Veda Credit Scores and American Express Applications (esp Plat Charge)

[Pleb Status]

Just received the following email from Veda.....

Changes to VedaScore
​

Dear Grounded,

We are moving to a new and improved version of VedaScore! The new version takes into consideration full comprehensive credit reporting information.This means things like monthly loan and credit card repayments will be included when determining your credit worthiness. This change will take effect 10 January 2017.

What this change means for you?

• Different VedaScore – most members will see an immediate change in their score the minute we change over. This is a good thing as more information is being used to assess your credit worthiness.

• Your VedaScore will change over time - your score will change more frequently over time as more financial providers contribute positive information to your credit report.*

• The factors that impact your VedaScore have changed – for example where credit limit and current repayment status information is available it can now be included in the score calculation.

For more information on what impacts your score and how you can manage it, please visit the Knowledge Area in the Your Credit and Identity portal.

Kind regards,

The Veda Team

*Please note not all financial providers supply comprehensive credit reporting information so your score may not change.

Last chance to get your 'old' Veda score tonight according to the above. Just checked mine and it has gone up by 18 points after not moving at all for the last four months.

I will leave it until Wednesday to see what effect (if any) the 'new' calculation has on it. Realistically, it needs to increase by at least 200 to be anything close to correct.

 

[grounded]

I just logged into Veda this morning and I have no score ... no data, blank ... broken. Oh Veda.

 

[fairbasa]

Mine is just unchanged from yesterday?

 

[nightelves]

I just logged into Veda this morning and I have no score ... no data, blank ... broken. Oh Veda.

Yeah same. Hope they compensate us with 200 pts bonus for their incompetence.

 

[coles525]

Mmmm... what is happening to the veda website? (Ie: blank).

My monthly veda alert only occured within the last week.

 

[burmans]

Upgrade problems.

 

[Tiggerstoes]

Still the same score as prior to the upgrade as per getcreditscore.
Veda is still blank.
Well.. so much for that!

 

[burmans]

Reports would suggest they had a disaster in their upgrade and backed it out!

 

[SOPOOR]

ok,im a bit confused I had a very very clean credti record and a score of 750

I applied last week for an explorer card, card was approved today,

I just checked my veda score via getcreditscore.com.au and its gone upto 758

does that mean amex didnt check? or my application has been noted but increased my score because of me being active, or is the website not updated yet????

 

[andye]

ok,im a bit confused I had a very very clean credti record and a score of 750

I applied last week for an explorer card, card was approved today,

I just checked my veda score via getcreditscore.com.au and its gone upto 758

does that mean amex didnt check? or my application has been noted but increased my score because of me being active, or is the website not updated yet????

Another thread says that veda score only updated monthly, which surprised me

 

[SOPOOR]

Another thread says that veda score only updated monthly, which surprised me

hmm, if this were true, wouldnt that mean that you could apply for a zillion credit cards at the start of the month? and get them all?

 

[andye]

hmm, if this were true, wouldnt that mean that you could apply for a zillion credit cards at the start of the month? and get them all?

Thats why it surprised me

 

[fairbasa]

I know that's what Veda say but I've personally seen a friend check their credit score, apply for a card, check it the next day and seen a higher score reflected, applied again for another card, checked the next day and the score had dropped signficantly. Doesn't fit with the monthly updates.

I think it updates monthly OR upon a credit inquiry. This is why you sometimes get a higher score after applying for a card.

 

[andye]

I know that's what Veda say but I've personally seen a friend check their credit score, apply for a card, check it the next day and seen a higher score reflected, applied again for another card, checked the next day and the score had dropped signficantly. Doesn't fit with the monthly updates.

I think it updates monthly OR upon a credit inquiry. This is why you sometimes get a higher score after applying for a card.

That makes sense to me

 

[SOPOOR]

I know that's what Veda say but I've personally seen a friend check their credit score, apply for a card, check it the next day and seen a higher score reflected, applied again for another card, checked the next day and the score had dropped signficantly. Doesn't fit with the monthly updates.

I think it updates monthly OR upon a credit inquiry. This is why you sometimes get a higher score after applying for a card.

so its possible to increase after an application? assuming nothing else is going on credit wise

 

[burmans]

so its possible to increase after an application? assuming nothing else is going on credit wise

Yes, it definitely will (potentially) update with any new information and may increase (home loan applications are the main obvious reason for an increase).

 

[WeeWillyWonka]

Logged in prior to Jan 10 and saw that my score was 655 - good.

Logged in today to see that my score is 655 - average

O-0

 

[nightelves]

Just had a look at my credit file. Is there a reason why Amex would access your file each and every months? Heard someone mentioned they experienced the same problem and whether this impacts the credit file in any way?

 

[SOPOOR]

Just had a look at my credit file. Is there a reason why Amex would access your file each and every months? Heard someone mentioned they experienced the same problem and whether this impacts the credit file in any way?

I am not sure why they do it but its pretty common,

I had a virgin card for years and never used it since day one, and my credit file had westpac access every quarter or bi yearly or something,

didnt affect credit
I dobut it will with the new system

 

[TomVexille]

Just had a look at my credit file. Is there a reason why Amex would access your file each and every months? Heard someone mentioned they experienced the same problem and whether this impacts the credit file in any way?

HSBC also seem to check monthly. I'm guessing that as it's not an enquiry it doesn't have a negative impact. Could this possibly be a result of CCR and credit providers reporting to Veda?