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

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Ok, not so upset now. Just checked hubbys Veda score and he has also dropped 170 points to 822, and he has not applied for any new cards for about 7 months, it must be the new reporting that is affecting our score.
I am still 2 points ahead of him (yes, I like to win :D)
 
With the Edge application passing over the one year mark, I have received an increase of 46 over last month. The new score is still about 200 lower than what it realistically should be.
 
It's interesting the way the new Veda scores seem to have dropped quite a bit. It will be interesting to see if they level out over the next few months.
 
blueythecat said:
It's interesting the way the new Veda scores seem to have dropped quite a bit. It will be interesting to see if they level out over the next few months.
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Ignoring the scores for a bit, has anyone actually seen their credit report recently, am interested in how many credit providers are actually contributing Comprehensive Credit Reporting data. Given I believe my home loan data would cause my score to improve I suspect Comm Bank are NOT doing so.
 
My report Veda report comes out on 20 Feb. Interestingly, my score dropped around November and hasn't moved since despite 3 more cc applications. (The last one, the third NAB in 12 months, shows a limit of $2000 on the card, but I decided to change the application to a plat card w' a limit of 6K. NAB did not recheck).

burmans said:
Ignoring the scores for a bit, has anyone actually seen their credit report recently, am interested in how many credit providers are actually contributing Comprehensive Credit Reporting data. Given I believe my home loan data would cause my score to improve I suspect Comm Bank are NOT doing so.
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My veda dropped 13 points with a complimentary Reserve application (my third application in last 12 months)
 
Recently new to the Amex train.
Applied and approved for the Qantas Platinum Credit Card yesterday. Veda score dropped from 700 to 648.

For the inquisitive:
Applied and approved for Personal Loan via Bankwest 3 months ago
Applied and approved for Bankwest Zero Credit Card last month (testing the waters on credit card applications).
Since the Bankwest CC was approved, decided to give Amex a shot and was instantly approved.
Excluding the above, I had 7 additional credit card inquiries over the last five years, with no defaults, good repayment history etc
Current salary is just over $75k

Unsure of the Amex credit limit as it didn't advise me at approval, guess I'll find out when the card arrives.
Now need to teach myself the Amex tips and tricks in order to maximise Qantas points earn, across the options I have at my disposal.
 
benjy said:
Recently new to the Amex train.
Applied and approved for the Qantas Platinum Credit Card yesterday. Veda score dropped from 700 to 648.

For the inquisitive:
Applied and approved for Personal Loan via Bankwest 3 months ago
Applied and approved for Bankwest Zero Credit Card last month (testing the waters on credit card applications).
Since the Bankwest CC was approved, decided to give Amex a shot and was instantly approved.
Excluding the above, I had 7 additional credit card inquiries over the last five years, with no defaults, good repayment history etc
Current salary is just over $75k

Unsure of the Amex credit limit as it didn't advise me at approval, guess I'll find out when the card arrives.
Now need to teach myself the Amex tips and tricks in order to maximise Qantas points earn, across the options I have at my disposal.
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The big drop might be a result of this being three credit products in three months, rather than the amex product itself.
 
Has anyone done two AmEx applications within the same day? Do they show up as 2 separate credit enquiries?
 
AMEX have offered me a credit limit increase on my Platinum Edge. If I accept, will it affect my credit score negatively? Anyone had an experience with this situation?
 
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fairbasa said:
You sure about that? My understanding is it will.
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My understanding is that it varies. An application for additional credit does entitle them to access your credit file, whether they actually do is however up to them (and there is a cost) so my understanding is they don't always. What their actual rules are around this though, I wouldn't have a clue.
 
Generally never had a hit to my credit by accepting a limit increase offer. Been a while since I've been offered one by anyone even though I've opted it.
ANZ has offered an opportunity to 'apply' for a pre set amount and they confirmed they'd need to assess me (to be responsible lenders) and do a Veda check like they would if I'd initiated it. I didn't need any extra credit so didn't apply.
 
If you do two Amex applications on the same day, yes, you will get two enquiries, however if you put in a correction submission to Equifax (as it's now stupidly called) for a duplicate enquiry, they will remove the second one.
 
fairbasa said:
You sure about that? My understanding is it will.
Click to expand...

If you apply for a limit increase, there's a chance it'll result in a credit hit, although not always.
But if they actually offer it to you and you simply accept it, it's very unlikely that they will do a credit check.
 
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