Yes, you can save money and have a social life too
Having a busy social life is great, but going out for regular dinners, drinks and other get-togethers can start to put a strain on your wallet – and get in the way of you achieving your financial goals. The good news is that spending time with your friends doesn’t have to come at a cost.
From buying gifts and decorations to splurging on sales and special offers, it’s all too tempting to overspend during the festive season. But rather than merrily spending your hard-earned cash on things you don’t need, take control of your finances and give yourself the gift of a healthy looking balance sheet as you head into the New Year.
Thinking of getting your free credit report through Fido? Or already signed up and want to get to grips with your results? You’ve come to the right place. We’ll take a closer look at each of the sections in your report and what they say about your credit health. Ready? Let’s get started.
Some people love them, others hate them – but whether credit cards are a good or bad thing comes down to how you use them. Managed responsibly, your credit card can be a valuable tool to build your credit history and grow your credit score, as it helps you demonstrate good payment behaviour – a huge plus for potential lenders.
Ever heard of the credit blacklist? Or worried that you’re on it? The good news is that there isn’t actually a physical list. Rather, the term has been loosely used to describe individuals with a poor credit score, who are generally denied access to credit.
Your credit score is one of the most important numbers in your life and one that you definitely want to keep a close eye on. It can determine whether you’ll get a home loan for that gorgeous little cottage you’ve got your heart set on, how much interest you’ll pay on your loans, and if you’ll qualify for a credit or store card – or not.
There’s a lot of information floating around out there regarding credit. Some good. Some bad. Here are five common credit myths you’ll more than likely encounter somewhere along the way – and the reasons you can ignore them.
If you’ve ever applied for credit like a store card or personal loan, chances are that the retailer or lender checked your credit record to determine how likely you’d be to pay them back. These checks are known as credit enquiries and here’s why you might want to pay more attention to them
Having a good credit score matters. It opens doors to home loans, vehicle finance, personal loans and more, and also affects the interest rates you’ll qualify for. The way to build up a good score is by managing credit responsibly – but what if you’ve never used credit before?
These days, most of us need credit in some form or other. And whether it’s a credit card to finance your upcoming honeymoon, a home loan to fund the three-bedroom home your growing family needs, or a car loan to pay for your new set of wheels, your chance of securing each of them is affected by the same thing: your credit score.
It’s an unnerving thought: Someone using your personal details to get a credit card, open a store account or take out a loan that you know nothing about. Identity theft is an insidious crime that affects thousands of South Africans each year – and it can deal your credit score a nasty blow and affect your access to credit when you need it.
So, your credit score’s in and it’s far from what you were hoping. Now what? Before you panic and start closing every unused credit card you own (ironically, this may actually lower your score even more), take a deep breath and keep reading – these handy tips will help you get back on track: