What is a Good Credit Score In South Africa?
Your credit score will be a three-digit number ranging from 0 to 999. 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.
Can I get a loan with a 550 credit score in South Africa?
Though it may be more challenging to find a lender who’s willing to work with you, it is indeed possible to obtain a loan with a credit score of 550.
Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.
What is a bad credit score in South Africa?
| Credit score | Experian band | ClearScore name |
|---|---|---|
| 0-599 | Very poor | Let’s start climbing |
| 599 – 615 | Poor | On the up |
| 616 – 633 | Fair | On good ground |
| 634 – 657 | Good | Looking bright |