27/10/2015 Current Promo Summary

[whatmeworry]

This might be a dumb newbie question, but I guess this is the place to ask...right? Is there a minimum period I need to hold a card for, after meeting a bonus points criteria. For example if I apply for a NAB velocity plat card, pay the $150 yr 1 fee, meet the $1500 spend and then cancel the card after say 6 months', is this ok? What does it do to credit ratings, if anything?

Each CC application hurts your application score. The length you hold I don't know. Cancelling a CC should help with new CC applications as it lowers your available credit, your credit score I don't know.

 

[Dr Ralph]

Is there a minimum period I need to hold a card for, after meeting a bonus points criteria. For example if I apply for a NAB velocity plat card, pay the $150 yr 1 fee, meet the $1500 spend and then cancel the card after say 6 months', is this ok? What does it do to credit ratings, if anything?

You should cancel as soon as the bonus points have posted, particularly if you intend to take up another offer. Some banks, eg ANZ, have imposed lock out periods before you can apply for a new card. So the sooner you cancel the sooner you can reapply.

 

[quokka77]

Consider applying for a Veda account. You can watch your credit score that way. Mine dropped 15 points after applying for the VA Plat Amex, and it took a couple of months to rise again by the same amount. Was considering taking out the NAB or ANZ cards but don't really have a need for the points currently, so I will take it easy for the time being.

I currently have 3 cards (2 Amex, 1 visa).

 

[cove]

Mrscove has been approved for an uncapped point a dollar MasterCard to QF. Invitation was received.
I missed out kpc!

 

[Straubs]

Consider applying for a Veda account. You can watch your credit score that way. Mine dropped 15 points after applying for the VA Plat Amex, and it took a couple of months to rise again by the same amount. Was considering taking out the NAB or ANZ cards but don't really have a need for the points currently, so I will take it easy for the time being.

I currently have 3 cards (2 Amex, 1 visa).

Thats good advice about a Veda account, quokka77. Have you found having a paid account worthwhile? Does it change your behaviour much in terms of seeking credit etc? I wonder what types of things change it on a monthly basis. Also, do you know if the amount of current debt held on a card affects your Veda score, or is that kind of info not uploaded to them?

 

[quokka77]

It is reassuring to be able to watch my credit score's fluctuation changes via monthly updates. It is also reassuring to know my rating remains above average despite card churning (approx once every 4 to 6 months) over the last 2 years and buying and selling a house. The only things I have noticed which change the score are applying for a cc (or not applying for new credit over a number of months). I don't know whether Veda can see your card limits. Other members such as ferni or burmans may know.

 

[get me outta here]

It is also reassuring to know if anyone has made any enquires re your credit as they send an alert - esp scammers. I got a 1 year membership on some promo somewhere. I need to work out whether to continue it. Maybe won't without a striong suggestion they waiver the annual fee.

It is reassuring to be able to watch my credit score's fluctuation changes via monthly updates. It is also reassuring to know my rating remains above average despite card churning (approx once every 4 to 6 months) over the last 2 years and buying and selling a house. The only things I have noticed which change the score are applying for a cc (or not applying for new credit over a number of months). I don't know whether Veda can see your card limits. Other members such as ferni or burmans may know.

 

[Isochronous]

Would love to get a free Veda subscription somehow.

 

[blueythecat]

Would love to get a free Veda subscription somehow.

Now that would be good. Until then if you don't want to pay you can use either of the following free services:

https://www.getcreditscore.com.au/ - Veda
https://www.creditsavvy.com.au/ - experian

Of course neither is a subscription and neither is as good as a full blown Veda subscription. Both are free though...