{"id":1314,"date":"2017-03-29T12:05:16","date_gmt":"2017-03-29T10:05:16","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?p=1314"},"modified":"2025-07-17T11:33:50","modified_gmt":"2025-07-17T09:33:50","slug":"planning-a-big-ticket-purchase-check-your-credit-status-first","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/planning-a-big-ticket-purchase-check-your-credit-status-first\/","title":{"rendered":"Planning a big-ticket purchase? Check your credit status first."},"content":{"rendered":"\t\t
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Crushed Dreams<\/h3><\/span><\/div>
Why Was My Loan Declined?<\/span>Your offer to purchase your dream house has been\naccepted \u2013 you just need approval on your bond\napplication;\nYou\u2019ve test driven your dream car; you\u2019ve signed on the\ndotted line \u2013 and all you need is approval for your loan;\nYou\u2019ve decided to splash out and buy the dining room\nsuite you\u2019ve always wanted \u2013 and your HP application has\nbeen sent through to the bank.\nAnd then the response you never thought possible: your\napplication for financing has been declined\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Your Credit Score Tells a Story<\/h3><\/span><\/div>
How Lenders Decide<\/span>For many consumers, being told that your application has\nbeen declined due to a negative credit listing is unhelpful\nas you are unaware of exactly what the issue is. Armed with\nyour credit report, you can now easily identify areas that\nmay be reducing your credit rating.\nHow does a lender make a decision about whether to\ngrant me credit?\nWhen you apply for credit from a bank, retail store or\nother credit provider, the credit provider will assess your\ncredit health \u2013 the risk you pose in terms of your ability\nto repay the debt. Part of this exercise involves examining\nyour credit report as this reflects many of your financial\nbehaviours and habits.\nThe credit provider will then use the information in your\ncredit report to score your creditworthiness and decide,\nbased on their own criteria, whether or not to grant you\ncredit.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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<\/h3><\/span><\/div>
Is It the Credit Bureau\u2019s Fault?<\/span>Only the credit provider with whom you applied for credit\ncan approve or decline your application and tell you why\nit was declined. In the event that your application was\ndeclined, you may request in writing, the reason as to why\nyou were declined. If it is due to an adverse report from\nthe credit bureau, (that is, an adverse listing on your credit\nreport), the credit provider must supply you with all the\nnecessary contact details of the credit bureau so that you\nmay request your credit report and find out where the\nproblem is.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What Could Determine a Credit Score<\/h3><\/span><\/div>
Is It the Credit Bureau\u2019s Fault?<\/span>It is important to note that each credit provider sets their\nown credit assessment criteria and these will differ from\ncompany to company and product to product. Over and\nabove the credit report, they measure your affordability by\ncomparing your income vs. expenses, information supplied\nby the applicant (you) regarding employment details,\nnumber of years at current residence, if the applicant (you)\nowns a home, number of dependants, etc. So the final decision\nas to whether you will be granted credit or not, rests\nsolely with the lender and their risk appetite.\n
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<\/h3><\/span><\/div>
Steps to Improve Your Credit Profile<\/span>1. Get Your Credit Report: Call 061 227 142 or visit TransUnion at 269 Independence Ave, 1st floor, Room 116.\n
\n2. Check for Errors: Review your report and dispute any mistakes with proof (e.g. receipts).\n
\n3. Identity the negative information reflecting on your\ncredit profile\nIf you are certain all the information in your credit report is\naccurate, identify any areas that could be counting against\nyou.\nThis could be nothing more \u201cserious\u201d than being a little tardy\nin paying the amounts due on all your accounts in full and\non time every month. However, this type of slow behaviour\ncould count against you. Spend the next few months proving\nthat you have changed your behaviour by paying your\naccounts on or before their due date and always pay the full\ninstalment. Of course, if you are one or more months in arrears\non any account, you must ensure that you rectify that\nsituation as quickly as possible.\n
\n4. Double check and then apply\nThen, after a few months, obtain another credit report and\nensure that it reflects your improved credit behaviour. If it\ndoes, you should be able to apply for the credit you need\nwith greater confidence.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Learn More<\/h3><\/span><\/div>
Steps to Improve Your Credit Profile<\/span>For more information about how TransUnion can help you\ncall:
061 227 142 or visiting our TransUnion office at 269\nIndependence Ave Building, 1st floor, Room 116<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Crushed Dreams Why Was My Loan Declined?Your offer to purchase your dream house has been accepted \u2013 you just need approval on your bond application; You\u2019ve test driven your dream<\/p>\n","protected":false},"author":1,"featured_media":1315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[436],"tags":[],"class_list":["post-1314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-anti-money-laundering"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1314"}],"version-history":[{"count":6,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1314\/revisions"}],"predecessor-version":[{"id":35538,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1314\/revisions\/35538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media\/1315"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}