ABOUT CREDIT SCORES
When the banks assesses your home loan application, they weigh up the risks links to the application before making a decision.
Your credit score is one of the aspects that the banks take into consideration when making the decision as well as your credit history. Having a good credit score is very important to get a home loan approval and even a good interest rate. Credit scores in South-Africa varies between 500 and 750.
The following table shows the different risk levels depending on the credit score:
Credit Score |
Risk Category |
500-594 |
Very High Risk |
595-610 |
High Risk |
611-628 |
Average Risk |
629-659 |
Low Risk |
660-750 |
Minimum Risk |
Need advice regarding your credit score or how to increase your credit score?
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