Average Credit Score
Average SA Consumer Credit Score Rating
Do you ever wonder if you would qualify for further credit?
Creditors use a report from a credit bureau to look at what other debts you have and how you have been paying them. They also look to find what is called your credit score. This is based on numerous factors including past payment and amount of debt exposure. Credit Bureau, Compuscan says that Half of all South African consumers have a High risk or Very High risk score and are not very suitable for further credit.
Credit Bureau Compucan reports that their ratings system look like this:
A Score of: 605 or lower = Very High Risk
A Score of: 606 – 621 = High Risk
A Score of: 622 – 641 = Average Risk
A Score of: 642 – 667 = Low Risk
A Score of: 667 or Higher = Minimum Risk
Average Consumer
So what is the norm or average consumer who is looking for credit look like? What is their score? Compuscan report that their average consumer asking for credit is:
- 42 Years old
- Has income of R 13 000 a month
- Has a bad credit score of 618 and is considered High Risk.
This is not surprising given that over half the country’s credit users are more than 1 month behind on debt repayments. Most of these are 3 months behind on at least one of their debts. If you are thinking of getting more credit you may want to draw a credit bureau report (you get one free a year). You may also want to check out your credit score in advance.
If you are struggling to make end meet then perhaps consider Debt Review as a way to deal with your debt rather than further credit.