Whether there is any history of you not honoring a debt obligation that resulted in bankruptcy or a judgment against you.How much of your available credit you’re using.Types of credit applied for and how often.You can use this to determine your credit score, as part of determining what you can afford on a home loan.Īlternatively, you can contact ooba Home Loans and get your credit score and affordability verified by one of their home loan consultants.Ī registered credit bureau will compile a record of your personal credit transactions on behalf of the bank, and calculate your credit score based on the following: Ooba Home Loans - South Africa’s leading home loan comparison service, makes this easy with their free, online prequalification tool, the Bond Indicator. You need a credit score of at least 610 for the bank to consider your home loan application, while anything above 661 is considered a decent credit score. Your credit score will be a three-digit number ranging from 0 to 999. What is a good credit score in South Africa? With that in mind, here’s what you need to know about your credit score in South Africa. It plays a significant role in determining your chances of obtaining approval on a home loan application. Find out your credit score by using ooba Home Loans’ online prequalification tool, the Bond Indicator.Īs far as your bank is concerned, your credit score is a big number above your head that tells them how much of a risk you are.Your credit score is based on factors such as your level of debt, and how timeously you pay your bills.Your credit score plays a significant role in determining whether or not a bank approves your home loan.
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