CC churning - equifax scores

Discussion in 'General Credit Card Discussion' started by rock86, Oct 19, 2017.

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  1. jbman

    jbman Member

    Jun 18, 2015
    Last few applications I have made I have been told my Veda details are incorrect and in should contact them to update. Everytime I have been approved without issue.
    As said above, these scores are only part of the approval process.

  2. rock86

    rock86 Established Member

    Jul 18, 2017
    Shouldn't CCR reporting be better though? It will show that you have good repayment history, and among other things can confirm to the financial provider your total credit limit - where before they just had to take your word for it.

    I can't see how in the long run this is a bad thing.
  3. Dr Ralph

    Dr Ralph Senior Member

    Jan 21, 2014
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    #43 Dr Ralph, Feb 17, 2018
    Last edited: Feb 17, 2018
    This depends entirely on how they weight all of the factors. At present it seems application are being weighted too heavily.
  4. benjy

    benjy Active Member

    Dec 18, 2013
    Experian just updated with NAB. Score went from 645 to 399 LOL (all repayments on time etc)
  5. Danger

    Danger Senior Member

    Jun 19, 2006
    Very interesting.

    My score has gone from near 700 to well under 500. Not one default - every in my life - and, other than only on occasion about six years when I forgot to pay the balance off at the end of the month (and ended up paying, wait for it, almost $10), balances paid off daily.

    The only possible thing this could be is card churning. The system is clearly flawed.
  6. zig

    zig Established Member

    Apr 9, 2007
    My creditsavvy score fell from 790 to 549. Last year I applied for 2 cards (Westpac and ANZ) after years of no new applications. Always pay full amount on time, no defaults. I don’t understand this system.
  7. foggy

    foggy Active Member

    May 30, 2009
    My heart is eased a little reading that everyone is in the same boat. Mine dropped from 726 to 505 and about to apply for a new cc end of this month. Hoping to do another before July.
  8. rock86

    rock86 Established Member

    Jul 18, 2017
    I completely agree with that statement, luckily for the majority of financial institution they'll look more at the credit history, rather then the so called 'score'.
  9. amaroo

    amaroo Enthusiast

    Sep 22, 2011
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    No change here, but I’ve had no applications for the past 4 years.
  10. andye

    andye Established Member

    Jan 14, 2013
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    I assumed my Equifax had dropped to average from very good as a result of a CC application and a novated lease last month. Maybe not.
    Credit simple and creditsavvy are excellent and v.g. still (Creditsimple (Dunn & Bradstreet) has very few of my enquiries on it)
  11. Lemon_Party

    Lemon_Party Member

    Jan 30, 2016
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    My CreditSavvy score has dropped from 700ish to 505. The only difference in what I see is now they can see I pay on time. The (high) number of credit enquiries have always been there.

    It’s not going to stop me applying yet, but I guess we’ll find out soon if it affects applications. I suspect not.

    10 enquiries in last 18 months, fairly reasonably spread out...
  12. rock86

    rock86 Established Member

    Jul 18, 2017
    That's the thing.

    The companies providing the credit have always had access to how many enquiries a person has been making, now your payment history shows up, so if that is excellent I can't see how that would be detrimental to a credit application review. Just because a credit rating agency has changed their 'score' on your file for whatever reason, I doubt will have anywhere near an impact as to the information that will actually be available to financiers because of CCR.
  13. andye

    andye Established Member

    Jan 14, 2013
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    Oops..spoke too soon. Creditsavvy now down to 582. Only issue seems to be number of applications (10)- and there are quite a few missing.
    Add-Having said that there is one associated account mentioned which could have a high limit
  14. robtemt

    robtemt Member

    Interesting seeing these changes. My Experian score has remained unchanged for most of the year, remaining in their top 25%. BUT, I see my next update is due in 4 days.

    Growing up in the USA, my parents always advised me on tips on how to manage my credit score. The reporting was so specific with all the little codes they had. They told me:

    - Always make sure that closed accounts were marked as "Account Closed By Consumer", because "Account Closed" was vague and could go either way when assessing. It could mean closed due to reassessment by creditor. Lazy staff just choosing the codes they knew off the top of their heads could really affect you.
    - Never pay late, and always pay more than the minimum (of course ideally pay them off)
    - USE the credit. Don't let cards sit with mid to large credit limits with no activity. That signifies risk as if you're stock piling credit in anticipation of something bad (affecting your ability to pay back). All the cards she had, she rotated through them, just to have spend on them.
    - On loans (home, car, etc), always pay extra.

    Not sure if all of these will apply to the system here now, but I intend to close a couple of cards soon (starting with bank issued ones). I'm also going to let them know its because of the new credit reporting system, so they hear that the system they created is the system that is costing them business.
  15. cove

    cove Enthusiast

    Feb 15, 2008
    #55 cove, Feb 18, 2018
    Last edited: Feb 18, 2018
    My credit score in the US is higher than my credit score in Australia. I pay everything to zero each month but my credit limits in Australia are much higher.
  16. mviy

    mviy Established Member

    Dec 1, 2015
    I got my monthly Equifax score update just before the changes, I think. At that point my score had improved a little from the previous month. Will be interested to see what my score looks like next month. I've applied for just the one credit card in the past 6 months and 3 in the past 12 months.
  17. Skyhawk

    Skyhawk Member

    Sep 28, 2016
    Canberra area
    My Credit Savvy score is 720 whilst my Get Credit Score is 520. The former is sourced from Experian whilst the latter is Equifax. I assume they have different scoring systems.

    My Credit Savvy report shows a long list of a dozen credit card enquiries, that have all been successful, in the last year or so.

    I don’t know why the banks continue to issue me cards when they see my history of applications!
  18. jkbaus

    jkbaus Member

    Nov 4, 2015
    My Credit savvy score dropped from 706 to 593.
    7 credit enquires on file - 3 in 2017, 2 in 2016, 2 in 2015.
    No negative events.
    Always paid full amount before by due date.

    5 of those cards have been cancelled over the last 2 years.
    Anyone know when say application from say 2015 and cancelled by mid 2016 will drop off the file?

    I have a couple of long standing cards cards with relatively high limits that aren't listed.
    Any idea if these are likely to be included in the short term future?

    I am self funded retiree with modest income and was hoping to apply for a platinum visa or master card for sign up bonus soon.
    I Was also planning to cancel DJ Amex and get explorer instead although wouldn't get any bonus as I already have platinum edge.

    Not sure if I should do application for visa platinum and/or Amex Explorer in next month or so or wait till credit score (maybe) improves.
  19. Dr Ralph

    Dr Ralph Senior Member

    Jan 21, 2014
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    Apply like normal. Ignore score. Income and ability to repay are critical.
    • Agree Agree x 1
  20. robtemt

    robtemt Member

    Well, I take that back. I didn't need to wait 4 days. Today, got an email from Credit Savvy. Since checking my score his morning, it went from 750 to 553! I have 100% on-time payments, 7 enquiries in from Jan 2016 to now.

    It seems everyone is reset back to being a risk, and have to prove themselves as time goes on.

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