Just got my first credit score

[Irishbazz]

I see on some of the card threads references to obtaining credit scores from Veda. I have discovered that getcreditscore.com.au will give you your score free and you can check up fo twice per month if you wish.

For your full report you'll still need to contact Veda, but if its's just the number you want, I'd go the free option. Certainly cheaper than the Veda subscription.

Just completed the form to get my credit score with "getcreditscore.com.au" and scored 768 - As a comparison to creditsavvy.com.au with a score of 644.

Are any of these sites actually accurate or just a plucking numbers in the hope of getting you to sign up for a paid subscription?

 

[robtemt]

Just completed the form to get my credit score with "getcreditscore.com.au" and scored 768 - As a comparison to creditsavvy.com.au with a score of 644.

Are any of these sites actually accurate or just a plucking numbers in the hope of getting you to sign up for a paid subscription?

Credit Savvy uses Experian and Get Credit uses Veda, they are two different credit reporting agencies so will score different. My Veda score is 90 points less than Experian (Veda= Good, and Experian = Very Good).

 

[JohnK]

I have a credit score of 887 but I am still unable to obtain further CC's because I have retired.

Whilst I have reasonable assets and no debt, I have no regular income which is what the CC providers look for.

It's a real PITA not being able to take advantage of sign on bonuses

What do they mean by regular income? Obviously salary. Rent? Dividends? Annuity or allocated pension?

 

[Irishbazz]

Credit Savvy uses Experian and Get Credit uses Veda, they are two different credit reporting agencies so will score different. My Veda score is 90 points less than Experian (Veda= Good, and Experian = Very Good).

Thanks for the explanation, do banks predominately use one provider over another or both, mixed?

 

[get me outta here]

All my cc apps show up on Veda. I have not looked at anything else.

 

[robtemt]

Thanks for the explanation, do banks predominately use one provider over another or both, mixed?

I've been trying to figure the same thing out, as we are about to refinance (not that we have anything to worry about, I THINK). The short answer is, who knows.

There are some old discussions on another forum, where some people in the credit, mortgage, and banking businesses weigh in, but the information is not any clearer. Some in the mortgage business say they rely more on DB and Experian, rather than Veda, but others say Veda has had the longest history, and therefore has the most data to compare and report on.

Allegedly, the big banks own shares in Experian, so they are hoping that Experian starts to get used more. I can see all of my CBA accounts in Veda as well as Amex, ANZ, Citi, GE, and even Lumo Energy. I have only seen my Experian score, I'm still waiting for my report to see how much detail it contains.

Most seem to say that Experian is less detailed, but I don't know if that still applies (the posts were from 14/15) now that the plans are to post more credit info such as payment history, credit limit amounts, balances, etc.

 

[Irishbazz]

In my Veda report they listed 10 credit enquiries since 2012, like you say even a Telstra and Vodafone check. Where as Experian, only seems to list major queries such as loan/CC applications.

 

[blueythecat]

Thanks for the explanation, do banks predominately use one provider over another or both, mixed?

I would imagine the banks would want as much data as is affordable to them and as such I'd imagine they use the data all the major reporting agencies have. I would imagine, and it is just my speculation as I don't work in the industry, that it is the data these reporting agencies hold that is most valuable to the banks rather than the credit score itself. The banks themselves hold a lot of data too, so I would imagine they blend all of the data sources together using a propitiatory algorithm to reach a score themselves, rather than basing credit approvals or rejections on the scores the agencies provide.

 

[robtemt]

Just as an update, I just received my Dun and Bradstreet report. 12 pages of absolutely nothing! 5 Enquiries since 2012! No record of any accounts, no record of any payment history. D&B report has no score, so I assume they leave it up to the creditor to assess risk. Won't bother looking at this report too often.

 

[johnny_yh2000]

Just as an update, I just received my Dun and Bradstreet report. 12 pages of absolutely nothing! 5 Enquiries since 2012! No record of any accounts, no record of any payment history. D&B report has no score, so I assume they leave it up to the creditor to assess risk. Won't bother looking at this report too often.

I'm the same as you. Was hoping to get a score, but out of those pages there aren't any scores?! So how exactly can I know what's my credit score sitting at...?

 

[robtemt]

I'm the same as you. Was hoping to get a score, but out of those pages there aren't any scores?! So how exactly can I know what's my credit score sitting at...?

