Sudden Death on Credit Savvy

[deebens]

I'd push back and see if you can get an actual credit assessor to take a look.

Yeah might look into it. It was a straight rejection, they are my main bank so I guess that's why they didn't go further with verification.

If not I guess I'll be waiting for July until more companies start reporting.

 

[burmans]

I'd push back and see if you can get an actual credit assessor to take a look.

Would also suggest you go to the relevant credit agency to have a look at your report, there may be mistakes on it you are unaware of.

 

[I love to travel]

I think additional credit reports in July even 100% on time ones will make things worse. Despite the information they are providing it appears all information is bad to your score.

 

[deebens]

Alright, maybe jumped the gun. Took the advice and tried to speak to an assessor, not sure if I did, but spoke to someone in the cards team who told me it was canned because there's a card showing as overdrawn, yet closed. Said it was a mastercard and I haven't had one of those with Westpac for probably a decade. So it's been kicked up the chain for further assessment.

However, I had this same card which I closed just over a year ago, which is why I was going back to the well. What's interesting is, this old overdrawn card didn't show up as an issue when I successfully applied in Nov 16.

 

[EestiTiger]

It is a bit of a shambles at the moment...

Last month my score dropped into the below average range with no applications and no adverse events. Today my score went from below average to good in one hit with no activity in prior month.

 

[deebens]

I'd push back and see if you can get an actual credit assessor to take a look.

Approved this morning. Thanks. Didn't get a credit assessor, but as noted they found a long closed card hanging around which caused the rejection.

 

[swordfish]

What's the point in checking your savvy score when I've read that Equifax give a more accurate reading (since they have more data) as they are used by most lenders? So lately I've just been using getcreditscore

 

[mviy]

Not all lenders use the same credit agency. And some check multiple ones. It’s possible to have incorrect info on your file for one and not the other.

 

[Mr_Orange]

My score just bounced up to right where it came from. Is it possible the dips in everyone's score were an anomoly due to a change in the system to cater for the new reporting which has now been rectified?

 

[kelvedon]

My score just bounced up to right where it came from. Is it possible the dips in everyone's score were an anomoly due to a change in the system to cater for the new reporting which has now been rectified?

I had exactly the same experience.

 

[deebens]

Just got an email from St. George about CCR.

Included this:

"It's important to know that from April 2018, we’ll record your comprehensive credit information to comply with the changed legislation and report this to the credit reporting bodies from 1 July 2018."

Hopefully the info they're providing goes back further than this month.

 

[Mr_Orange]

Just got an email from St. George about CCR.

Included this:

"It's important to know that from April 2018, we’ll record your comprehensive credit information to comply with the changed legislation and report this to the credit reporting bodies from 1 July 2018."

Hopefully the info they're providing goes back further than this month.

I received the same email. It is likely my account will be closed before they report anything though.

 

[burmans]

Just got an email from St. George about CCR.

Included this:

"It's important to know that from April 2018, we’ll record your comprehensive credit information to comply with the changed legislation and report this to the credit reporting bodies from 1 July 2018."

Hopefully the info they're providing goes back further than this month.

I worked a few years ago on managing projects firstly for Equifax then for a provider. This was covered by an agreement between lenders and the agencies on how much data they had to provide to participate in an agreement called rather grandiosely the Principles of Data Reciprocity and Data Exchange. To cut a long story short, they must contribute a minimum of 3 months data on first contribution and then monthly thereafter.

 

[deebens]

I received the same email. It is likely my account will be closed before they report anything though.

It would be same for me, but still waiting on St.George qantas points!

 

[Mr_Orange]

It would be same for me, but still waiting on St.George qantas points!

So am I. I have had my first statement and it gets paid in a few days. Even if I have to wait two more statement cycles for the points, the account will be closed before July.

 

[deebens]

So am I. I have had my first statement and it gets paid in a few days. Even if I have to wait two more statement cycles for the points, the account will be closed before July.

Scratch that, this reminded me to check points, they actually arrived today. Right on 12 weeks.

Don't get to use Dr Ralph's form letter!

 

[Danger]

My score just bounced up to right where it came from. Is it possible the dips in everyone's score were an anomoly due to a change in the system to cater for the new reporting which has now been rectified?

I had exactly the same experience.

Me, too.

 

[rock86]

Me, too.

Same here

 

[theblank]

my score has been going up each month this year. now about 850, up from about 600 couple years ago,, over that time i have applied for at least 3 credit cards per annum

Dont even worry about it, credit scores mean jack anyway at the moment.

 

[burmans]

Dont even worry about it, credit scores mean jack anyway at the moment.

While this is true "at the moment" this is the whole point with the government mandating comprehensive credit reporting. Credit scores aren't valuable at the moment because the credit agencies have limited information on you, the more information the more credible these scores. And with CCR they will have a lot more information.

There is plenty of analysis that says that credit assessment once all this CCR info is in the system will be a LOT more accurate and lenders will start taking a lot of notice of this.

This is certainly the experience from overseas, where credit scores become so important that everyone knows their score because its the first thing lenders ask when you walk in the door asking for a loan.