What is the maximum credit score in South Africa?

Scores range from 300 to 850 with the higher scores being more positive. A score in excess of 700 is a good score and should give you good access to credit at a preferential interest rate. Above 767 is excellent and shows you to be a very low-risk consumer that institutions would be happy to give credit to.

What is the highest credit score you can get in South Africa?

Your credit score is calculated by a credit bureau. There are four main credit bureaus in South Africa: Experian, TransUnion, Compuscan and XDS. At ClearScore, we show you your Experian credit score, which ranges from 0 to 705.

Is 602 a good credit score?

Your score falls within the range of scores, from 580 to 669, considered Fair. A 602 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

What is a good credit score to buy a car in South Africa 2021?

670 and 739, you have a good rating, and as such, you are not likely to be delinquent in the future. 740 and 799, you are very good and likely to receive better than average rates from lenders. 800 and 850, your rating is exceptional, and you are considered to be at the top of the list for the best rates from lenders.

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What is a good Experian credit score South Africa?

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

How can I improve my credit score fast in South Africa?

How to improve your credit score quickly

  1. Check credit reports for errors. One measure you can take immediately is to check your credit report for errors and inconsistencies. …
  2. Pay off outstanding debts. …
  3. Reduce your credit ratio. …
  4. Settle and close accounts. …
  5. Avoid using credit. …
  6. Ensure your spouse takes the same measures.

Can I buy a car with a 602 credit score?

A 602 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 602 Credit Score. Lenders normally don’t do business with borrowers that have fair credit because it’s too risky. … Loan Options: Limited.

Can I buy a house with 602 credit score?

The most common type of loan available to borrowers with a 602 credit score is an FHA loan. FHA loans only require that you have a 500 credit score, so with a 602 FICO, you will definitely meet the credit score requirements. … We can help match you with a mortgage lender that offers FHA loans in your location.

What is a decent credit score?

Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

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Is 623 a good credit score in South Africa?

Scores range from 300 to 850 with the higher scores being more positive. A score in excess of 700 is a good score and should give you good access to credit at a preferential interest rate. Above 767 is excellent and shows you to be a very low-risk consumer that institutions would be happy to give credit to.

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