From Near Hero to Almost Zero!!!

[burmans]

I always pay bills and CC on time .....I never utilized more than 50% of my credit and I keep old accounts open. Zero debt and pretty healthy savings.

Until Comprehensive Credit Reporting is in place very little of this information is actually known to Veda so wont be reflected in the score and is exactly the limitation people here refer to in the current scoring.

 

[alexy23]

This post in the other thread highlights my experiences with credit scores

http://www.australianfrequentflyer....-got-my-first-credit-66552-6.html#post1504799

 

[Gold60]

Success people!!! My NAB 75 000 card has been approved. I am wondering if it helped that in between the two applications i reduced the credit limit on the three cards that i now have - one of them being the AMEX.

If not - i guess i would now have a credit score of about -500........

 

[Renato1]

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.

My wife is one of those mysterious people - her score was 994 a few weeks ago.
We're retired, and ironically, she doesn't have enough income to apply for any cards.
Regards,
Renato

 

[Dannyism]

Success people!!! My NAB 75 000 card has been approved. I am wondering if it helped that in between the two applications i reduced the credit limit on the three cards that i now have - one of them being the AMEX.

If not - i guess i would now have a credit score of about -500........

Did you try anything else or have any tips? I am waiting for my second manual review.. Nothing makes sense to me as to why I was knocked back.

 

[Gold60]

No, reducing the credit limits, and cancelling one card i hadn't used in yeasts was all i did.

Did you try anything else or have any tips? I am waiting for my second manual review.. Nothing makes sense to me as to why I was knocked back.

 

[Spongbob]

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.

A home loan (mortgage) is secured credit, where as cards are unsecured credit. If you default with former, the loan provider gets the property. If you default with the latter, the loan provider carries the risk.
That might explain your circumstances.