To continue to have access to credit, it is relevant for you to increase your credit score, according to https://blog.fnb.co.za
Reassess your monthly spend and reduce your credit limits accordingly. If you notice that you are spending on items, which you can cut down on, do so and close any retail accounts you no longer make use of.
Keep in mind that the credit card rating of someone whose debt to credit ratio is 75 per cent or below will be more favourable than on a card on which the maximum limit is reached monthly.
A credit provider will consider how long you have worked at you current job and how often you move residences as part of the credit rating process. It is used as an indication of your stability, trustworthiness and risk profile in the event that the debt has to be collected from you.
If you have paid your debt off in a timely fashion over a number of years, chances are you can work towards a credit rating that will afford you a more favourable interest rate. It is, therefore, crucial to ensure that all your bills and debts that you are repaying are in your name so that you can benefit from a positive credit rating.
Note that repaying someone in a personal capacity will in no way contribute to your credit record.
When you receive your credit card statement, a monthly minimum and due date are indicated. If you regularly only pay the minimum and make little impression on the total owed, your card company may see this as a sign of distress and may reduce your access to future credit.
With every repayment try and pay a bit extra and keep a record of all slips and documentation after paying your instalments. When paying large amounts of debt in full, ask the credit provider for written documentation indicating the details of your debt term and date on which the amount has been paid.
Getting better returns from your banks
When saving your money, you should always look for the highest returns possible. When using a financial institution or product, you should take the time to look for solutions that offer rewards in addition to providing the service or product you need ? it will help you get more for your efforts, according to www.depositaccounts.com
If you need a current account, you may as well find one that offers a great rate! Most rewards current accounts offer rates that are significantly higher than traditional current accounts. Some will also refund any ATM fees you incur during the month.
Rewards credit cards are nothing new and many people have mastered the art of using a credit card all month long for all of their purchases in order to accumulate rewards; and then paying it off in full when the statement comes to avoid paying interest. This is one of the best methods of getting more for the money you are already spending ? as long as you are disciplined enough to pay your card off each month.
Many banks offer other rewards programme for debit card use, similar to a credit card rewards programme. Every purchase you make with your debit card earns rewards points. The points you earn can be redeemed for gift cards, digital downloads, and merchandise, travel or cash back ? depending on your bank?s programme.
If you can find them, add-on CDs allow you to add more money to a certificate of deposit before the CD matures, rather than opening a new CD.
You can open a no-penalty CD with a higher interest rate by choosing a longer maturity term. Because the CD has nopenalty for closing it out early, you still have access to your money if you should need to take it out of the CD before it reaches its maturity date.