The covid-19 pandemic has had far-reaching impacts on the livelihoods of many people. The initial hard lockdown in South Africa has taken its toll on the finances of workers in most, if not all, industries. The bad news is that these impacts are far from over as the country struggles to reboot a faltering economy. A credit score calculator may help you weather the financial storm.
A large number of people and families rely on the property rental market to provide shelter. The consequences of losing portions of your income can be severe. The likelihood of missing contractual payments increases with every missed paycheck.
It is important to understand what could affect your credit score. This may be a deciding factor in your future applications for credit, employment and leases. Most rental and estate agencies rely on credit score services such as tpn.co.za for indications of a potential tenant’s financial health.
As more people are having their incomes slashed due to economic pressures on small and large businesses alike, rental arrangements are becoming far more common. If you do need to make such an arrangement, there are at least two things you should do. Firstly, be sure to make written arrangements with your landlord or property manager. And then follow up on any incorrect invoice amounts immediately.
Rental arrears do not directly impact a credit score, however a poor payment history does. Be sure that your statements accurately reflect your arrangements.
Be mindful of taking on too much credit, since some loans come with a high interest rate that will make repayments difficult. Being unable to service your loan amounts, or having too many loan accounts, can also negatively impact your credit score.
