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

[SOPOOR]

mine has gone from 750s to 518 after applying for nab plat card, anz and st george

ouchy!

 

[fairbasa]

I find it updates after an application.

Getting 3 credit cards in quick succession is sure to make your score take a plunge!

 

[SOPOOR]

I find it updates after an application.

Getting 3 credit cards in quick succession is sure to make your score take a plunge!

Is 518 a bad score in the scheme of things?

I know multiple successive apps are bad but I assume thst multiple apps with the same scores is worse then no multiple apps with same score

 

[grounded]

Is 518 a bad score in the scheme of things?

Only if you plan on applying for more credit. In my experience, a score starting with a 5 is likely to cause an auto-rejection. Took me about 6 months of resting to recover to a 650+ score.

 

[albyd]

Mine went from 864 to 816 in December when I applied for Amex explorer to 766 in January when I had no activity or applications. Assuming this is the new 'methodology' kicking in?

 

[nightelves]

Had a score of 488 and was approved for an Amex Explorer.

 

[annielee]

getcreditscore went down to 510 (creditsavvy still at 820) after Amex platinum edge ! guess i will be 'resting' for few more month before applying..

 

[Bindibuys]

My veda score is 994, applied & approved for Amex (wanted those 100,000 qf points) will be interesting to watch for changes.

 

[exceladdict]

getcreditscore went down to 510 (creditsavvy still at 820) after Amex platinum edge ! guess i will be 'resting' for few more month before applying..

Did you tick the 'apply for max limit based on my income'? I am careful not to do that with amex anymore, I was quite surprised when I was offered over 25% of my pre-tax annual income in credit as a new customer. That put a dent in my score.

Mine went from 864 to 816 in December when I applied for Amex explorer to 766 in January when I had no activity or applications. Assuming this is the new 'methodology' kicking in?

Could be something positive (i.e. a home loan) dropping out of a 12, 24 or 36 month window.

 

[annielee]

i've read forums before applying amex and i didnt tick 'apply max limit', instead i chose the lowest limit, guess i will stop applying for at least 6 months now..

Did you tick the 'apply for max limit based on my income'? I am careful not to do that with amex anymore, I was quite surprised when I was offered over 25% of my pre-tax annual income in credit as a new customer. That put a dent in my score.

 

[SOPOOR]

I find it updates after an application.

Getting 3 credit cards in quick succession is sure to make your score take a plunge!

im still trying to underst and the system, do you think hypothetically appliyng for 3 in a day your score will be worse off then say 3 in 6 months assuming your

score doesnt chang ein between??

My veda score is 994, applied & approved for Amex (wanted those 100,000 qf points) will be interesting to watch for changes.

how on earth does one get a veda score of close to 1000?

I thought mine should have been pretty good since i havent applied for a card like for ever!

Had a score of 488 and was approved for an Amex Explorer.

its been mentioend that amex rarely or never checks credit scores for applcaitions,
my one went up slightly so I think no check would have been the case

Is 518 a bad score in the scheme of things?

I know multiple successive apps are bad but I assume thst multiple apps with the same scores is worse then no multiple apps with same score

I thought maybe 500s were average and fine for credit card, but im not so sure now,

still decident if I should for a lower card on the same company I got rejected from last week ;(

 

[exceladdict]

im still trying to underst and the system, do you think hypothetically appliyng for 3 in a day your score will be worse off then say 3 in 6 months assuming your

score doesnt chang ein between??






how on earth does one get a veda score of close to 1000?

I thought mine should have been pretty good since i havent applied for a card like for ever!




its been mentioend that amex rarely or never checks credit scores for applcaitions,
my one went up slightly so I think no check would have been the case





I thought maybe 500s were average and fine for credit card, but im not so sure now,

still decident if I should for a lower card on the same company I got rejected from last week ;(

1. Three in a day will make a shorter term pain. It will look to a bank like you are shopping around for credit. But after 12/24/36 months, they will all drop off your report, and it may jump by more.

2. I don't think this is correct. Amex have checked my file and Mrs excels file for every application, and sometimes while an account is open they will do a check up just for good measure.

3. Don't. But do call to ask why you were rejected so you can take it in to account for future applications

 

[Bindibuys]

My Veda score has been 994 since I first purchased their alerts system. The day I applied for the Amex card, I received an email telling me my "file" had been accessed by Amex. So I know for a fact they checked my rating (or what ever) Now I wait to see if my score drops/increases because of this imprint.

 

[SOPOOR]

1. Three in a day will make a shorter term pain. It will look to a bank like you are shopping around for credit. But after 12/24/36 months, they will all drop off your report, and it may jump by more.

2. I don't think this is correct. Amex have checked my file and Mrs excels file for every application, and sometimes while an account is open they will do a check up just for good measure.

3. Don't. But do call to ask why you were rejected so you can take it in to account for future applications

thanks for that

I think I will call the banks tomorrow for the rejection reason,

I would have thought with such a clean history and no defaults or issues , if I satisfied the income requiremetns I would be fine

 

[2tall4Y]

SOPOOR, I have been reading your posts on a number of threads about your recent credit card applications, and it seems like you have applied for a number of cards in a short space of time (at least partly) on the assumption that you would be approved because you met the income requirements. Don't forget that among a range of factors beyond income, banks will likely look at your current credit card limits as well as your usage of these limits in deciding whether or not to extend you credit. So after successfully applying for a few cards, you shouldn't be surprised at getting rejected as you have likely reached a point where banks don't want to provide you with more credit.

What are your current credit card limits as a share of your gross income? In my case this figure is roughly 25%, and I haven't had any trouble with recent applications (I am sure that others have higher limits relative to income and I suspect I could increase my limits further without much trouble). The banks will probably also think about your credit limits relative to any assets you may have, so in reality it's likely more complex than a simply limits/income ratio, but the point I am trying to make is that there is more to getting a credit card than simply meeting the income requirement.

As others have suggested on this thread and elsewhere, it is probably best for you to sit tight on your current cards, eventually cancel one of them once you have you got your bonus points and try again with another application (for as low a limit as you practically possible).

thanks for that

I think I will call the banks tomorrow for the rejection reason,

I would have thought with such a clean history and no defaults or issues , if I satisfied the income requiremetns I would be fine

 

[exceladdict]

Amex QF Ultimate impacted my experian score by 73. Credit limit granted was significantly higher than I intended applying for, but the exact amount is not listed on experian report. Veda dropped by 45.

 

[Bindibuys]

My new veda score is 824, down 170 from 994 from the Amex application. Now to see how long it takes to go back up.....

 

[Steady]

My new veda score is 824, down 170 from 994 from the Amex application. Now to see how long it takes to go back up.....

Or you could get another card with a big signup bonus and see how much further it goes down.....

 

[blueythecat]

Had a score of 488 and was approved for an Amex Explorer.

Nice. That shows how credit scores only make up a fraction of the application input.

 

[blueythecat]

its been mentioend that amex rarely or never checks credit scores for applcaitions,
my one went up slightly so I think no check would have been the case

Everyone's experience is different, but in my case, and I've applied for quite a few AMEX cards, they have always done a credit check prior to approving my application (with both major credit reporting agencies).