CC churning - equifax scores

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

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  1. burmans

    burmans Senior Member

    Feb 21, 2006
    6,321
    1,777
    Sydney
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    I think you've hit it on the head. They have changed to a system which weights repayment data, indeed the most weight is given to recent repayment data (last 3 months). In your case you have one account closed some time ago, i.e. they have no recent positive data for you. From the number of complaints here it sounds like they were somewhat premature to start using a comprehensive credit score with enough data in the system to support its use.

    On the plus side I think its irrelevant to compare you old score vs new if the basis has totally changed and it sounds like this current issue is across many people not just yourself. I haven't seen many (I think only one) report of a better score since this weekends changes.

    Tis should all change as more data is contributed to the system of course. Also Experian is the lesser preferred of the two main agencies with credit providers and I don't think they have done themselves and favours in rushing this score to the market before its really ready.
     

  2. deebens

    deebens Member

    Dec 7, 2015
    215
    15
    Just got an email from Get Credit Score/Equifax about the new system. Log in there and my score is no difference.
     
  3. TomVexille

    TomVexille Enthusiast

    Nov 12, 2013
    10,300
    4,793
    Melbourne
    Of course :)

    You also have to wonder how many people are running their cards out to their limit, and then rolling the balance into their mortgage and starting over, and over, and over...
     
  4. robtemt

    robtemt Member

    The thing that worries me, is creditors that rely only on credit score. For instance, energy providers. A few years ago, after we secured a $600K mortgage for our first home, had 3 credit cards with no balance all paid in full, and no defaults of judgements, we were denied an electricity account by Origin due only to the Veda credit score, which was an automated process. Despite making over $120K per year, in a government job, they refused to open an account for us. This is the sort of issue I'm worried about with the new scoring.
     
  5. I love to travel

    I love to travel Active Member

    Jun 4, 2016
    604
    132
    Brisbane
    Wow didn't realise credit enquiries are made for new electricity accounts. So in this new system you change electricity provider your credit score goes down?
     
  6. robtemt

    robtemt Member

    We were actually denied accounts by Red and Origin, but a month later approved for Amex Plat Charge. Made no sense. Filed a complaint with the ombudsman, with noting by a runaround. Spoke to someone at Veda who said there was nothing negative on my report except for moving multiple times in a few years, something that an energy company should be used to.....
     
  7. Dr Ralph

    Dr Ralph Senior Member

    Jan 21, 2014
    8,492
    3,162
    Wollongong
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    Not always and potentially.
     
  8. JohnK

    JohnK Veteran Member

    Mar 22, 2005
    40,890
    8,940
    BNE, SYD and CNX
    Most have a recurring debt and the minority pay off debt on time.

    The only reason churners are finding generous bonus points deals is the hope they'll trap another into recurring debt otherwise not much profit to be had from someone churning a credit card in <12 months.
     
  9. melbkate

    melbkate Intern

    Oct 6, 2013
    85
    14
    Melbourne
    I queried my knock back for the Bendigo Qantas card. $3000 limit! Been a customer for 20 years, shareholder and working. No late payments or debt.

    I was told I had applied for too many credit cards in recent times. I was also told if I wanted to get one, not to apply for anything for 6 months to 'clear it up'.

    Applied for my 2nd NAB Altitude anyway. Was offered the Premium with only 50,000 points. Had no trouble getting the Altitude 6 months earlier. So something seems to have changed.
     
  10. zig

    zig Established Member

    Apr 9, 2007
    1,456
    219
    NSW
    So from 549 on the weekend my score is now 709 this morning. At least it is on the upward trend, although still not back to where it was before this started.

    Anyone else on the way back up?
     
  11. deebens

    deebens Member

    Dec 7, 2015
    215
    15
    Just checked. Nope.
     
  12. mviy

    mviy Established Member

    Dec 1, 2015
    2,250
    542
    How can you get score updates so regularly?

    I only get score updates once a month from Equifax.
     
  13. get me outta here

    get me outta here Senior Member

    Nov 18, 2011
    5,728
    1,662
    CBR Country :)
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    My Veda has been ~580 for the past 12 months, (with 605 one month and 570 one month). Have had 5 new cc apps and no knock backs.
     
    • Like Like x 1
  14. zig

    zig Established Member

    Apr 9, 2007
    1,456
    219
    NSW
    I just logged into my account and saw the changed score.
     
  15. jkbaus

    jkbaus Member

    Nov 4, 2015
    109
    29
    Update
    Applied online for ANZ Travel adventures card yesterday (via Pointshack link for 40k velocity points).

    Provided documents this afternoon about 3pm.
    Received SMS a couple of hours later advising approved and that welcome pack should be received in a couple of days.
     
  16. Jamesaurus

    Jamesaurus Intern

    Feb 20, 2016
    79
    11
    Sydney
    • Informative Informative x 2
  17. deebens

    deebens Member

    Dec 7, 2015
    215
    15
    From inside mine I can now see NAB is the only one who has actually provided data.

    So NAB's showing the cards I've opened and closed and 100% repayment record.
     
  18. There'sOnlyOneJimmy

    Jun 3, 2014
    342
    155
    MEL
    Update to my previous post...

    CreditSavvy seem to have seen the error of their ways and have restored my score back to 724.
    Refer screenshot below (showing both scores for Feb18):

    4CFCF6B5-0CCA-49AD-8ACE-9EB9CFAFF3ED.png
     
  19. deebens

    deebens Member

    Dec 7, 2015
    215
    15
    Mine didn't budge.
     
  20. I love to travel

    I love to travel Active Member

    Jun 4, 2016
    604
    132
    Brisbane
    No budge for me either.
     
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