CC churning - equifax scores

[robtemt]

Mine went back up 150 points this week to the Very Good range, after the drop to border of below average and ok 2 months ago

No new data. The only things being reported is a closed NAB CC, with no repayment data avail for the 5 months it was open, and status shows as closed (As it has since showing up). Also there are 15 enquiries since 2013, 12 credit cars, 2 home loans from 2015 and 1 from the refinance/bank switch last year. Still 50 points less than it was 3 months ago, with no activity since August.

No negative events.

As soon as I see a good CC deal for VFF points (besides Virgin Money), then I'll test the waters to see the impact.

 

[deebens]

Mine went back up 150 points this week to the Very Good range, after the drop to border of below average and ok 2 months ago

No new data. The only things being reported is a closed NAB CC, with no repayment data avail for the 5 months it was open, and status shows as closed (As it has since showing up). Also there are 15 enquiries since 2013, 12 credit cars, 2 home loans from 2015 and 1 from the refinance/bank switch last year. Still 50 points less than it was 3 months ago, with no activity since August.

No negative events.

As soon as I see a good CC deal for VFF points (besides Virgin Money), then I'll test the waters to see the impact.

Interesting, my data sounds similar, just fewer enquiries, also no negative events. I'm still stuck at below average.

Approved for a new card this morning though, so it seems it's not a big issue.

 

[SOPOOR]

Interesting, my data sounds similar, just fewer enquiries, also no negative events. I'm still stuck at below average.

Approved for a new card this morning though, so it seems it's not a big issue.

mine went up 150 poitns odd too, with no activity

I also got spam email from getcreditscore.com
asking if my score had gone up

so obviously its across the board happening to a lot of peple

 

[burmans]

I pay my credit cards off daily (usually within a minute or two of making the charge). Now if credit providers showed that information to reporting agencies, I'd be happier.

Sorry they report monthly, and in arrears. I think they have something like 10 days to report and use this as a buffer for people who are a couple of days late. So paying daily will have absolutely no benefit as far as your credit history is concerned.

 

[Danger]

Just interested-why don't you take advantage of the interest-free period?

Two reasons. One, my savings accounts earn me maybe $25 a year in interest. Some will fairly say I've got the wrong accounts. But equally, I pay $0 a year in fees. I'm happy with that. So I'm not missing out on anything by having money in my savings accounts.

And two, I've never used a credit card for credit per se, purely as a means of generating loyalty points. If I don't have money to pay for something, I simply don't purchase it. So when I buy something I want to pay for it (i.e. pay off the credit card). I'd rather not be shocked by how much I owe on my credit card at the end of six weeks or whatever it is and then have to go through each of my transactions to determine which accounts I'm pulling money from to pay for it.

Sorry they report monthly, and in arrears. I think they have something like 10 days to report and use this as a buffer for people who are a couple of days late. So paying daily will have absolutely no benefit as far as your credit history is concerned.

Which is a big part of what irks me about the process. If I'm going to be penalised for applying for credit on the assumption that I'm desperate for cash, then the fact I pay my cards off daily (and, therefore, am not strapped for cash) should also be reported. Or simply don't assume my pockets are empty and that's why I keep cycling through cards.

 

[burmans]

The only things being reported is a closed NAB CC, with no repayment data avail for the 5 months it was open, and status shows as closed (As it has since showing up). Also there are 15 enquiries since 2013, 12 credit cars, 2 home loans from 2015 and 1 from the refinance/bank switch last year. Still 50 points less than it was 3 months ago, with no activity since August.

No negative events.

Although it sounds like a double negative, lack of positive data (i.e. a proven good repayment history on a loan) is a negative for credit scoring. This is why many of the people here would almost certainly have seen a drop in their score, the score weights this positive data but at this stage there just isn't enough data in the system. If the home loans were being reported (with their repayment history) and you had good repayment history on these loans this would be a significant positive but they aren't, you just have the enquiries (and 15 enquiries would definitely be regarded as a negative).

