How to FIX bad credit in South Africa

[@louisreynhardt]

What do you think about these tips ? Just remember, take ACTION !

[@MbuyiseloXaba]

A video i really needed, dankie bro

[@louisreynhardt]

Pleasure brother, thanks for watching 👊🏻

[@darealmullins1310]

Agree with this 100 per cent. Simple amd easy explanation 👌

[@louisreynhardt]

Thanks my friend appreciate the positive feedback 🙏🏻 🙌🏻

[@princessanoif8]

❤you always come through!

[@louisreynhardt]

Thank you for the continuous support 🙏🏻🙏🏻

[@andrewmatthews6669]

Thanks so much Louis for all your help

[@louisreynhardt]

My pleasure Andrew 💪🏻💪🏻

[@marthaniitembu1077]

If i have a car loan of 72 months and I decide to pay a certain amount to reduce the total months of payment, will I also save money on interest. Let us say I pay it off in 60 months instead of 72.

[@louisreynhardt]

Absolutely, it will reduce your capital owed, reducing your interest. This is a great way to save money. Go on google an search for " extra car payment calculator " and see what huge difference it makes. Hope it helps 🙏🏻

[@ZekeM520]

Hi Louis, thank you so much for your video. Could you please clarify, numerically, what credit score is needed (if not the highest) to get approved for a mortgage loan when applying for a property mortgage? Thanks again.

[@louisreynhardt]

Thanks for watching, i would aim for a good to excellent score. This is around 670-850 using the FiCO system . Your credit score combined with your affordability ( income ) will ultimately affect whether you will be granted a loan or not

[@ZekeM520]

@@louisreynhardt thank you

[@ThinusdeWet-of6ri]

Thank you for this video. I have looked for information like this for a while. I have one question, what is better. Transfer your full credit amount available into another account for a few days and then transfer it back again. "Using" credit, and paying it back. Or use your credit card for normal payments and then pay it back at the end of the week?

[@louisreynhardt]

Hi Thinus, Thanks for watching. I would say to just use the limit on your credit card. Lets say you have a R10000 limit. Use R1500 to fill your car with fuel and the very next day you settle the R1500 with money in your cheque account that you would've used in the first place. The trick is to never spend money unless you have it available in your cheque account.

[@ThinusdeWet-of6ri]

@@louisreynhardt Thank you for your reply, Louis! Great idea, will try this. Thank you for your content!

[@antoniochetty7770]

Can you use the snowball method or any other for car finance aswell?

[@louisreynhardt]

Absolutely, you can apply it to any debt. 💪🏻💪🏻

[@bradleym2745]

Hi Louis, I’ve missed a few payments with an account. I’m thinking of paying it off in full now that I’ve secured a good job. Will that improve my credit score and if so, how long am I looking at to see a change? I have over a year without any inquiries and I’ve only used 30% of my credit limit for this account I want to pay off in full.

[@louisreynhardt]

Absolutely, settle all the debt asap and most importantly, keep it up to date. It can make a big difference if you focus on this in around 3 months. Also, make sure you remove any judgments against your name. Also, consider doing a free credit check after a while to see if there is any improvements

[@bradleym2745]

@@louisreynhardtthank you very much. I will definitely do that.

[@MoreThanRuan]

I had missed payment more than 18 months ago and it’s still affecting my credit score despite having on time payments for 18 months and utilization being under 30%. Can’t get over 611. Banks also do credit checks just when opening accounts which is ridiculous.

[@badhabit6140]

Unrelated question. Whats the difference between the valuation of a oroperty on the eservices side and the registration value?

[@louisreynhardt]

Great question though. In my opinion, the municipal valuations might be a bit outdated and less acurate. Paid services will be your best bet, like tpn or lightsone. What I like to do is to use all the tools available and use an average to minimize my chances of being completely wrong

[@brotherjustin4097]

Which banks in SA offer secured credit cards?

[@MoreThanRuan]

I’ve yet to see any do any, despite Nedbank publishing an article about in on their website. The mind boggles. Also a bit pissed that banks run a credit check when you open an account, affecting your score.

[@louisreynhardt]

A secure credit card is simply putting down a deposit for a normal credit card.

[@MoreThanRuan]

@@louisreynhardt yes, but to get the credit card you need to meet their requirements as if it’s a regular credit card. I went to 4 banks and they all said that they don’t offer secured credit cards and that I need to apply for a regular credit card.

[@everythinggoes850]

​@@MoreThanRuanyou're absolutely right. No bank offers a secured credit card in S.A

[@kholiswaconny2265]

I'm paying on time and more than the minimum amount but I don't see any changes, i take less than 10 percent on my credit card and store cards but I don't see any changes.

[@rankwanaendless432]

how do i improve my credit score after debt consolidation?

[@louisreynhardt]

You can follow all these steps in this video. Discipline will be vital. Also make sure once your done with debt counseling your name is clear and there are no other claims against your name. From there you will effectively start from scratch. But the same tips applu.

[@jacovanwyk46]

Lekker Louis, jy is all out ‘n baller. Jy dra Maxed van Mr. Price maar sit met miljoene se eiendomme😂 tipies skat ryk persoon. Love dit my vriend! Dis hoe ons rol!

[@louisreynhardt]

Dankie brother 💪🏻💪🏻💪🏻🤣🤣

[@sihlesihle6838]

Is it a good thing to quickly pay a home loan faster than to honor the contract you signed?? Let’s say I signed repayment of 30 years & it happens tht I pay it off in 10 years, doesn’t that affect my credit score??

[@louisreynhardt]

Paying it off earlier should positively affect your credit score . Reducing your overall debt combined with all the other tips will ultimately result in the best credit score. 💪🏻💪🏻