In order to have a healthy financial life one needs to have a good credit score as it can open doors to favourable loan terms, lower interest rates, and job opportunities. Wilhelm Koster, Divisional Executive: Retail Credit at Capitec shares valuable insights to help South Africans understand, improve, and maintain a healthy credit score.
So, what is considered a good credit score?
Koster explains, "A score above 650 is considered favourable. Anything above 700 is considered excellent and will likely qualify you for the best loan terms and lowest interest rates. A score below 600 may make it more difficult to get credit. However, don't despair if your score isn't quite where you want it to be. By understanding the factors that influence your score and adopting responsible financial habits, you can gradually improve it over time.”
