What is credit

What is credit?

Credit is an arrangement that lets you buy things now and pay for them later. To get credit, you must be able to prove that you can pay back the amount you want to borrow.

Before a company will lend you money they will check your credit history with the National Credit Regulator (NCR).  If you have a bad credit record, e.g. if you skip payments or have too much debt, you may not get the credit you want.

On the other hand, if you have a good credit record, it can help you to qualify for credit today – as well as for credit in the future.  It can even help you to get a better repayment rate or credit limit.

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