Tips and Tricks to keep your credit score clean

When you apply for a unit at Conradie Park Affordable Housing, at some point a credit check will be done against your name, it is important that you have a good credit score, otherwise, you might get rejected for subsidised housing.

Here are some tips on how to keep a clear credit score which is necessary when applying for credit and housing:

1. Budget for it
   Calculate your affordability. Debt should ideally not exceed 10% of your monthly income.
2. Do research 
   Speak to different credit providers, compare rates, plans and repayment plans or wait for a sale/promotion.
3. Save for a deposit 
   Monthly repayments will be lower when paying a big deposit upfront. Saving for a specific purchase/service is better than buying on impulse.
4. Pay credit off quickly 
   Interest rates are influenced by your repayment period. The longer the period; the higher the interest.
5. Consolidate your debt 
   If you can borrow money at a low interest rate from a bank or registered credit provider, you can pay off all your high-interest accounts.
6. Stick to your repayment plan
   Pay the amount you owe every month to avoid a bad credit record. You will have more creditworthiness when you manage your accounts properly.
7. Never ignore your creditors
   If you are unable to make a payment due to unforeseen circumstances, talk to the credit provider concerned and make alternative arrangements.