How to fix a bad credit score in 6 to 12 months

Jonathan Fairbairn (standing in for 702’s Relebogile Mabojta) speaks with financial advisors Luca Folpini and Emile Nel.

Listen below:

Your credit score is a financial report card that demonstrates your reliability in managing your debt. 

The higher the core, the better the loan terms; the lower the score, the harder it can be to obtain a loan.

RELATED: You can ‘fix’ your credit score. Financial advisor shares tips to get you started

In this follow-up discussion, the financial advisors share additional advice on how you can further improve your credit score.

• Pay on time consistently
• Only use 30% of your limit
• Don’t take out further credit to pay outstanding debt
• Ensure that you have an emergency savings fund on the side so you don’t go into debt for rainy days

You should start to see improved results within six to 12 months. 

“... you stopped using it [credit]; don’t close your accounts. You need that history to back you going forward.” 

– Luca Folpini, financial advisor

“The biggest thing is you have to pay on time and you have to stay within your limits."

– Emile Nel, financial advisor

Scroll up to the audio player to listen to the discussion.