Changes to VedaScore

[rotuma1]

Mine was blank yesterday with 10/1/17 update date, today gone back to 28/12/16 with same score as before

 

[grounded]

Last time I looked you could get 2 checks a month with getcreditscore. Was enough for me to cancel my veda subscription though I think it may end up being enhanced

two checks per month, but Veda only updates the score once per month anyway... so no benefit either way. Purported changes on Jan 10 were meant to provide intramonth updates.

 

[andye]

two checks per month, but Veda only updates the score once per month anyway... so no benefit either way. Purported changes on Jan 10 were meant to provide intramonth updates.

Are you sure it only updates monthly
I imagined it updates on real time; its just you only see it monthly
If it did only update monthly it would favour multiple applications for credit in very short succession
No particular knowledge-interested to hear what really happens from those on the inside

 

[grounded]

Definitely only once per month on the same calendar day.

I sort of figured this out when I was using getcreditscore - but with a paid Veda it's explicitly confirmed (in the FAQ).

This is subject to change when they eventually get CCR live.

 

[D0nut]

My getcreditscore back early December was 582.
Just checked again it's gone to 890.
Will these be the same scores lenders look at for finance application?

 

[exceladdict]

My getcreditscore back early December was 582.
Just checked again it's gone to 890.
Will these be the same scores lenders look at for finance application?

Unlikely. Lenders don't use the 'score'. They look at individual factors (how many card applications, no defaults, etc) and their lending systems decide. That's why some members on this forum churn through 15 sign up deals a year, because their financials are otherwise solid and the banks' systems are ok with lending. The vedascore is just a calculated numerical approximation of the factors in your report.

 

[burmans]

Unlikely. Lenders don't use the 'score'. They look at individual factors (how many card applications, no defaults, etc) and their lending systems decide. That's why some members on this forum churn through 15 sign up deals a year, because their financials are otherwise solid and the banks' systems are ok with lending. The vedascore is just a calculated numerical approximation of the factors in your report.

This is all true of the existing score but the overseas experience is that when you have more information in the system with Comprehensive Reporting the score does become much ,ore valuable, which is why both Veda and Experian have expended quite a lot of money in creating these.

In America most people know their FICO scores and plenty of places its the first thing you are asked if applying for finance.

 

[ragingsheep]

It's now Feb and my score still hasn't changed since December.

Are you sure it only updates monthly
I imagined it updates on real time; its just you only see it monthly
If it did only update monthly it would favour multiple applications for credit in very short succession
No particular knowledge-interested to hear what really happens from those on the inside

The score might only change monthly, but lenders will get a more real time feed so you can't really abuse it with multiple applications at once.

 

[TomVexille]

First score post Jan 10 and I've dropped 40 odd points and from "good" to "average" even though I'm still in the "good" range

Colour me confused

 

[burmans]

First score post Jan 10 and I've dropped 40 odd points and from "good" to "average" even though I'm still in the "good" range

Colour me confused

Well, this may be an indication that they have actually finally changed the score basis, or they somehow have new/revised information about you.

 

[TomVexille]

Well, this may be an indication that they have actually finally changed the score basis, or they somehow have new/revised information about you.

The contributing factors are completely different to last month

 

[amaroo]

The contributing factors..

OLD
Lack of consumer adverse information
Type of credit currently or previously applied for
Applicant information
Number of consumer credit enquiries

NEW
Lack of consumer adverse information
Length of credit history
Type of historical consumer credit applied for
Type of second last consumer credit applied for

 

[andye]

The length of credit history is interesting. My Plat Edge was up for the chop once I'd fulfilled my Local Champ points but I may reconsider as its my oldest card

 

[burmans]

The contributing factors are completely different to last month

Hah, so this would appear to be the first confirmation they actually have got this working.

The length of credit history is interesting. My Plat Edge was up for the chop once I'd fulfilled my Local Champ points but I may reconsider as its my oldest card

Not really surprised by this, as it is certainly one factor that the US system has and they've been doing the Comprehensive Credit Reporting thing for some time.

 

[glenn.im]

Guess I was pretty unlucky with this update.
My score dropped from 713 to 532

 

[coles525]

Mine went up today, applied for a cc or 2 over the last 2 months.

Mid 500 range for both, average/good tick.

 

[ragingsheep]

What scores do you guys usually stop apply for credit?

 

[OzEire]

I reviewed my annual report (the free one) and saw a huge increase in entries. Basically every month every issuer checks something. I don't get the details, it just said something like:

Date, Bank/issuer, Consumer Credit, type Credit Cards.

I don't know if this is comprehensive reporting? If so why not show the outstanding balance is not growing (ie a good thing) rather than giving the appearance I am applying for new credit multiple times per month.

Could it also be linked to "do you wish to receive credit limit offers ?"

 

[fairbasa]

I reviewed my annual report (the free one) and saw a huge increase in entries. Basically every month every issuer checks something. I don't get the details, it just said something like:

Date, Bank/issuer, Consumer Credit, type Credit Cards.

I don't know if this is comprehensive reporting? If so why not show the outstanding balance is not growing (ie a good thing) rather than giving the appearance I am applying for new credit multiple times per month.

Could it also be linked to "do you wish to receive credit limit offers ?"

Are they just viewing the file? If so, I wouldn't worry. It won't impact your score, they're just checking that you're not applying for lots of revolving credit in quick succession (you're at increased risk of defaulting).

If they are credit inquiries then that WILL affect your score. New card applications, credit limit increases will fall in this category.

 

[coles525]

I reviewed my annual report (the free one) and saw a huge increase in entries. Basically every month every issuer checks something. I don't get the details, it just said something like:

Date, Bank/issuer, Consumer Credit, type Credit Cards.

I don't know if this is comprehensive reporting? If so why not show the outstanding balance is not growing (ie a good thing) rather than giving the appearance I am applying for new credit multiple times per month.

Could it also be linked to "do you wish to receive credit limit offers ?"

Simple terms, just like a real estate agent doing a monthly / 6 monthly inspection.

As long as they are happy that you can still afford the rent (bills), and aren't doing a runner (bankrupt); it means zilch.

No one but you sees the monthly check up from amex or other banks/providers.