Credit savvy or getcreditscore?

[mike0430]

Dear AFF experts,

My partner and I have recently applied Nab signature credit card back in Feb, and when we login into credit savvy we noticed for some reason there are 3 x credit enquires (1 x credit enquiry and 2 x new credit account has been listed on your credit file) on each of our credit file. This has also bring down our credit score on credit savvy from 770 o 500, we were so worried so immediately when and checked credit score on getcreditscore, and found score showing there is perfectly normally (above 750).
My question is:
Does nab generally do 3 x credit enquiry (1 x credit enquiry and 2 x new credit account has been listed on your credit file) for each credit card application? Is there an chance this was just an error by creditsavvy?
which score sauce should I Rely on, creditsavvy or getcreditscore?

Thanks heaps

Mike

 

[Forg]

Do credit enquiries now affect your credit score in Australia?
That used not to be true, and it was just an assumption people made here due to US TV/movies.

 

[mike0430]

Do credit enquiries now affect your credit score in Australia?
That used not to be true, and it was just an assumption people made here due to US TV/movies.

Sorry 3 x credit enquiries were made up by 1 x credit enquiry and 2 x new credit account has been listed on your credit file (not sure what this means).

 

[Captain Halliday]

Dear AFF experts,

My partner and I have recently applied Nab signature credit card back in Feb, and when we login into credit savvy we noticed for some reason there are 3 x credit enquires (1 x credit enquiry and 2 x new credit account has been listed on your credit file) on each of our credit file. This has also bring down our credit score on credit savvy from 770 o 500, we were so worried so immediately when and checked credit score on getcreditscore, and found score showing there is perfectly normally (above 750).
My question is:
Does nab generally do 3 x credit enquiry (1 x credit enquiry and 2 x new credit account has been listed on your credit file) for each credit card application? Is there an chance this was just an error by creditsavvy?
which score sauce should I Rely on, creditsavvy or getcreditscore?

Thanks heaps

Mike

It sounds to me that you’ve had a credit check by NAB when you applied.

Then when your card was issued (and I’m guessing a supplementary card for your partner), NAB has listed two new credit accounts on your file.

The credit accounts shouldn’t be additional credit enquirers, but with CCR now underway will be recorded so other lenders know how much credit has already been extended to you.

 

[Boca68]

As Captain Halliday stated. That would explain the entries on your file.

But, I'd be surprised if you score dropped from 770 to 500 just on that. I'd expect a drop, but to around the 650/675 mark. It will recover in a couple of months, unless you make more applications.

 

[banger2]

Why not get a copy of your credit file and see exactly what information it holds? As a consumer I would generally rely on Equifax for this. Equifax isn't the only provider of credit information, but they usually have the most comprehensive data for individuals.

Its also wise to sign up with Equifax (which gives you a copy of your file at least yearly with your renewal)...it'll notify you when an entry is made on your credit file (it also identifies what data is entered) - helps to reduce the chances of identity theft (and fraudulent credit applications proceeding). I don't have any shares in Equifax (!!), its just sensible protection in this age of identity theft and how important our credit histories are, and are about to become even more so.

My GF recently upped her CC limit, CBA put an entry on her file and her score lowered by 51 points. I would think that different factors on your file may effect the change from a similar event - ie everyone will not be affected the same by the same event.

I introduce loans in the automotive sector, and very soon, one of our lenders will use your credit score to determine the rate on your contract - like the system in the USA and other countries.....so protecting your credit score (and even knowing it) is likely to become much more important across the board with the imminent changes from our current negative reporting system to more comprehensive system.