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How to improve your credit score

Access to credit can be a cornerstone to personal growth, and many consumers can relate to the excitement and relief of qualifying for credit to buy a house, car or to cover education costs and medical emergencies.

Unfortunately, statistics also indicate that many consumers are struggling to manage their credit.

Nico van Staden, head of Consumer Credit at FNB, says while many factors are considered in determining the outcome of a credit application, one of the key factors credit providers consider is a credit score.

“The easiest way to understand a credit score is to view it as a report card for credit behaviour,” he says.

When applying for credit, a credit provider will ask you for permission to access your credit profile to better assess your application. Credit providers will also use such information to determine the interest you potentially pay on your loan.”

Van Staden gives useful tips on how consumers can maintain their credit worthiness and a good credit score:

V Know your credit score.

V Be honest about your financial position.

V Honour your credit agreements.

V Understand the different types of credit.

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