AMEX Velocity Platinum Card - 100,000 Points / $349pa / $1000 Spend

[Finale]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

I only applied for 2 cards so far this year. The last one was July 4. Just checked my score and it's sitting at 766. Not sure if that is good enough for this card considering my last one was just a month ago? Not sure what is considered good when applying for CC since the full score is like 1200. 766 seems low. My partner would be happy if we get another 110k plus 20k ref.

 

[vt]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

I only applied for 2 cards so far this year. The last one was July 4. Just checked my score and it's sitting at 766. Not sure if that is good enough for this card considering my last one was just a month ago? Not sure what is considered good when applying for CC since the full score is like 1200. 766 seems low. My partner would be happy if we get another 110k plus 20k ref.

766 is in the Very Good territory. Mine is 780 and was approved for this card.

 

[burmans]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

766 is in the Very Good territory. Mine is 780 and was approved for this card.

Very good will definitely get you this card, in fact Good probably would too. Indeed there have not been many reports of rejection on this card, so it is possible the bar is fairly low.

 

[yoyo]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

where did you check your score? It seems that veda and dun and bradstreet take 10 days to provide a result. Also, if I ask for my score, does that affect my credit rating?

 

[david1]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

www.getcreditscore.com.au will give you a free credit score, only takes a minute or two all up. They claim that above 600 is a "good" score, but I don't think it's quite that simple!

 

[yoyo]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

Looks like their website is down

 

[david1]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

I swear it was up within the last half hour or so!

 

[get me outta here]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

There are some good threads on AFF re the incoming new 'regs' that will be quite comprehensive and in theory would benefit those of us with good scores, and only otherwise apply for a 1/2/few cc in a a short period. Then, once we cancel 1 or 2, it will look good on our score. That's a simplistic view, there are others here with much more inside info.

Once

www.getcreditscore.com.au will give you a free credit score, only takes a minute or two all up. They claim that above 600 is a "good" score, but I don't think it's quite that simple!

 

[doctau]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

I'm not sure what my score was before applying for the card, but after it's 586 - probably something to do with having applied for (and gotten) three credit cards and a charge card so far this year, while holding onto two other CCs. I should probably hold off on more for a while - I think it's mrsdoctau's turn to apply for some, starting with this one as soon as I can refer her

 

[Radio8tiv]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

www.getcreditscore.com.au will give you a free credit score, only takes a minute or two all up. They claim that above 600 is a "good" score, but I don't think it's quite that simple!

creditsavvy.com.au is the one I use it is also free

 

[david1]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

Maybe a bit off-topic, sorry, but can you compare scores from creditsavvy and getcreditscore? I get a creditsavvy score each month, but just checked on getcreditscore and it was a bit higher, maybe it has changed recently (after applying for this card?).

edit: Can confirm, creditsavvy and getcreditscore numbers are different, but fairly close

 

[M@rcoPolo]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

just checked on getcreditscore and it was a bit higher, maybe it has changed recently (after applying for this card?).

If anything after a new C.C. application your credit score will go DOWN not up...

 

[david1]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

If anything after a new C.C. application your credit score will go DOWN not up...

Yes, which makes me think that the score is not comparable to creditsavvy or is not completely up to date

 

[burmans]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

There are some good threads on AFF re the incoming new 'regs' that will be quite comprehensive and in theory would benefit those of us with good scores, and only otherwise apply for a 1/2/few cc in a a short period. Then, once we cancel 1 or 2, it will look good on our score. That's a simplistic view, there are others here with much more inside info.

Once

Comprehensive Credit Reporting really is coming soon, one major about to start contributing. Worth noting when it does "applications" will be weighted lower and more decisioning weight will be on total amount of credit outstanding and your repayment history (i.e. do you pay on time or are always consistently late). When this is the case closing cards and/or reducing limits will be of value to increase scores.

 

[burmans]

Re: AMEX Velocity Platinum Card - 110,000 Points / $349pa / $1000 Spend

Maybe a bit off-topic, sorry, but can you compare scores from creditsavvy and getcreditscore? I get a creditsavvy score each month, but just checked on getcreditscore and it was a bit higher, maybe it has changed recently (after applying for this card?).

No you can't, different companies, different scoring methodologies, possibly/probably different data (or at least timing of provision of that data). One of the ways that the credit bureaus "sell" the value of their service are the "quality" of their data and the added value of their scoring so you can expect they will differ. Having said that if one score goes up/down, the other probably will too.

Yes, which makes me think that the score is not comparable to creditsavvy or is not completely up to date

My experience with creditsavvy is that it takes a fair bit of time for my data to get there, e.g. after making a recenet application is was about 45 days before the score and report changed to reflect this. Whereas getcreditscore was almost immediate which probably meant that the application went to Veda and hence they knew about it the day I applied.

 

[doctau]

I'm pretty sure Veda's is out of 1200 and credit savvy's is out of 1000, so even ignoring different data, you'd have to adjust the scaling and offset.

 

[MelbMan]

My score on Creditsavvy is just over 600. For a guy with a lot of assets, bugger all loans. quite surprised. Can see about 5 CC applications over the last 5 years. And a 6th one for the latest card still to arrive.
Time to cull 28D which has outlived it's usefulness, Citibank Visa held since 1994, HSBC which have enjoyed but latest restrictions and cutbacks... they've lost me. So CC applications must affect your score?

 

[M@rcoPolo]

So CC applications must affect your score?

They sure do. Also not having a loan is not such a great thing when it comes to credit score... perhaps it's not quite right, but lenders want "proof" that you can service your debt, and therefore having a loan and repaying always on time is a positive over the long term for your credit rating. On the other hand, having no loans / no credit cards / no lines of credit makes you an "unknown" in term of debt repayments.

High credit scores are usually held by people with good steady income (long term employment) and a long history of servicing their debt (no late repayments / no defaults / etc).

 

[blackcat20]

Mine only shows two credit card enquiries despite having applied for one a year for the last few years. Shows an old one and the newest but not in between

 

[doctau]

CreditSavvy show 4 applications and 3 annual "pings" from one card in 5 years, but I've actually applied and received 9 cards (and don't show my home loan). Veda show 7 cards and the home loan, but are missing two cards including the one that does the annual credit check.

Interesting to see what they miss for people.