Name of the Organisation : Capitec Bank Limited
Type of Facility : Credit Enquiries & Your Credit Score
Headquarters : Western Cape
Website : https://www.capitecbank.co.za/bankbetterlivebetter/articles/how-credit-enquiries-affect-your-credit-score
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What is Capitec Bank Your Credit Score?
Your credit score is available to companies and financial institutions, and makes it easier for you to obtain credit in the future.Some credit enquiries can affect your credit score.Find out how with Capitec Bank. By saving for a deposit, budgeting carefully and using credit responsibly, her dream became a reality
Related / Similar Facility : Capitec Bank Account Opening
How To Get Capitec Bank Credit Estimate Online?
Kindly follow the below steps to get Capitec Bank Credit Estimate online
Step 1 : Go to the official website click on get Online Credit Estimate button
Step 2 : Next page will be displayed,click on the Get Started button.
Step 3 : Enter Personal Information,Verify Details and get Results option button to get your credit score.
Capitec Bank Credit Profile Versus Credit Score
** Your Capitec Bank credit profile is kept on record by a credit reporting company, called a credit bureau.
** It contains information that is reported and updated by companies who have given you credit.
** When you apply for credit, such as a new credit card, the financial institution or lender will ask for your credit profile from the credit bureau.
** In addition to looking at your credit profile, many lenders use a credit score to determine whether you will repay your loan.
** Lenders have been using credit scores as part of the lending-decision process for over 20 years, and a higher credit score will improve your chances of being approved for the financial products you want, at the best terms and interest rates.
** Your Capitec Bank credit score changes based on several factors, such as when you pay your bills and how many loans you have.
** For example, if you pay your bills on time, your payment history will reflect your good payment habits, boosting your credit score.
Capitec Bank Soft Enquiries Versus Hard Enquiries
** Whenever information on your credit profile is requested, it’s called an enquiry and gets categorised as either a soft or a hard enquiry.
** Capitec Bank Soft enquiries typically happen when a person or company checks your credit profile as part of a background check.
** This does not affect your credit score. Soft enquiries may occur without you even knowing and can be done without your permission.
** For example, a soft enquiry could come from a credit card company that pre-approves you for a card offer.
** Other reasons for a soft enquiry may include a credit and criminal check by a potential employer, or from an insurance company.
** Checking your own credit report is also a soft enquiry.
** Capitec Bank Hard enquiries mainly occur when a financial institution checks your credit report when making a lending decision.
** This takes place when you apply for a loan, credit card or home loan.
** A hard enquiry can only take place with your authorisation.
** It’s important to know that hard inquiries might lower your credit score, and they can remain on your credit profile for 2 years.
** A hard enquiry can damage your credit score if you apply for credit too many times in a short time-frame.
** This indicates to the lender that you may be applying for credit you can’t afford, or someone could be attempting fraud.
** However, the exception is if you’re shopping for the best rates on a specific loan, such as a home loan or motor vehicle finance.
** Check your own credit score. You can request one free credit report per year from a credit bureau
** Before applying for credit take measures to build your credit score and history
** Switch to debit orders to ensure that your bills are always paid on time
** Limit your hard enquiries to one or 2 a year
Features of Capitec Bank
Capitec Bank is a South African retail bank that offers a range of financial products and services to individuals and businesses. Some of the features of Capitec Bank include:
Capitec Bank offers simplified banking with easy-to-understand products and fees, making it easier for customers to manage their finances.
Capitec Bank has low banking fees compared to other banks in South Africa, making it an affordable option for many customers.
High Interest Rates:
Capitec Bank offers high interest rates on savings and investment accounts, providing customers with the opportunity to earn more on their money.
Additional Simplified Procedure
Here are the steps on how to get a Capitec Bank credit estimate online:
1. Go to the Capitec Bank website: https://www.capitecbank.co.za/.
2. Click on the “Personal” tab.
3. Click on the “Credit” tab.
4. Click on the “Credit estimate” button.
5. Enter your personal details, including your ID number, name, and contact details.
6. Enter your income and expenses.
7. Click on the “Get estimate” button.
Capitec Bank will then use your information to give you an estimate of how much credit you can qualify for. The estimate will also include the interest rate and monthly repayments.
Here are the documents you need to have in order to get a credit estimate online:
** Original identification document.
** Latest salary slip.
** Stamped bank statement showing your latest 3 salary deposits.