Managing your money can be stressful, even if you’ve resolved to #GetMoneyFit. Financial fitness involves many of the same qualities as physical fitness. Identifying poor financial choices takes vision, sticking to healthier financial habits takes grit, and you need perseverance and consistency if you want to get your money management in better shape. You might be saving, but is it enough? You may need a loan, but not be sure if it will be approved. And retirement without any money worries may seem like a pipe dream to many of us.

But getting money fit is a team sport – and luckily, Nedbank has several solutions to help you give your finances the workout they need. You can simply register for access to your credit score (and more) on the Money app. 

How it works

Create a credit profile when you log on to the Money app. You are entitled to one free credit report every year from a credit bureau, but you’ll pay a fee for further reports. Unless you’re a Nedbank client – then you can check your credit score on the Money app for free, as often as you like. 

We’ve created this convenient tool in partnership with Experian, one of South Africa’s largest credit bureaus, enabling us to give you access to the most recent information used to compile your credit score.

If you don’t have a credit record yet – for example, if you’re fresh out of school – we can guide you through the steps to establish a good credit record. Crazy as it sounds, not having any debt makes it more difficult for you to get credit than someone who already has a credit record. So, it pays to establish a record of paying your debts as early as you can.

What your credit score means

Your credit score is like a shadow that follows you around your whole life. If you manage your debt poorly, it will show on your credit profile as a lower score, and if you manage your money responsibly, you’ll have a higher score. 

Scores range from 520 to 730. The higher the number, the better you are managing your credit. A higher number also means that you’re a lower credit risk – because you are more likely to pay your instalments on time, every time. Your score shows lenders that you are disciplined, and they will give you more credit, more easily, if you need it. They will probably offer you a better interest rate, too.

But if your credit score is on the low side, it’s time to buckle down to get this number up.

How to use your credit score

Apart from showing you your credit score on demand, the Money app can also send you monthly reports to show your progress. Depending on how you’re doing, you’ll get tips on how to improve your score. These reports do not affect your record and cost you nothing – use them as your fitness checks on the road to great financial shape.

Being able to monitor your progress is especially helpful if you’ve been denied credit due to a bad credit record. You won’t get an overnight result, but you’ll be able to see how your score improves steadily as you settle debt and continue to pay on time. However, be aware that both settling debt and taking on more debt will affect your credit score, and it could take up to 6 weeks for your credit record to show the change.

Most importantly, remember that your score is affected negatively if you have too many queries on your record. When lenders see multiple loan requests over a short period, it could mean you are taking on more debt than you can handle, and are therefore more of a credit risk. If you need a loan, apply to a reputable lender, and don’t make any further loan applications unless they turn you down.

You can get much more than free access to your credit score whenever you like on the Money app. Explore the world of secure digital banking with Nedbank – let's get your finances off the bench and onto the field of play, where they can help you achieve your personal best. #GetMoneyFit