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

[albyd]

Mine dropped 80 after my Amex explorer application. Seems to have gained back about 16 already.

 

[Dr Ralph]

For credit score you need to go here: https://www.getcreditscore.com.au/

or https://www.creditsavvy.com.au/ for a different view

 

[exceladdict]

or https://www.creditsavvy.com.au/ for a different view

For credit score you need to go here: https://www.getcreditscore.com.au/

Creditsavvy shows your experian score; getcreditscore your veda score.

 

[Dr Ralph]

Creditsavvy shows your experian score; getcreditscore your veda score.

'for a different view'

 

[exceladdict]

or https://www.creditsavvy.com.au/ for a different view

'for a different view'

fair point; but just wanted to point out they're different agencies that use different scales (out of 1200 vs out of 1000) to pre-empt "why is my score so different"-type questions.

 

[fairbasa]

Anyone heard any more on this? It's been 9 days now...

 

[grounded]

I'm a paying customer of Veda and I emailed them asking why my score disappeared for a day on the 10th then on the 11th reverted back to the pre-CCR score; no response.

 

[WeeWillyWonka]

I'm a paying customer of Veda and I emailed them asking why my score disappeared for a day on the 10th then on the 11th reverted back to the pre-CCR score; no response.

I've emailed the company multiple times without response regarding a range of issues. Best way I've received an answer is to call and wait on the line until your hair turns grey.

 

[hachoo]

Applied for the Explorer Card and according to creditsavvy - went down 20 points but 80 according to - Veda

 

[avante]

Dropped 41 after applying for the Explorer and I don't even know if I've been approved yet. Sent income docs through yesterday.

 

[burmans]

Dropped 41 after applying for the Explorer and I don't even know if I've been approved yet.

Yep, as noted previously under negative reporting all that gets reported is an application, not approvals (or closures). Credit Bureaus can only score on the information they have got.

 

[avante]

Yep, as noted previously under negative reporting all that gets reported is an application, not approvals (or closures). Credit Bureaus can only score on the information they have got.[/QUOTE
Ah ok I have wondered if declines cause a larger drop in credit score but based on what you're saying, I guess not? I've only been declined credit once (by Westpac) and I copped a 80 point fall during that time so that was how I arrived at my hypothesis.

 

[burmans]

Yep, as noted previously under negative reporting all that gets reported is an application, not approvals (or closures). Credit Bureaus can only score on the information they have got.

Ah ok I have wondered if declines cause a larger drop in credit score but based on what you're saying, I guess not? I've only been declined credit once (by Westpac) and I copped a 80 point fall during that time so that was how I arrived at my hypothesis.

That's for the current credit reporting regime. When Veda finally manage to get Comprehensive Credit Reporting working they will have more information, including (for those lenders who opt in to providing this information), details of each loan, e.g. type of lending, your limits, open dates and payment history over last 24 months.
So clearly they would then know if you actually have an account of not, but the fact you don't could mean you have been declined but could also mean you decided not go through with the loan. Unsure how Veda would treat this information.

 

[get me outta here]

My Veda m'ship is due to be paid in 4 weeks for $68.71. Does anyone have a way of getting a better price deal on that pa fee?

May be a tad OT but this seems to be the most active thread on Veda.

 

[SuperSaeen]

Depends on what you are using the membership for, if it's just to track your score, then the option can be to use the free service by 'free credit score' and 'credit savvy' websites for Veda and Experian scores.

This option doesn't help, if you use the membership for security reasons and would like instant updates of any credit activity on your file.

 

[SOPOOR]

Usually I have no luck with anythign credit wise, even though I have a clean credit file

however , I am super super impressed by my credit score changes


before application, credit score was 750
afte applying for explorer, goes up to 756
after applying for plat edge two days ago
after applying for nab platnium, about 8 hours ago, credit score is 740

im shocked, does this mean that i can keep on applying and as long as Imeet the requiremetnfs I could keep on going and going and going?

if so annual fee free cards a re looking very attractive

 

[Dr Ralph]

Usually I have no luck with anythign credit wise, even though I have a clean credit file

however , I am super super impressed by my credit score changes


before application, credit score was 750
afte applying for explorer, goes up to 756
after applying for plat edge two days ago
after applying for nab platnium, about 8 hours ago, credit score is 740

im shocked, does this mean that i can keep on applying and as long as Imeet the requiremetnfs I could keep on going and going and going?

if so annual fee free cards a re looking very attractive

As you would have seen discussed in many threads, credit score is just one factor in the assessment of any credit card application. And for many financial institutions it isn't even relevant.

 

[albyd]

Credit score doesn't change instantly. Usually at the end of the month.

 

[SOPOOR]

Credit score doesn't change instantly. Usually at the end of the month.

Mine have changed 3 times in 2 weeks

 

[albyd]

That's interesting. Mine only ever changes at the end of the month. Having said that, apart from monthly check, I usually check just after and in a month when I've made a credit application.