Just for my free VEDA Credit File

[ashleyn]

Does anyone know how long it takes fpr your score to increase after it gets a hammering ? I got about 6 CC's in the last 2 years, all for bonus points and my score is below 600. Will it take 6 months or longer ?

 

[coles525]

Gets updated every month (end of month).

Im currently a "good" risk, been average a few times during the year.

 

[jlien]

Does anyone know how long it takes fpr your score to increase after it gets a hammering ? I got about 6 CC's in the last 2 years, all for bonus points and my score is below 600. Will it take 6 months or longer ?

Seems to vary, some say theirs progressively rise on average 10 points per month. Some say their score didn't move for the better part of a year, followed by a big jump.

Hammered my score over the past year with about 8 enquiries (half were cc) Though i'm in good financial standing.
Subscribed in July, and my score didn't do anything after the first month, then moved up 10 points, then jumped ~32 points, and then just recently another ~24 points

Did notice, that when it jumped 32 points the makeup of the 'contributing factors' had changed.
Specifically, Credit enquiries from particular industry groups, which appears to partially improve my score (1 up arrow)

I didn't get any credit enquiry alerts the past few months, so I'm wondering what this is. As far as i knew, ALL credit enquiries were negative (or at best, non contributing). Didn't think that a credit enquiry could be a good thing?

 

[burmans]

Seems to vary, some say theirs progressively rise on average 10 points per month. Some say their score didn't move for the better part of a year, followed by a big jump.

Hammered my score over the past year with about 8 enquiries (half were cc) Though i'm in good financial standing.
Subscribed in July, and my score didn't do anything after the first month, then moved up 10 points, then jumped ~32 points, and then just recently another ~24 points

Did notice, that when it jumped 32 points the makeup of the 'contributing factors' had changed.
Specifically, Credit enquiries from particular industry groups, which appears to partially improve my score (1 up arrow)

I didn't get any credit enquiry alerts the past few months, so I'm wondering what this is. As far as i knew, ALL credit enquiries were negative (or at best, non contributing). Didn't think that a credit enquiry could be a good thing?

View attachment 38390

People with mortgages are better credit risks! Don't ask me why but the statistics show this is the case, maybe they have a different attitude to debt.

Big changes only happen occasionally, on the positive side one thing not mentioned here are that things drop off over time, e.g. Defaults or Credit Enquiries.

Also when Credit Enquiries happen has an impact, if it's the last few months that a lot of credit enquiries occurred this is (statistically) indicative of potential debt issues and shopping around for more debt, whereas it this was 12 months ago the likelihood (once again statistically) is that the borrower is past that.

One of the intents of the new legislation is that people will better understand the factors that impact credit scores, there is still a fair bit of education to happen.

 

[albyd]

Apart from mortgages I wonder what other inquiries are "good"? I was pleasantly surprised when the lease I applied for last month didn't impact my score. Having said that as the big banks start participating in the system, might start to see old facilities that have long fallen off my report may start to show up and impact my score.

Is that how it works?

 

[UP4014]

People with mortgages are better credit risks! Don't ask me why but the statistics show this is the case, maybe they have a different attitude to debt.

Excellent news considering I have 2 mortgages and I haven't applied for a CC for at least 15 years.

 

[burmans]

Apart from mortgages I wonder what other inquiries are "good"? I was pleasantly surprised when the lease I applied for last month didn't impact my score. Having said that as the big banks start participating in the system, might start to see old facilities that have long fallen off my report may start to show up and impact my score.

Is that how it works?

In general secured lending is better than unsecured, because the banks have something they can take off you people tend to be better at paying.

When Comprehensive Reporting actually starts (and don't hold your breath, it may be another year for some banks) your credit report will show your open accounts (if the credit provider is participating). Most will participate but only over time.

Whether this impacts your score depends on two things
a) your overall level of debt or in fact potential debt (your credit report shows your credit "limit" not the balance)
b) whether you actually pay on time regularly

Paying bills on time is obviously good, regularly not is obviously not so good and what is worst is if your payment history is getting worse over time ( a clear sign you are struggling paying your current bills, clearly not responsible to lend you more).

 

[albyd]

Makes sense. Guessing will eventually need to decide to keep or close old dormant facilities that weren't considered when they dropped off the old system due to age to avoid hurting my score due to the potential they represent. Assuming I'm not the only one in this club.

 

[ninja-tim]

What other reasons would you have to purchase the credit score report, other than curiosity? Would it be to check the chances of having a credit application approved before applying?

 

[ashleyn]

What other reasons would you have to purchase the credit score report, other than curiosity? Would it be to check the chances of having a credit application approved before applying?

That is a valid use. Having got a lot of churning CC's this year I didn't want the risk of being declined so bought my score report. Now I will know when it is safe to go back in the water.

 

[burmans]

What other reasons would you have to purchase the credit score report, other than curiosity? Would it be to check the chances of having a credit application approved before applying?

I've seen stats that suggest 1 in 4 credit reports have errors. Most are minor but I get my free report every year to check there is nothing adverse on there that would stop me getting credit!!

 

[albyd]

What other reasons would you have to purchase the credit score report, other than curiosity? Would it be to check the chances of having a credit application approved before applying?

I want to protect my identity & try to keep track of my score including whether I'll need to close down some dormant facilities I've had if they start to have a negative impact on my score.

 

[jlien]

What other reasons would you have to purchase the credit score report, other than curiosity? Would it be to check the chances of having a credit application approved before applying?

A (good) credit score is a valuable resource. Knowing about it better allows you to leverage it into getting benefits.
E.g. those 'free' credit card bonuses are not truly free as they come at an expense of a hit on your credit score.

Also, it's good for peace of mind in terms of identify fraud.

 

[ninja-tim]

Thanks for the info. I've just been weighing up whether I truly need to pay for a credit score annual membership or just stick to the free credit reports.

 

[Mark3000]

I searched the VEDA website today and couldn't see a free credit report just the paid packages. There are a lot of companies I've never heard of who offer free reports - which ones are the most trustworthy. I would be grateful for recommendations.

 

[pauly7]

Dun & Bradsheet are perfectly safe.

 

[burmans]

Here is Veda link for free file.

Get Your Free Credit File At www.MyCreditFile.com.au

The main reason to go for Veda is they are the largest, have most info and hence it is more likely that this will be the report pulled by a bank when you apply for a loan.

 

[Beta4Me]

So are Experian. They are the only 3 that are legit.

 

[get me outta here]

I did not actually get a score on the free Veda response. Did anyone else get their score as basically the info was not much use that I could make out?

 

[ninja-tim]

You need to pay for credit score as part of the membership.
Free Veda credit file only shows credit checks/applications and personal info.