- Feb 20, 2016
So in your experience did the home buying have minimal impact on the score?I've given up on trying to figure out the scores. My Experian score in early 2016 (when I started paying attention) hovered around 726 (very good?) since buying our first home together in late 2015 at which point had refinanced separately owned properties, and purchased a new home.
A couple credit card applications here and there (1 every 2 months), didn't cause any changes. Suddenly, I applied for a NAB card, and my score dropped to 573 the next month! 1 month after that it went back up to 668 and sat there for 7 months (Nov 16 to May 17). We had this fear of the score going lower, so held back on applications for a few months, until in Feb 17 when we refinanced all of our loans, and immediately after started churning cards again. In June, after a new Amex application, a new Coles MC, and a Virgin Money card, the score jumped to 726, and last month up to 745. I basically apply for a new card and cancel another every 2 months.
We've never had any issue being denied a card, and the bank has never questioned our score or credit cards when reviewing our loans.
My equifax score is lower, 566 (average) , but it changes by 1 point here and there. We never carry a balance, we never pay late (with the occasional 1-2 days when we forget to schedule a payment) so in theory should be a perfect risk to creditors as we USE credit, but always pay it back quickly and we have equity.
A Veda (now equifax) rep told me (after Origin Energy wouldn't give me an energy account saying my score was too low!) that my score was "low" because I moved 5 times in 9 years, otherwise my report had nothing negative that would impact me.