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[Legoman]

To give you an idea from personal experience, back in Feb 2021 I had reason to change the bank account for the direct debit draw payment for one of my credit cards. Of course, the credit card provider didn't correctly update their records, so the next DD payment was drawn from the old account which had no money in it, so the payment bounced and was recorded on my credit file under RHI (Repayment History Info) as a black mark in Feb 2021. I knew about it straight away (meaning at the next monthly update in March) because at that time I had signed up for update alerts for significant changes. My credit score which was, like yours in the 900+ range, had dropped ~150 points to being just under 800. This was the only black mark of any kind on my record in over 15 years of history at that time.

I obviously appealed and got the black mark removed and the rating restored and guess how long that took before it was finally resolved? I still have the letters. Final letter of response and apology from the bank for their completely admitted stuff-up is dated 19 July 2021. Equifax, Illion and Experion all had to be contacted manually by letter from the bank involved (fortunately). It took from March to July to get reversed and that was for just one missed payment that was entirely the fault of the bank who issued the credit.

So yeah sure, it's all nonsense as Cynicor says and you can just go around willy nilly filling out applications left and right like it's still the lo-doc loan days of the 1980's and it'll all be fine. Go ahead, have a crack.

 

[Pushka]

To give you an idea from personal experience, back in Feb 2021 I had reason to change the bank account for the direct debit draw payment for one of my credit cards. Of course, the credit card provider didn't correctly update their records, so the next DD payment was drawn from the old account which had no money in it, so the payment bounced and was recorded on my credit file under RHI (Repayment History Info) as a black mark in Feb 2021. I knew about it straight away (meaning at the next monthly update in March) because at that time I had signed up for update alerts for significant changes. My credit score which was, like yours in the 900+ range, had dropped ~150 points to being just under 800. This was the only black mark of any kind on my record in over 15 years of history at that time.

I obviously appealed and got the black mark removed and the rating restored and guess how long that took before it was finally resolved? I still have the letters. Final letter of response and apology from the bank for their completely admitted stuff-up is dated 19 July 2021. Equifax, Illion and Experion all had to be contacted manually by letter from the bank involved (fortunately). It took from March to July to get reversed and that was for just one missed payment that was entirely the fault of the bank who issued the credit.

So yeah sure, it's all nonsense as Cynicor says and you can just go around willy nilly filling out applications left and right like it's still the lo-doc loan days of the 1980's and it'll all be fine. Go ahead, have a crack.

But that was a default issue not a credit card application so different handling of information. In order the grant a card I'd have expected the company to ping the credit rating immediately.

 

[serfty]

My rating dropped 30 points last year, just for applying to switch to a new power vendor ...

 

[Legoman]

Mine dropped 10 points last review just for signing up to a new ISP… and there's nothing even remotely credit related in that transaction whatsoever! I expect it will drop 10 when I switch ISP again come end of year.

 

[Pushka]

So I signed up for Equifax and it's still excellent, no points shown though. All the credit card queries are there but was also surprised to see an Amex query a couple of weeks ago. We've had the Amex for years and always pay in full on time, and that is reflected in that cards history shown on another page. Seems a bit strange but didn't apparently impact anything. Interestingly also another credit card ping for a card that I didnt bother going past the initial application. So that's three in the last 6 weeks. Oops.

 

[Jacques Vert]

I made an error in my InG application and knew as soon I clicked the submit that I'd doubled outgoings for a couple instead of my share,

A common error.
You need to show them how frugal you are.

 

[There'sOnlyOneJimmy]

Due to the recent 28* card changes, I’ve cancelled the card.
I’ve applied for the Bendigo Bank equivalent product, and received a text message (my bolding):

“Hi, your recent Bendigo Bank credit card application has been received. With an unprecedented increase in applications over the last 3/4 weeks, application progression has slowed considerably…”

It looks like the changes have caused a bit of an exodus…

 

[SYD]

Just a reminder, for those cancelling - request your freebie Flexiroam Global eSIM first. It should happily sit in your account up until 31 Dec 24 even if the cards cancelled.

 

[Viridis]

“Hi, your recent Bendigo Bank credit card application has been received. With an unprecedented increase in applications over the last 3/4 weeks, application progression has slowed considerably…”

It looks like the changes have caused a bit of an exodus…

Love it when “the market” works as intended

 

[Cynicor]

Yes, it drops with each application. And any month with no activity and normal repayments it goes up. Not sure why people care about the number, but I know for certain a few applications are nothing compared to the default, which clearly drops it. Surprise=0

 

[Flashback]

I got this as Wizard in 2013.
Closed via android app and requested letter by email.
Received email yesterday stating it was closed.

Today I received another email as below with a link.

“We wanted to let you know some information about your account.

Simply follow the link below to retrieve your letter.

Please note that this link will only be active for 14 days from today's date and if you would like to keep a copy of the letter, please save a copy.”

