Getting a low-interest rate and a good deal on an auto loan takes having a strong credit score. So that is something to think about. Right? Get Your Free Credit Score & Report Here. They can see your payments habits and make an informed decision when you request credit. At ClearScore, we show you your Experian credit score, which ranges from 0 to 705. It provides a view on how you manage your debt. It is not an endorsement of you; it doesn’t instruct credit and service providers to give you credit. Learn more about the importance of credit monitoring. Most South Africans find it extremely difficult to live without credit and a good score can save you a lot of money. The following score bands are defined for the score: • EXCELLENT: 767 – 999• GOOD: 681 – 766•  FAVOURABLE: 614 – 680•  AVERAGE: 583 - 613•  BELOW AVERAGE: 527 – 582•  UNFAVOURABLE: 487 – 526•  POOR: 0 - 486. Does checking my score with ClearScore decrease it? NOTE: Many features on this website require JavaScript. So you really don’t need to know what it is or even to worry about it. Credit score is a number from 0 to 999 and is calculated by using all the details on your credit report. They will want to do business with you as you have proved you are a responsible user of credit and therefore pose a low risk to them. Getting your free credit report and score. As such, many companies will not consider them at all. That credit score is firmly second-tier these days. Until recently, a credit score of 680 was something to be proud of.It meant you paid most of your bills on time, and had a solid enough record to get a loan at relatively good rates (according to South African norms). That is generally where the understanding ends and few people know what a good score is or what a bad score is. We all know that the credit bureaus compile information on all credit transactions we are involved in and make these reports available to financial institutions and potential lenders when we are looking for credit, financing or a loan. A poor, unfavourable or below average score indicates that you have some work to do to improve your credit risk rating. 10 tips on how to get a good credit score. View the credit status of your business today. Get your credit score and report for free, forever with ClearScore. © Copyright 2020 TransUnion LLC. These days a score of 680 is seen as average whereas a few years ago it was considered a great position to be in. As you can see, often just a few points can make a significant difference. A TransUnion Consumer Credit Score, for example, can range from 0 to 999 or from poor to excellent. A 600 credit score is considered bad. TransUnion. We understand that they generate a score based on all this information and numerous other factors and this will impact our ability to access credit and very often, the rate of interest we will pay. Get your Credit Report and Score. When you have a point of 700 or above, you are considered to have good financial health, and when you have a … When you apply for credit from a bank, a retail store, or any other credit provider, the provider will ask a credit bureau (such as TransUnion) for your credit report. Sadly, it is not like golf so the higher your credit score, the better. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future. Your score will help lenders understand your credit behaviour and determine whether you are a good or a bad risk. Your credit score is a good reflection of your credit health. Generally, the higher your score, the better. But what it really measures is your statistically proven likelihood of defaulting on your next loan. Wrong. Credit scores in South Africa differs from bureau to bureau but generally start at 330 and go up to 999. Our free online credit check platform can help you whenever and wherever you are. Different financial institutions have different criteria and requirements, depending on the nature of the loan. Credit providers use your credit score to measure their risk in taking you on as a client before they approve or decline your application for credit, or for an increase in your credit limit. A 600 credit score means you have fair credit. Bad credit loans designed to meet the needs of South Africans. At this level, things are looking up and the institution will look very favourably at your application. The first thing I want you to understand is what a credit score does. 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