Top five tools for your finance toolkit
A strong credit score is built bit by bit, through small (and free) tools and habits that keep your finances in shape. The more you use the right tools, the smoother your financial life will run.
Your credit score is a reflection of how you manage money day to day. In South Africa, it’s a three-digit number (between 300 and 950) calculated by the main credit bureaus. It shows how reliable you are with credit.
The higher the score, the better your access can be to loans and finance for big buys like houses, cars and even tertiary studies.
To put these Best Finance Tools in your hands, we’ve put together a practical Finance365 credit-building toolkit. We hope these credit score tips help you to build your score with confidence.
TOOL 1
The “Always-On-Time” Payment Tracker
Late payments are like leaving a spanner in the works. Every missed due date dents your score.
Set up debit orders, use banking app reminders or calendar alerts to make sure you never miss a payment. Even paying a store card or phone contract on time adds positive points to your record.
Toolkit tip: Automate what you can. One small system saves you stress and helps your credit profile tick upwards each month.
TOOL 2
The 10-Percent Rule Gauge
Your “credit use” shows how much of your available credit you’re spending.
Aim to keep it below 10 percent of your total limit. If your card limit is R10 000, try not to carry more than R1 000 as a balance. Using less tells credit providers you’re disciplined and not stretched thin.
Toolkit tip: If you can, make an extra payment before your statement date. It lowers your reported balance and can boost your score faster.
TOOL 3
The Credit Mix Measure
A healthy credit report has a balance of account types, like a credit card, a store account or small bank
loan. This mix shows you can handle different kinds of credit responsibly.
Toolkit tip: Don’t open new accounts too quickly. Each new enquiry can cause a small, short-term dip in your score. Space them out and focus on managing what you already have. Do this well.
TOOL 4
The Credit Report Checker
This is your power credit tool. Reviewing your credit report helps you see things like old debts, mistakes such as credit you may not owe or duplicate listings that may be pulling your score down.
Don’t forget you can always get an unlimited amount of credit score updates and reports from us at Finance365 for free, forever – anytime.
Use this report to check that all information is correct and that your hard work is paying off.
Toolkit tip: Keep copies of confirmation paid-up letters or emails when you settle an account. These documents are proof if a bureau hasn’t updated their records.
TOOL 5
The Debt-Snowball Driver
If you’re paying several debts, start by clearing the smallest one first. It gives you a quick win and the motivation to tackle the next. Each cleared account frees up funds and builds momentum.
Toolkit tip: Once you’ve cleared a balance, keep that account open but manage it well. Older accounts
add history, which strengthens your score over time.
Build better with Finance365
We give you the right digital tools to track, plan and set your best credit habits in motion. Check your score for free, get alerts on changes, and understand what’s happening in your world of personal finance.
Start here and now. Your credit score is your key to financial control and every best-finance habit you put into action is a tool that keeps it in place.
Got a question? Here are a few we’re often asked about the best way to build credit scores:
Q: How often should I check my credit score? A: Often – to know where you stand and also monitor for fraud (start now, here). But if you’ve applied for new credit or paid off debt then it’s a must.
Q: What’s the fastest way to improve my score? A: Pay on time, reduce balances steadily and stay consistent. Great credit is built on routine, not rush.
Q: Does checking my own score lower it? A: Not with Finance365. Personal checks are “soft enquiries” and have no impact on your score.