Anyone else received this and clicked on the link?
I am hesitant to click on any links.

Yes, it was a letter (in PDF format) that you can download and save.

 

[Legoman]

Yes, it drops with each application. And any month with no activity and normal repayments it goes up.

In 3 years of maxing out my Citibank card every single month via PayAll and making the normal repayment when due via direct debit and never missing a single one, my credit rating has never gone up by more than insignificant trivial amounts well within the margin of error.

 

[Coops1]

I guarantee it won't be 911/1000 anymore.
….
This is why the rule of thumb recommendation is only one credit application per 3 month period.

For myself, credit scores hardly change when I either apply for card(s) or close them. Sometimes I am lucky for it to move by 5 points once every 6 months. And I do apply regularly…..

 

[SYD]

For myself, credit scores hardly change when I either apply for card(s) or close them. Sometimes I am lucky for it to move by 5 points once every 6 months. And I do apply regularly…..

It’s the unsuccessful ones that take a chunk.

I was sitting on a near perfect score (circa 1075+ of 1200 with Equifax) and (ironically) applied for a modest credit limit increase for my 28° MC (it was getting a hammering and with more OS travel planned). Computer said “No” because I didn’t have salary income and it got all too hard. Score dropped to ~1040 (now back to 1059 after ~12 mths….not that it makes a big difference).

 

[Pushka]

It’s the unsuccessful ones that take a chunk.

I was sitting on a near perfect score (circa 1075+ of 1200 with Equifax) and (ironically) applied for a modest credit limit increase for my 28° MC (it was getting a hammering and with more OS travel planned). Computer said “No” because I didn’t have salary income and it got all too hard. Score dropped to ~1040 (now back to 1059 after ~12 mths….not that it makes a big difference).

Where are the points in Equifax? I can't see them. Only a free account so maybe it's that?

 

[SYD]

Where are the points in Equifax? I can't see them. Only a free account so maybe it's that?

Wisr shows both but I had a subscription for Experian thanks to the Optus data breach. When that expired I opened Wisr.

 

[burmans]

Takes about a month to update. It's not a live and dynamic thing. Credit Ratings are only updated on a monthly basis unless something extreme happens like fleeing the country under an arrest warrant. They look at the figures every month and adjust depending on any reported changes to their measurement criteria. ING and your other credit provider haven't even got around to reporting your applications yet, let alone the agency updating your rating. Give it at least a month, maybe two before looking again. I guarantee it won't be 911/1000 anymore.

This is why the rule of thumb recommendation is only one credit application per 3 month period. Any more than that and the reporting agencies will likely get hit with multiple application request reports all at the same time, which on the surface looks a lot worse.

I think you are confusing repayment history and applications. The bureau knows you have made an application almost immediately because under the principle of reciprocity (you have to give to get), it’s the application that allows them to give the credit history/score (not that score is particularly relevant to most lenders). Repayment history you are correct, monthly and they must provide within about 10 days of EOM

 

[RAM]

The different agencies all have a different ‘recipe’ using nearly identical ingredients (funny that).
The credit score is not for your benefit in the slightest (no surprise there) - but for the lender or vendor to see how likely they’ll make money (on avg) to people with that score +/or make more money from.
For example: A has $20,000 monthly AT income, never had a loan nor mortgage and a single CC fee free that replaced another one 2 years ago, with auto balance pay and limit of $10,000.
B earns $5,000 AT a month, has $375,000 left on a mortgage, a $35,000 car lease, 5 CCs with total limits of $35,000 and typically has a balance/use of $3,000/month. Oldest CC is 13 years, 10, 8, 7 and 4 - 3 with annual fee, one in loan package and one free.

Guess who has the significantly larger credit score?

 

[Legoman]

The different agencies all have a different ‘recipe’ using nearly identical ingredients (funny that).
The credit score is not for your benefit in the slightest (no surprise there) - but for the lender or vendor to see how likely they’ll make money (on avg) to people with that score +/or make more money from.
For example: A has $20,000 monthly AT income, never had a loan nor mortgage and a single CC fee free that replaced another one 2 years ago, with auto balance pay and limit of $10,000.
B earns $5,000 AT a month, has $375,000 left on a mortgage, a $35,000 car lease, 5 CCs with total limits of $35,000 and typically has a balance/use of $3,000/month. Oldest CC is 13 years, 10, 8, 7 and 4 - 3 with annual fee, one in loan package and one free.

Guess who has the significantly larger credit score?

Most of this is <redacted> not included in, or has any way of being known by the credit bureau. After tax incomes, past loans and mortgages, annual fees, direct debit payment arrangements, issuance as part/parcel of loan/mortgage or applied standalone are not things the credit agencies know <redacted>.

It may yet get to this sort of granular detail, but it's not there yet.

 

[mel-world]

Let's keep the discussion civil and relevant to the subject of the thread.