Advice on VEDA file

[paultiffen]

Hi all,

I'm looking for some advice on why my Veda score would have dropped so much. My activity is:

Bought an apartment in Victoria for 560K with 450 K mortgage - new address and 3 enquiries reported.
Address recorded as new place on 29th May
Citibank unsecured - 15th June for 13500. I actually increased limit to 20K to do a new balance transfer. They then pulled the offer
New employer reported (although its the same one actually - 15th June
Signed up to Woolworths mobile for me - 24th June
Signed up to Telstra for my partner - 31st July

During this time my score has dropped from 755 on 9th June to 659 on 9th July to 567 on 9th August. Any ideas on:

1) Why such a significant drop?
2) I was going to do a balance transfer at 0% to save interest on the mortgage and make the minimum but have enough to not need to do this. I was going to apply for a Virgin Money card and use the existing balance plus anything else they can give me. Would that drop score down further?
3) If I were to refinance in the future how much do banks look at credit score? It seems like main thing that matters was income, ongoing expenses and current limits.

Thanks,
Paul

 

[cove]

I found our credit scores slumped when we increased credit limits on some CCs.
Westpac don't seem to be concerned with a lower credit score as it is temporary. I think most banks would be similar.
Never bothered with balance transfers. We just always paid non tax deductible loans to zero as fast as we could.