit profile improves…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Little things can negatively affect your credit profile such as being a few days late or paying a few rands short… If your payment is R310.60 and you pay R310, you think the 60 cents doesn’t matter… but it’s deemed a negative report. It affects you the next time you apply for credit…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Credit cards, store cards, vehicle loans, home loans, your medical aid – when you have a medical shortfall, don’t ignore it! … Even things like school fees or study fees… Phone contracts, insurance contracts, how you conduct your current account… Rejected debit orders…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

You get 90 days to correct your account…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

A court judgment is the worse… It stays with you for 30 years! It’s not going anywhere. Every time you apply for credit it’s going to be sitting there, smiling until you sort it out.

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

For more detail, listen to the interview in the audio below.

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24 February 2020 11:31 AM
Tags:
Debt
Medical aid
Credit score
Gerald Mwandiambira
Personal finance
Refilwe Moloto
Certified Financial Planner
Home loan
loans
credit
store card
cfp
credit card
transunion
Sugar Creek Wealth
credit profile
Experian
vehicle loan
CapeTalk evergreen

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