Advice on limits for applications, and more.

[GSP]

One aspect that annoys me is that when checking my credit score on Wiser, it states that Experian updates monthly whilst Equifax only updates every quarter. It would be interesting to know which bank uses each reporting agency as the scores vary from Good to Excellent.

I'm pretty sure that Equifax is monthly.

 

[mrmerc500]

I'm pretty sure that Equifax is monthly.

Experian listed left, Equifax on right so doesn’t seem to be the case.

 

[exceladdict]

One aspect that annoys me is that when checking my credit score on Wiser, it states that Experian updates monthly whilst Equifax only updates every quarter. It would be interesting to know which bank uses each reporting agency as the scores vary from Good to Excellent.

This can be guessed to some extent based on which banks have hard enquiries on which agency.
It used to be (IIRC) that all used D&B and Veda (now illio and Equifax). Utilities used D&B/illion only. But with CBA pushing Experian and CCR, many (but not all) use that too.
Personally the introduction of CCR and continuation of some institutions using some reporting agencies, but not others, has caused my scores to diverge heavily across platforms.

 

[mrmerc500]

This can be guessed to some extent based on which banks have hard enquiries on which agency.
It used to be (IIRC) that all used D&B and Veda (now illio and Equifax). Utilities used D&B/illion only. But with CBA pushing Experian and CCR, many (but not all) use that too.
Personally the introduction of CCR and continuation of some institutions using some reporting agencies, but not others, has caused my scores to diverge heavily across platforms.

Although it is now more transparent with easier access ( remember back to the days of Veda mailing the report ), it does seem your score is more inconsistent across all the credit reporting companies as mine varies by 258 with good to excellent. illion being the lower rating.

 

[11sjw]

General question (long winded but stick with me please): As a churner of 1-2 cards per year for the last 10 I'm currently having more difficulty obtaining approval. Whilst my income isn't as high as 10 years ago (was in the mining boom then) my liabilities are lower and my credit score is, at a minimum, in the good range. When applications are submitted I'm conditionally approved however it isn't leading to final approval. Is anyone else experiencing this? Is my history of churning coming back to bite me?

 

[exceladdict]

I think that with CCR, banks are more aware of your current open credit - people seeking more than 2 CCs seem to be having trouble recently

 

[11sjw]

I think that with CCR, banks are more aware of your current open credit - people seeking more than 2 CCs seem to be having trouble recently

Great point as I was asked to provide letters to prove recent closures. Still no luck. I guess the Westpac MÇard-AMEX combo would be regarded as two. Might be my problem.

Oh well, 1 year anniversaries of previous closures tick over soon. Might try with them.

 

[ramamba]

@11sjw
apart from the scores, have you checked the reports?
are all your closed card accounts marked as such in your reports?
i've found out that westpac took nearly 6 months after closure to mark account as closed on the creditsavvy report. Amex and anz were much more swift in my recent experience.

 

[WeeWillyWonka]

How long did Amex take to report the account was closed?

 

[ramamba]

How long did Amex take to report the account was closed?

less then a month (i only check monthly)

 

[11sjw]

@11sjw
apart from the scores, have you checked the reports?
are all your closed card accounts marked as such in your reports?
i've found out that westpac took nearly 6 months after closure to mark account as closed on the creditsavvy report. Amex and anz were much more swift in my recent experience.

I don't think so because I had to submit letters to prove they were.

 

[burmans]

I think that with CCR, banks are more aware of your current open credit - people seeking more than 2 CCs seem to be having trouble recently

I've said this for a while now but will say again. In looking at your application the responsible lending laws require that banks look at existing loans as part of assessing ability to pay. The CCR laws means that Credit Limits as available (NOT balance) for discovery so it's not really about the # of CC's but overall available limits. So you should be careful, close cards you don't need and review your limits, if you don't need a large limit, reduce it!

 

[11sjw]

I've said this for a while now but will say again. In looking at your application the responsible lending laws require that banks look at existing loans as part of assessing ability to pay. The CCR laws means that Credit Limits as available (NOT balance) for discovery so it's not really about the # of CC's but overall available limits. So you should be careful, close cards you don't need and review your limits, if you don't need a large limit, reduce it!

So the only cards I have open are the AMEX-Mçard combo from Westpac. Any thoughts on if they'd take the Mçard if I close the AMEX?

 

[Dr Ralph]

So the only cards I have open are the AMEX-Mçard combo from Westpac. Any thoughts on if they'd take the Mçard if I close the AMEX?

No problem. Separate cards.

 

[exceladdict]

I've said this for a while now but will say again. In looking at your application the responsible lending laws require that banks look at existing loans as part of assessing ability to pay. The CCR laws means that Credit Limits as available (NOT balance) for discovery so it's not really about the # of CC's but overall available limits. So you should be careful, close cards you don't need and review your limits, if you don't need a large limit, reduce it!

Completely agree. And it's easy to get close to the limit your income can service with two, or even one premium cards - given its typically 6k and 15k for platinum and black minimum limits respectively.

 

[11sjw]

No problem. Separate cards.

Thank you. Seems like I'd better head down the path of closing the AMEX.