What Is the National Average Credit Score

By Mav OT •  Updated: 03/02/24 •  5 min read

Credit scores are very important in South Africa when it comes to finances. They affect people’s ability to get loans, housing, and even sometimes jobs. Most people see credit scores as a sign of how responsible and trustworthy someone is with their money.

A good credit score means you are likely to pay your bills on time, while a bad score could mean you are risky or financially unstable. From the information gathered, the national average credit score in South Africa is based on the average of most people who use credit. People try to keep or raise their credit scores by paying their bills on time, being smart about how much debt they have, and keeping their credit records clean. 

But there are a lot of concerns about what is considered average and how people perceive it. Our focus will be on credit score in South Africa highlighting key areas like; how to boost your credit score, what is considered a normal credit score, credit score used by banks etc. 

What is the national average credit score?

Many people who may want to find out about the national average credit score may wonder if there is any agenda towards this. Some may be curious about this national average credit score because of its numbers and the numerous platforms used.

The national average credit score looks at the masses in South Africa; with what most people have as their credit score. 

However, the credit bureaus already have their performance remarks for every range of credit scores. 

South Africa has a credit score that is considered to be the national average, which is somewhere around 600. Being in the 600 range is therefore neither considered to be a good nor a bad thing. Furthermore, if you are inside this range, you have reason to rejoice; this means your credit score is neither bad nor good. 

The national average credit score is from the population and the benchmark the credit bureau has set which is usually around 600. 

Which credit score is used by banks?

Banks in South Africa use credit score provided by the existing credit bureaus in the country. This credit score is generated based on the data gathered from individuals. 

The banks do not generate credit score but look up to the credit bureau to provide them with data. 

In South Africa banks use Experian and TransUnion credit score

How to boost your credit score?

Improving your credit score is important if you live in South Africa and want to get loans and credit cards with good terms. Here are some practical ways for people to boost their credit score without putting their finances at risk.

What is the average credit score in South Africa?

The average credit score for South Africa is around 600, which can be considered normal.  Because of this, being in the 600 level is not seen as either good or bad.

Aside from that, if you fall in this area, you should know you are in good standing. once you have your credit score at an average point, you should know that you are not far from good. 

In South Africa, it is common to find new creditors to have the average credit score. Any score from 600 to 649 is considered to be an average. 

What is considered a normal credit score?

Any credit score that does not make you vulnerable when applying for a loan can be seen as normal. The word “normal” can be ambiguous. This is because the normal credit score of another credit bureau may slightly fall into bad or good. 

It is important to monitor your credit score and know the bureau you are with before considering your credit score as normal. 

Based on the consensus, data and credit score range, a normal credit score can range from 580 to 669.
However, in South Africa, any credit score which is above 600 but not more than 649 is considered normal. 

- ADVERTISEMENT -

Keep Reading

How to Write Off Debt Without Affecting Credit Score

How to Write Off Debt Without Affecting Credit Score

This and many other questions are we going to look at; in the end, you should have a fair knowledge of the process of debt write-off and its timeframe. 

What Credit Score is Needed to Buy a House?

What Credit Score is Needed to Buy a House?

What Credit Score is Needed to Buy a House? Here’s what you need to know. 

How To Fix A Bad Credit Score In South Africa

How To Fix A Bad Credit Score In South Africa

We are here today to guide you through it all. So pour yourself a refreshing drink, relax, and let’s fix that credit score together.

How To Raise Credit Score In South Africa

How To Raise Credit Score In South Africa

In this writing, we'll go over how to boost your credit score in South Africa and why it's a pivotal step.

How Does A Car Dealership Check Your Credit?

How Does A Car Dealership Check Your Credit?

Getting a credit extension in South Africa solely depends on your credit score.

How To Add Employment Status On Credit Report

How To Add Employment Status On Credit Report

How To Add Employment Status On Credit Report. We are here to guide you through everything today, so let’s get started.

Can I Have A Credit Score Without A Credit Card?

Can I Have A Credit Score Without A Credit Card?

This blog will highlight the chance of getting a credit score without a credit card. Also, you will understand the diff between credit score & credit card

Loans For Low Credit Scores

Loans For Low Credit Scores

The limitation on low credit can disqualify you from certain benefits. Learn more about the possibilities of securing a loan with a bad credit score in South Africa. 

What is a Bad Credit Score in South Africa?

What is a Bad Credit Score in South Africa?

If you are currently dealing with a low or bad credit score in South Africa, here’s how you can start to fix it. 

Credit Score Needed For A Phone Contract

Credit Score Needed For A Phone Contract

I am about to learn about the possibilities of obtaining a phone contract with a credit score. You will also learn about the required credit score for a phone. Contract. Let us get into it. 

How to Improve Credit Score Quickly

How to Improve Credit Score Quickly

In this blog post, we will share some ways to improve your credit score quickly. But remember, the timeline differs and comes with certain conditions. 

How to Check Someone’s Credit Score

How to Check Someone’s Credit Score

In this guide, we’re going to explore everything you want to know about checking someone’s credit score.   

How to Get an Experian Credit Score For Free

How to Get an Experian Credit Score For Free

it is crucial to grasp the scoring model being utilised and acknowledge that various lenders may employ different scoring models when making lending decisions.

How Long Does it Take for a Credit Score to Update?

How Long Does it Take for a Credit Score to Update?

Today we take a closer look at credit score timelines and when you can expect to see those changes work their magic for you.

How Often Do They Update Your Credit Score

How Often Do They Update Your Credit Score