 

[Dr Ralph]

Get your FREE credit score now not working for others as well?

'IT SEEMS WE ARE UNABLE TO RETRIEVE YOUR SCORE FROM EQUIFAX.'

 

[benjy]

Get your FREE credit score now not working for others as well?

'IT SEEMS WE ARE UNABLE TO RETRIEVE YOUR SCORE FROM EQUIFAX.'

All good for me. Although I fetched my new monthly score a couple of days ago

 

[BettyB]

Get your FREE credit score now not working for others as well?

'IT SEEMS WE ARE UNABLE TO RETRIEVE YOUR SCORE FROM EQUIFAX.'

Same.

Also says for me - This could be due to several reasons, so to resolve, we recommend that you take the following steps:

But when I choose any of the options there is nothing to complete or all of the listed info is correct.

 

[swordfish]

Get your FREE credit score now not working for others as well?

'IT SEEMS WE ARE UNABLE TO RETRIEVE YOUR SCORE FROM EQUIFAX.'

I just spoke to GetCreditScore's support and it's an issue on Equifax's end. Apparently Equifax are in the process of fixing it.

 

[mviy]

My score has gone down this month but considering I applied for a credit card this month that’s not unexpected. It went down less than I thought it might.

 

[rock86]

My score has gone down this month but considering I applied for a credit card this month that’s not unexpected. It went down less than I thought it might.

It seems as though the credit agencies may have iron out their systems after a few companies have now been submitting CCR information, this is conjecture based purely on my scores returning to a similar level to where they were a few months ago before the sudden changes happened.

 

[burmans]

It seems as though the credit agencies may have iron out their systems after a few companies have now been submitting CCR information, this is conjecture based purely on my scores returning to a similar level to where they were a few months ago before the sudden changes happened.

The big problem was that they simply did not have enough data loaded, they shouldn't have rolled this new score out until a couple of majors were on board (currently just NAB).

I guess they wanted to be first to market but in my view this has seriously harmed the credibility of said score.

 

[Dr Ralph]

My score has gone down this month but considering I applied for a credit card this month that’s not unexpected. It went down less than I thought it might.

My score went up after applying for a card.

 

[deebens]

Just had a 100+ point jump at get credit score. Also applied for a card in the last month.

 

[yld200]

Just applied for a new NAB card in Feb and refinanced my mortgage with ANZ in December.
Credit Savvy went from 707 to 537 and my ANZ doesn't appear as an enquiry. There are 10 enquiries in total; 2x 2014, 2x 2015, 3x 2016, 2x2017 & 1x 2018.
1 credit and relationship showing which is closed and repayments are 100% on time.
Get credit score went from 706 in Jan to 702 in Feb, will see what it does in March.

The NAB cc application seems to have greatly affected my score on Credit Savvy

Cancelled my NAB card in March and Credit Savvy score has now gone back up to 707. Get Credit score is 752

 

[Danger]

Mine went down over 100 points into "Okay" territory two days ago. And that's after I cancelled my Westpac card.

 

[mviy]

My score didn't change this month. I haven't had to pay any bills for my latest card yet though so it wouldn't have any positive repayment history yet.

My old credit card account is not showing as closed from what I can see. Shouldn't it be showing as that under CCR? Or maybe the bank is dragging their heels with reporting that. Hopefully once it's reported as closed my score goes back up a bit.

 

[Dr Ralph]

My score didn't change this month. I haven't had to pay any bills for my latest card yet though so it wouldn't have any positive repayment history yet.

My old credit card account is not showing as closed from what I can see. Shouldn't it be showing as that under CCR? Or maybe the bank is dragging their heels with reporting that. Hopefully once it's reported as closed my score goes back up a bit.

I think it may take a month or more to update things like closed accounts.

 

[deebens]

I think it may take a month or more to update things like closed accounts.

Can't recall where I read it, but I recall seeing somewhere it's 3 months before a closure will show up. Fits with a HSBC card I closed earlier this year. Took 3 months before it showed as closed in my file.