Your credit score is more than just another number to count, it’s the one you need to count on for your financial wellness. 

This short guide to understanding and checking your credit score is for those times when managing your credit feels overwhelming. It outlines why your credit score matters and shows you how to check your credit score, hassle-free and for free for life with Finance365. 

GO FROM START TO SCORE:

“I’m ready. Tell me, what is my credit score?”

Your credit score is a financial score that rates your creditworthiness for any bank or credit provider. This means it rates how trustworthy you are when it comes to borrowing money and paying it back on time. Our financial wellness coaches like to explain it as being a summary of your financial strengths and weaknesses; an indication of your credit worthiness to credit providers. Without a doubt, we see it as your most powerful tool for financial empowerment. 

At Finance365, we source your credit report from leading credit bureaux XDS from which credit scores in South Africa range from 300 to 950, a figure that is based on your credit history, payment behaviour and other financial activities. Even things like insurance policies and cellphone contracts feature in your credit profile. 

What’s important to know is the higher your score, the better, as it gives lenders the confidence that you can repay loans and meet credit payments.  

“So, how do I check my credit score?”

First, visit our website: finance365.co.za.

Next, create your profile by clicking on the “Register” button that automatically pops up on your screen. It’s pretty easy to do—the information you need to fill in is your name and surname, South African ID number, local cell number and email address.

Once you’ve entered these five pieces of information correctly, you will get a validation code via SMS from us. You need to input that for us and as quickly and easily as that, your credit score is calculated and displayed on your screen as a number within a coloured circle that shows how close it is to the top score of 950. 

At this point, you will also see an indication of a target score recommendation. In the example below, the person’s current credit score was 759 with a target score projected as 760. 

“Got it, but what does my score mean – how am I doing?”

Indications of whether a score is excellent or poor can vary between the major credit bureaus which in South Africa include XDS, TransUnion and Experian, but here’s a typical guideline:

• Excellent (800 – 950): You have a high likelihood of securing credit with favourable terms.
• Good (670 – 799): You are generally considered creditworthy.
• Fair (580 – 669): You could face some challenges in securing credit.
• Room to improve (300 – 579): Lenders may consider you a high risk, making it difficult to get a loan or credit.

Overall, maintaining a score above 670 tends to be considered good. Scores below this may make it harder to obtain credit or result in higher interest rates on approved loans.

Stay ahead by staying on alert

Now that you have your score, what’s really helpful is a feature from Finance365 that sends you free alerts whenever there’s a change. This ensures you’re always informed and able to take proactive steps to manage your credit score effectively.

TAKE YOUR NEXT STEPS IN CREDIT WELLNESS:

“You know the basics, so what’s holding you back from getting your credit score?”

What’s helpful to keep in mind is that you can get even more than just your credit score from us. The Finance365 platform provides you with an unlimited number of free credit reports, easy-to-understand guidance for interpreting these reports, and personalised advice from our financial wellness coaches to help you to consistently improve your financial health. 

No matter where you stand in your credit status, we’re here to help you find your financial wellness footing by taking your best steps – every step of the way. 
Having read all this, you’re ready.  You’ve got this, and you’ve got us to walk alongside you! Take the step and get your credit score.

Take the next step by checking your credit score today! Don’t forget to leverage Finance365’s free alert service to stay on top of changes while you improve it. 

Whether you’re saving for a new car, planning for a dream home or gearing up for a once-in-a-lifetime vacation, Finance365’s unlimited “soft” credit checks won’t impact your score and can help you reach your goals faster.

Start your journey toward better credit right now. Take control with Finance365 and open the door to the future you’ve always wanted.