I'm not sure what I was expecting. I know from previous work, that we relied on D&B scores to help shape the terms we would offer our retail customers (we were a seasonal sports apparel manufacturer). I think D&B is more business and small business oriented. Whether or not they want to break into the consumer credit reporting business, I don't know. Obviously very few consumer creditors report to them. GE (Go Mastercard), ANZ, CBA, and WP all listed enquiries, but no other reporting after that. 5 enquiries listed vs. 3 car loans/leases, 3 home/property loans, and at least 10 credit cards..... they aren't a player for my financial situation/needs....

 

[Captain Halliday]

I've just done a bit of a test re: credit scores which I thought might interest those of you churning cards.

I obtained my score a fortnight ago, knowing I was going to apply for a new card. I applied for and obtained said card (Citi with 15k credit).

This morning my score is 82 points lower. There has been no other activity that would have hit my credit history in that period.

There could be some other issue, but 82 points seems a big hit for a single card.

 

[cove]

Our US credit scores went down when Citi US lifted both of our credit limits. We received gushing messages so we took up the new limits. Now everything is on auto pay so it must have been the new credit card limits.....

 

[Renato1]

I am puzzled.
Where exactly does one get this Veda score?
I applied to Veda and got a nine page report titled "Individual Credit File" - but there is no score anywhere it that I can find.
Regards,
Renato

 

[blueythecat]

I am puzzled.
Where exactly does one get this Veda score?
I applied to Veda and got a nine page report titled "Individual Credit File" - but there is no score anywhere it that I can find.
Regards,
Renato

For a Veda score
https://www.getcreditscore.com.au should do the trick.

And for an Experian score https://www.creditsavvy.com.au should work for you.

Both services are free

 

[Renato1]

For a Veda score
https://www.getcreditscore.com.au should do the trick.

And for an Experian score https://www.creditsavvy.com.au should work for you.

Both services are free

Thanks very much for your help.
Regards,
Renato

 

[alexy23]

• Mid-july this year I applied for an ANZ CC - get instant approval of $15k. Cards sent out next day.
• Applied for Westpac the next day - $15k instant approval. Veda score went down to 598 (average but not bad).
• Applied for NAB early august - $3k approved but needed $6k, took 3 manual reviews to get it pushed through. Approved in the end - $6k, Veda score went to 563.
• Applied for Macquarie 2 weeks later (mid august) - after a shuffle around I end up getting declined (maybe they saw my history). Veda score went to 526.
  
• Stupidly applied for ANZ this morning thinking I could get it again - instantly declined. Veda score now down to 444.
  

ANZ informed me that my credit score is way too low, there is absolutely nothing they can do to get it pushed through. They said to wait 3 months and I will have no problem getting approved (in their words).

Then get this...

• Mid-july partner applied for AMEX. She was approved - credit score went to 692.
• Mid-aug partner applied for Macquarie. Declined after HR review (they are strict in general). Credit score to 651.

I'd estimate by mid-sept she'll be back at ~692. Which basically shows you could apply for a credit card every 6-8 weeks and fly under the umbrella.

Also need to remember as explained by ANZ, a credit score is generated after your lodgement. So if you lodge an application, they tell Veda first, then ask for the new calculated credit score (including the application you just submitted).

 

[burmans]

• Also need to remember as explained by ANZ, a credit score is generated after your lodgement. So if you lodge an application, they tell Veda first, then ask for the new calculated credit score (including the application you just submitted).

• 
  An implication of this if I am reading is correctly is that ANZ DO care about your score! My logic for saying this is that they don't need to wait until after your application is sent to Veda to know you have made an application (i.e. they know because its with them), so the only logical reason to wait is they are interested in the impact on your score including that application.
  

 

[alexy23]

What I'm getting at is that ANZ submit application to Veda, and Veda respond with your new score that's been adjusted to consider the new application. ANZ and other banks aren't checking Veda score and then putting in the application, it's the other way round. And yes they do care you are correct, she said she can't even manually review it as its against policy to give credit to someone with such a low score.

Its important to realise this as the assement is not on your current score (using getmycreditscore) but it's based on the new score once they file an application.

 

[Captain Halliday]

For anyone considering obtaining their credit score I'd be grateful you use my link https://www.getcreditscore.com.au/?utm_source=CrossPromoGCSbase&utm_campaign=641585

Disclosures: There is no cost to get your credit score. If you use my link to obtain your score I will receive 5 entries in a draw for $80,000 and a car.