CC churning - equifax scores

[Danger]

I think it may take a month or more to update things like closed accounts.

Can't recall where I read it, but I recall seeing somewhere it's 3 months before a closure will show up. Fits with a HSBC card I closed earlier this year. Took 3 months before it showed as closed in my file.

Oh well that makes perfect sense. Show a credit enquiry immediately but anything remotely positive takes time.

Banks!

 

[burmans]

Can't recall where I read it, but I recall seeing somewhere it's 3 months before a closure will show up. Fits with a HSBC card I closed earlier this year. Took 3 months before it showed as closed in my file.

Well firstly they report monthly in arrears, i.e. if you close early in a month they have until about 10th of the month following to report. Secondly many banks do not actually close accounts when you ask them to close it. This is ostensibly because you could already have authorised transaction in the system which take some time to flow through the system. In theory this should all clear through in days but I have definitely seen instances when the banks have kept the account open (but not active) for a couple of months.

 

[rock86]

Just had a sudden drop of 121 points down from 792 to 671 on creditsavvy.

Weird as nothing has happened on my file (or shown up) since March.

The unusual stuff continues!!

 

[nickfromeastryde]

Mine down from 793 to 767 so not as big a drop but like you I don't think anything new was included. Did apply for a new card on the weekend but it doesn't show up so don't think it had anything to do with my updated score

 

[andye]

Could something positive have dropped off (eg a mortgage application from 5 years ago)?

 

[rock86]

Could something positive have dropped off (eg a mortgage application from 5 years ago)?

Nope, one will drop off the file next year and the first one dropped off my file back in 2016.

 

[benjy]

My credit savvy finally increased after being in the dumps for the last 4 months, went from 399 to 462 to 622.
Had no enquiries drop off and no new applications in the month. All payments made on time.
As well as repayment history, guessing it is factoring in applications from 3/6/12/24 months as they drop off from that time frame.

Oh the mysteries of credit score algorithms

 

[mviy]

I'm hoping that my Equifax score will improve soon but I do plan to churn to a different card again soon so that'd bring the score back down again.

 

[Einherjar]

Mine has been sitting at 854 (Credit Savvy) for quite some time then took a hit for a credit card check to 794 but popped to 816 for now. I don't churn much due to multiple loan refinancing over the years. It will be interesting to see what churning will do. Just submitted an equifax report as well.

 

[burmans]

End of this month is when Banks are supposed to have 50% of the CCR data with the bureaus (though this won't be enforced for 3 months). So am expecting we'll start seeing a bit more repayment data shortly, scores could jump around a fair bit during this settling down time.

 

[deebens]

Credit savvy just dropped 11 points. Only change was a closed card flowing through.

 

[cvmceg]

Hey all, your sage advice much appreciated?

I am a recent migrant to Australia and therefore lumbered with the dreaded 'no credit history' score.

or so I thought.... in chronological order my credit history or so I interpret it:

Applied for ANZ black and received card (15k limit)

Suspect that Telstra lodged at least 2 enquiries as they cancelled and reprocessed my order for a contract (have since cancelled and been refunded because they were pathetic)

Vodafone I then went to and failed their two enquiries for a contract worth about $760. something that I could pay for outright and dont even need their credit for !

just checked creditsavvy and its 792 with the only history showing at all is the 1 ANZ enquiry. no other history.

what gives?

is creditsavvy(experian) behind the times?

why no telstra or vodafone enquiries listed?

with a 792 what is chance of me applying for an amex on next big deal?

many thanks!

 

[aerotravel]

Personally I have never seen credit scores capture utilities enquiries. So never knew if there is an impact to scores or not.

 

[cvmceg]

Personally I have never seen credit scores capture utilities enquiries. So never knew if there is an impact to scores or not.

Interesting, many thanks for that.

Has anyone else seen if utilities enquiries have shown up?

 

[JinbaIttai]

Has anyone else seen if utilities enquiries have shown up?

I don't know about Vodafone, but I've only ever seen Telstra appear on Dun & Bradstreet (apparently now known as illion)

You can request a free report from them here

 

[burmans]

I don't know about Vodafone, but I've only ever seen Telstra appear on Dun & Bradstreet (apparently now known as illion)

You can request a free report from them here

As noted, for some historical reason utilities seem to use D&B & banks use Equifax and Experian, different information and audiences.

 

[cvmceg]

As noted, for some historical reason utilities seem to use D&B & banks use Equifax and Experian, different information and audiences.

Interesting, Vodafone mentioned D&B upon declining the credit - which I didn't even need!

Is the hypothesis here that Utilities use a more comprehensive score, whilst on the flipside CCs use a score that doesnt include all credit enquiries (excludes utilities)?

seems daft given the $$ on the respective product doesnt it?

 

[Dr Ralph]

Hey all, your sage advice much appreciated?

I am a recent migrant to Australia and therefore lumbered with the dreaded 'no credit history' score.

or so I thought.... in chronological order my credit history or so I interpret it:

Applied for ANZ black and received card (15k limit)

Suspect that Telstra lodged at least 2 enquiries as they cancelled and reprocessed my order for a contract (have since cancelled and been refunded because they were pathetic)

Vodafone I then went to and failed their two enquiries for a contract worth about $760. something that I could pay for outright and dont even need their credit for !

just checked creditsavvy and its 792 with the only history showing at all is the 1 ANZ enquiry. no other history.

what gives?

is creditsavvy(experian) behind the times?

why no telstra or vodafone enquiries listed?

with a 792 what is chance of me applying for an amex on next big deal?

many thanks!

You do not mention when these events took place.

 

[cvmceg]

You do not mention when these events took place.

Hmm, I did say chronological order; however, you make me realise an error. Thank you

All 2018:
1) Telstra application first around early April
2) (I suspect)A second Telstra enquiry mid April
3) Cc application around 30th May.
4) (I suspect) Third Telstra enquiry ~1 June
-- Cancelled and refunded by the impotent and archaic Telstra
5) and 6) Two failed Vodafone enquiries (i suspect they were enquiries) 14th June

Creditsavvy score today 792 with one enquiry (cc) and no other history to speak of.

Vodafone mentioned D&B, therein may lie the answer? though still doesnt stack up given the circumstances

 

[GSP]

You can request a free report from them here

What a painful registration process....