Just got my first credit score

[Renato1]

My Experian Credit score was a lousy 563 - just 14 points above the "Below Average" score of 549. I applied for the Citibank Signature card, Citibank checked with Experian, and my score remains the same so far.

My Veda score has now dropped from 636 to 622, which is at the absolute bottom of "Okay".

And I have been approved for the card (I am looking forward to earning a cent a point on Visa transactions).

So, in my case, a credit card application has led to a 14 point drop against one score.
Regards,
Renato

 

[dairyfloss]

Wow- I'm at 943 on Veda, and that's with a few large [competing] home loan pre-approval applications in the last 6 months... No credit card applications, though. How high does it go before they start offering you a job at the IMF?

 

[Renato1]

Wow- I'm at 943 on Veda, and that's with a few large [competing] home loan pre-approval applications in the last 6 months... No credit card applications, though. How high does it go before they start offering you a job at the IMF?

By way of contrast, my wife has a higher score than yours - and her income is pocket money for her shopping expenses, not enough to get a new credit card.

When you get your score from either they tell you what the highest score is for Excellent - I saw it last night, but I can't remember it.
Regards,
Renato

 

[TomVexille]

By way of contrast, my wife has a higher score than yours - and her income is pocket money for her shopping expenses, not enough to get a new credit card.

When you get your score from either they tell you what the highest score is for Excellent - I saw it last night, but I can't remember it.
Regards,
Renato

Income has zero influence on scores.

 

[burmans]

Wow- I'm at 943 on Veda, and that's with a few large [competing] home loan pre-approval applications in the last 6 months... No credit card applications, though.

Unlike credit Cards, Home loans can actually increase your score (research has shown the home owners tend to be much better payers). Unfortunately its more the 5 years since my last home loan application so this has ben removed from Veda info and hence is not used in calculating my score. So am actively considering the idea of a small home loan topup to increase my score.

 

[Moindardt]

Maybe that NAB one with the points??

 

[Renato1]

Income has zero influence on scores.

Very true, and neither does security of income, nor liquid assets, nor net assets.
These scores would seem to be pretty hopeless predictors.
Cheers,
Renato

 

[burmans]

Very true, and neither does security of income, nor liquid assets, nor net assets.
These scores would seem to be pretty hopeless predictors.

Actually they have been proven pretty good at predicting future default (though by no means perfect). People on pretty low incomes can still be pretty good at living within that income, whereas there are many high profile examples of people with high incomes, high assets etc. who still manage to go bust pretty dramatically.

 

[Finale]

I was at around 720 in Aug then I applied for 3 cards in one week (1 rejection). It went down to 636 in Sep. It then went up to 670 Oct when my partner and I went on a weekend getaway and really liked an apartment so we decided to get a home loan. I'm quite curious to see what my score will be like next month.

The bank asked me for details of those 3 inquires and I basically told them I signed up for bonus points for free flights. We got a formal approval now so looks like the bank didn't care much about those credit cards (total limit was around 50k) but it could also be my partner whose score was 950! (has some other loans like margin and home )

The question is when can I (or should I) sign up for a credit card again after getting a home loan?

Thanks a lot!

 

[burmans]

I was at around 720 in Aug then I applied for 3 cards in one week (1 rejection). It went down to 636 in Sep. It then went up to 670 Oct when my partner and I went on a weekend getaway and really liked an apartment so we decided to get a home loan. I'm quite curious to see what my score will be like next month.

The bank asked me for details of those 3 inquires and I basically told them I signed up for bonus points for free flights. We got a formal approval now so looks like the bank didn't care much about those credit cards (total limit was around 50k) but it could also be my partner whose score was 950! (has some other loans like margin and home )

The question is when can I (or should I) sign up for a credit card again after getting a home loan?

Thanks a lot!

As you have seen, home loans are regarded as less risky and indeed are regarded as making you a better credit risk. Not for me to postulate why (and banks wont tell you why) but this definitely does seem to be based on statistical evidence from what I have been told by those in the credit report industry.

 

[Irishbazz]

The question is when can I (or should I) sign up for a credit card again after getting a home loan?

Thanks a lot!

In my case, applied for a card after unconditional approval given. The bank only checked credit agencies at conditional approval stage.

 

[Pierre_a]

I continue to be baffled by this credit score business. When I started this game I was in mid 800s, a couple of applications resulted in a small decline. A cancellation resulted in a collapse to 575 or so - go figure. Three months with no applications gets me back to an 'okay' score of 620. So I make another application last week and suddenly I'm a very good prospect again with a score shooting back up to 725.

 

[andye]

I continue to be baffled by this credit score business. When I started this game I was in mid 800s, a couple of applications resulted in a small decline. A cancellation resulted in a collapse to 575 or so - go figure. Three months with no applications gets me back to an 'okay' score of 620. So I make another application last week and suddenly I'm a very good prospect again with a score shooting back up to 725.

Maybe things are dropping off the other end.I'm hoping for a boost when two car loan approvals from 2011 expire next month

 

[exceladdict]

Maybe things are dropping off the other end.I'm hoping for a boost when two car loan approvals from 2011 expire next month

Charting them out on a grid with month on one axis and year on the other will help reveal patterns. I notice my experian score changes when cards go from 12 to 13 months in the past.

 

[Pierre_a]

Charting them out on a grid with month on one axis and year on the other will help reveal patterns. I notice my experian score changes when cards go from 12 to 13 months in the past.

Perhaps, I did have an application last October. Its also the scale of the changes that puzzle me - over a hundred points to the good for one application dropping off?

I'll just take the opportunity to apply for another card as soon as I have this latest bonus!

 

[andye]

My Veda renewal application didn't process (probably as I used a Coles Gift Mastercard as the payment option). Veda cancelled my subscription without a 'please explain'. Anyway all to the good, as I have now found I can get my veda score twice a month for free via getcreditscore (as well as my Experian score via creditsavvy).

 

[Ozgirl]

Unlike credit Cards, Home loans can actually increase your score (research has shown the home owners tend to be much better payers). Unfortunately its more the 5 years since my last home loan application so this has ben removed from Veda info and hence is not used in calculating my score. So am actively considering the idea of a small home loan topup to increase my score.

Hmmm - I am at 942

Sold a place 6mths ago - maybe refinance under 5years ago.

Just applied for a new mortgage.

will be interested in seeing my score post that!

Once that is done I am def signing up to a new card.

 

[Pushka]

934. It says Excellent.

Interesting. We just refinanced a loan on our Investment property this week, and score has dropped to 810 - still very good. Thought it might have dropped a little more.

 

[Steady]

Does anyone have experience with this free credit score provider?

Seems to be scoring from Dunn & Bradshaw data rather than Veda or Experian?

https://www.creditsimple.com.au/

Credit Simple is part of a group of companies that includes Dun & Bradstreet (Australia) Pty Ltd, a leading credit bureau in Australia. Credit Simple operates entirely separately from Dun & Bradstreet and has complete independence.

 

[BillytheFIsh]

I always have a pretty average to terrible score due to churning, but perhaps I should be a little more concerned about my latest score...