CC churning - equifax scores

[andye]

My equifax score jumped 48 points overnight as a novated lease dropped off the 5 year radar

 

[travelnutjohn]

Mine jumped 50 to 80 overnight for no apparent reason. I have closed two cards 2 months ago but they are stilll showing as open

 

[Dr Ralph]

Mine jumped 50 to 80 overnight for no apparent reason. I have closed two cards 2 months ago but they are stilll showing as open

Mortgage? Mine went up this month as they finally added my mortgage, which I've had for a decade.

 

[coles525]

Mortgage? Mine went up this month as they finally added my mortgage, which I've had for a decade.

Which credit score provider is everyone looking at (jump in score)?

 

[Dr Ralph]

Which credit score provider is everyone looking at (jump in score)?

All of them for me.

 

[coles525]

Will try and check them now.

 

[cvmceg]

Application enquiries are treated differently from repayment information. The latter has to be reported monthly within 10 days of EOM. However the situation is different for application enquiries. Credit providers can only access credit bureau data in very limited scenarios, the main one relevant here is that they can access credit history when an application is made for credit, what the law requires though is that they reveal as a precondition the circumstances of that credit. So the bureaus know as soon as the provider pulls your file and it instantly becomes part of that record.

However while it becomes part of your record immediately what the bureaus show on your credit file is what is disclosed to others. To use a specific example therefore if you applied for a CC the day after applying for another, yes the first one may well be on your record, indeed multiple applications in a very short time is a major indicator of financial stress and hence one of the first thing credit providers look for (and hence the bureaus definitely want to show as it adds value to their service). Same day applications may work but credit file update is close to immediate i.e. you should be applying within seconds or minutes, not hours.

So has anyone had success with within minutes multiple applications? please PM me if dont want to disclose...

 

[andye]

My creditsimple has been drifting down over last 2 months for no apparent reason. Nothing expired, no new enquiried, no new repayment history.

It was previously my highest-scoring, least complete. Now not much more complete, but lowest of the 3

 

[albyd]

Has your score decreased as previously un-published credit cards are showing up? my Equifax score fell sharply when all of my bank issued cards started to show with their legacy limits. Though the explanation provided on the report was around repayment history.

I raised an incident with Equifax. They initially concluded they'd not received a report for my CBA CC (which only saw activity because it had been stolen and I subsequently paid out while waiting to be refunded so no missed payments, etc). I highlighted this and they said they'd raise it with CBA then 6 weeks later received an email informing me it had been resolved. My monthly report is still the same so I've concluded it's all the extra cards showing. Strange they've classified it as a delinquency as most of them are actually dormant so are up to date.

 

[andye]

No seems mysterious for now. I did have a new card before October score but nothing in Nov/Dec. My creditsimple score (697) also seems low overall given only 8 CC enquiries and 1 home loan recorded. No adverse stuff. It was over 900 six months ago
PS: not anxious just curious

 

[exceladdict]

No seems mysterious for now. I did have a new card before October score but nothing in Nov/Dec. My creditsimple score (697) also seems low overall given only 8 CC enquiries and 1 home loan recorded. No adverse stuff. It was over 900 six months ago
PS: not anxious just curious

My D&B/illion "score" (also retrieved by credit simple, I think) seems strangely low. Home loan has dropped off though so may have something to do with it, given a couple of credit cards per year and the occasional telco check which seem to mainly go off illion rather than experian or equifax.

 

[SOPOOR]

weird, I closed two credit cards about 3 months ago, 1 with a huge limit,

they just finally showed up on my file,
my score has gone down from 690 to 683

 

[theblank]

weird, I closed two credit cards about 3 months ago, 1 with a huge limit,

they just finally showed up on my file,

3 months would be about right. the provider doesnt cancel your account straight away, even though it seems like that to you. it stays current for some time to allow for any delayed transactions to come through. Then they will only update the credit bureaus once a month.

 

[cvmceg]

Creditsavvy i just went down from 758 to 684!!

Bizzarely the only change from last month was: +1 repayment on time
and my ANZ black is now listed as 'closed' (i cancelled last month)

surely both are positive news yet score took a huge hit!

 

[mviy]

Westpac cards are showing repayment history for me now in Creditsavvy.

 

[Jacques Vert]

Westpac cards are showing repayment history for me now in Creditsavvy.

And for me. Score went up to 798; almost excellent

 

[SOPOOR]

And for me. Score went up to 798; almost excellent

In preparation of taking advantages of some deals next year ive been closing a fair few cards recently, my net position of score after closing a few cards is a minor drop in score

So i am feeling kinda silly at the moment!

 

[kelvedon]

Westpac cards are showing repayment history for me now in Creditsavvy.

Yep, shows on mine too now

 

[burmans]

In preparation of taking advantages of some deals next year ive been closing a fair few cards recently, my net position of score after closing a few cards is a minor drop in score

So i am feeling kinda silly at the moment!

It's not the score you need to be concerned about, the larger the limit you already have the less capacity you have to pay further loans off (or at least that's how most credit providers assess it).

 

[cove]

I tried to increase my BW World credit card limit but the computer declined me once I was up to $300,000 of other credit card limits. So Mrscove has a $75,000 limit and I am at $12,000. Same assets and income so it makes you realise retail banking has doubtful methods of assessing. I have been a customer for about 50 years. Doesn't make any difference.