From Near Hero to Almost Zero!!!

[Gold60]

Hi All,

Just a slight cautionary tale here about credit card scores and applying for credit cards.

I have just applied for an AMEX Platinum Edge, and have been accepted.

Before doing so I ran a credit check with Credit Savvy – and had a GOOD score with them. I was just shy of borderline falling over into VERY GOOD score.


Got a credit alert tonight from Credit Savvy today – I am now BELOW AVERAGE – I lost 150 points – nothing else changed.

I checked with my bank – they still love me and can see no issues from their end, as an example. They are also happy to talk about any credit card variance queries i might have.


I am guessing that AMEX must have given me a big credit limit and this has gutted my credit worthiness.

This has been my only loan top request/credit application activity for at least five years. No bad debts, etc. on my record.


This has put a bit of a hole in my point’s acquisition plans LOL…………….


Anyone else had any similar experiences??

 

[blueythecat]

I'm sorry to hear about your credit score changes - don't despair though your credit score will recover given time. Most importantly remember to keep in mind that your credit score is very far from being the be-all-and-end-all of credit applications!!

If you are interested in the topic you might find this related thread informative http://www.australianfrequentflyer....eda-credit-scores-american-express-71195.html.

Feel free to post your experiences there too.

 

[Cynicor]

Pretty sure mine is poor or average and I just applied for 2 new cards and was approved for both- BW plat and Mac Bank Hilton- over 2 days.

I think a lower credit score helps them think they are sucking you into a lifetime of debt or something!

 

[Dr Ralph]

Sorry but I couldn't see any cautionary tale here.

 

[Gold60]

Its not always a good idea to apply for too much, too often? Things may not work out quite as you planned? That sort of thing. ....

Sorry but I couldn't see any cautionary tale here.

 

[Cynicor]

Its not always a good idea to apply for too much, too often? Things may not work out quite as you planned? That sort of thing. ....

Who cares about the number though? Have you been denied credit yet; that's the big question?

My score is low and I keep getting new cards, this is such a fun game to play!

 

[Gold60]

Who cares about the number though? Have you been denied credit yet; that's the big question?

My score is low and I keep getting new cards, this is such a fun game to play!

I shall plod on .....................

 

[JohnK]

I will start applying for more credit cards. I kay close some existing credit cards at the same time if balance transfers are good.

Rejections will interest me not the credit score. I think your track record managing credit is more important than how many credit cards are in your possession. Wait and see.

 

[Renato1]

Thanks - I was wondering roughly what the point drop was per application.
This sort of explains my current barely just into the Good score from Veda, and why it has been a bit like pulling teeth to get credit cards on my last three applications. My Experian score is down even lower.

On the other hand, it doesn't explain Citibank ringing me up and offering me a choice of lots of cards - excluding the one I wanted with the Qantas bonus points.
Regards,
Renato

 

[Gold60]

Thanks - I was wondering roughly what the point drop was per application.
This sort of explains my current barely just into the Good score from Veda, and why it has been a bit like pulling teeth to get credit cards on my last three applications. My Experian score is down even lower.

On the other hand, it doesn't explain Citibank ringing me up and offering me a choice of lots of cards - excluding the one I wanted with the Qantas bonus points.
Regards,
Renato

i was going to apply for either the NAB or one other C/C i heard about recently after a short interval.

now, i might wait just a little longer........ then apply anyway and see how i go. i don't think i have much to lose here.

With two exceptions over the last couple of years in paying a bill a couple of days late, i have always paid my bills on time, in full, OR usually slightly before time - so that i know the payment will get through the system on time. as far as i know those two freakish oversights on my part have never gone any further than the supplier - i have never seen them on a credit report anywhere.

what will be , will be i guess.....

 

[nightelves]

Keep applying! I have applied for 7 credit cards since January with 2 rejections and managed to still stitch together an approval for a home loan.

 

[Gold60]

Keep applying! I have applied for 7 credit cards since January with 2 rejections and managed to still stitch together an approval for a home loan.

Brilliant effort - i can only aspire to your level of achievement !!! ............

 

[nightelves]

Well if you ever need Amex referral let me know. I have plenty.

 

[Gold60]

Well if you ever need Amex referral let me know. I have plenty.

that
i am looking at the NAB 75 000 offer, does qualify ??

 

[nightelves]

That would be a good one OR if you value a domestic flight plus 80k Velocity points then the Amex Platinum velocity is another nice one to look at.

 

[Gold60]

i am mainly looking at the points and a Visa card..............

 

[blueythecat]

Keep applying! I have applied for 7 credit cards since January with 2 rejections and managed to still stitch together an approval for a home loan.

Nice work, very impressive!

 

[Finale]

Creditsavvy doesn't like me much. I started with them over 700 (very good). Applied for 2 cards and score fell below 700 (good). Then one day they pulled some of my older info from somewhere (older applications that didn't appear when I signed up) and my score has been around 600 (okay) after that. Even after almost a year with no app, it didn't move much and now at 603. A week ago I applied for 3 credit cards (within 1 week). 2 approved and 1 rejected. I'm curious to see how much score I will have the next update. My veda was around 723.

 

[Kaiser]

My Veda score has never been above 680 or so. I hear of these mysterious people with scores 800+ and I can't work out what I'm doing wrong. I always pay bills and CC on time -only have 3 applications of credit in the last 7yrs listed on my report (1 x mobile phone, 2 x CC). I never utilized more than 50% of my credit and I keep old accounts open. Zero debt and pretty healthy savings.
The only thing I can put it down to is I move house about every 2 years because of my job - and this may be seen as some sort of "instability" even though I have had the same employer for 15 + yrs. I don't worry about it too much TBH.

 

[Gold60]

My Veda score has never been above 680 or so. I hear of these mysterious people with scores 800+ and I can't work out what I'm doing wrong. I always pay bills and CC on time -only have 3 applications of credit in the last 7yrs listed on my report (1 x mobile phone, 2 x CC). I never utilized more than 50% of my credit and I keep old accounts open. Zero debt and pretty healthy savings.
The only thing I can put it down to is I move house about every 2 years because of my job - and this may be seen as some sort of "instability" even though I have had the same employer for 15 + yrs. I don't worry about it too much TBH.

[FONT=&amp]By the look of it, we are in similar boats - financially wise - aside from the moving bits. I always pay my bills; rarely apply for any sort of credit, etc. So I guess time will tell.

Thought I would chance the arm, in for a penny, in for a pound, and have just applied for the NAB 75 000 points thing. The application is currently being reviewed. Keeping my fingers crossed, but not fussed if I get the card or not.[/FONT]