What's the 'golden' credit score number for bond approval?
Unlocking the Door to Homeownership: Understanding Credit Scores and Bond Approval in South Africa Owning a home is a dream for many South Africans. It represents stability, security, and the opportunity to build wealth. But before you can turn that dream into reality, you'll need to navigate the often-daunting world of home loans, also known as bonds. A crucial factor in securing bond approval is your credit score. In this blog post, we'll delve into the nitty-gritty of credit scores in South Africa, exploring what they are, how they're used by banks, and how you can improve yours to increase your chances of getting that coveted bond pre-approval. What is a Credit Score and Why Does It Matter? Think of your credit score as a financial report card. It's a numerical representation of your creditworthiness, based on your past borrowing and repayment behavior. Banks and other lenders use credit scores to assess your ability to manage debt responsibly. A hig