Credit Card Churning May Get More Difficult.

[Lynda2475]

I have free CreditSavy. Equifax seems to have very outdated info me my credit.

Does Credit Savvy give you full details? I thought they just have you a score, not a report?

 

[get me outta here]

I can see what is open and the credit limit on the cards and what is closed, and the credit score. It includes cards I’ve had for some time.

Does Credit Savvy give you full details? I thought they just have you a score, not a report?

 

[Coops1]

I recently cancelled two cards, a Westpac and an ANZ. The ANZ showed up as cancelled very quickly. The Westy took over a month to show as cancelled.

I have free CreditSavy. Equifax seems to have very outdated info me my credit.

Same experience with ANZ. Closed an account 11 Jan, checked today and status is closed with ANZ reporting 11 Jan.

 

[get me outta here]

If I were you, I would apply to creditsavvy it will possibly answer some of your queries because some of your questions are based on the fact that you can’t see a credit file. It’s free and easy to apply.

Does Credit Savvy give you full details? I thought they just have you a score, not a report?

 

[Lynda2475]

If I were you, I would apply to creditsavvy it will possibly answer some of your queries because some of your questions are based on the fact that you can’t see a credit file. It’s free and easy to apply

Once my new passport arrives so I can satisfy ID requirements I can get a free report - i hate being without a valid passport, wish they wouldnt cancel the current one until you actually have the new one in your hand.

 

[cvmceg]

I recently cancelled two cards, a Westpac and an ANZ. The ANZ showed up as cancelled very quickly. The Westy took over a month to show as cancelled.

I have free CreditSavy. Equifax seems to have very outdated info me my credit.

My cancelled ANZ showed up very quickly too (perhaps only a week or two) on equifax, upon it disappearing my score dropped about 75 points!

 

[andye]

Yes not too worried about my score per se, Im sure its great as I have always paid all my bills on time and always paid my credit cards off in full every month.

But the amount of credit you already have is one thing providers use to determine how well you can service any new potential debt (strikes me strange they don't differentiate between those who pay interest vs those that pay off in full). So logic says if I currently have 3 CCs, each with a 15-20K credit limit, cancelling one of those before applying for a new one with same credit limit, would leave my ability to service payments the same make decision a no brainer, vs increasing total credit.

My understanding is that the bank make the decision on what you tell them, rather than what is on the file.
However the last CC I applied to (HSBC) went through each existing card one by one on a telephone call.
It is possible that in the current climate that they may ask you to prove that a card on the credit report has been closed.

I agree with Dr Ralph that the score is relatively unimportant. Income, expenditure and credit limits on the application form are relevant however. The biggest reason to request a report is to correct any inaccuracies.

Yes, you can request a full report from each-however creditsavvy and creditsimple provide all the information for free online (getcreditscore withholds many details unless you request your full report)

 

[burmans]

Same experience with ANZ. Closed an account 11 Jan, checked today and status is closed with ANZ reporting 11 Jan.

They are only required to report monthly so it can vary from almost immediately to 31 days depending on when you cancel in the reporting cycle!

 

[theblank]

Are you sure this is the case?

yes, but the level of hurt feelings will vary from person to person.

What negative impact do you think will happen?

 

[coles525]

I applied for yet another cc 2-3 weeks ago. waited for a week, made contact...

Waited another week, getting annoyed now.... Reason? When I spoke last, they seem confused with my credit file, as one cc I didnt list when applying! Did any ring me to ask...No...

I was honest, card cancelled once new card approved (not cancelling current card if new card rejected!).

Long story short, they did some edits on there end, including the missing cc & downgrading the limit from max ($21k) to middle range ($18k), being amount I decided. Approved in the last few days!

Now to spend!

 

[deebens]

Closed an ANZ card two weeks ago, just flowed through to Credit Savvy. Score went down 50 points.

 

[Dr Ralph]

Closed an ANZ card two weeks ago, just flowed through to Credit Savvy. Score went down 50 points.

This is the new normal.

Score goes up when you take out a new card. Score goes down when you close a card.

Demonstrates how useless the scores are. At least banks seem to know this.

I keep saying this and will continue to repeat it: Don't panic about your score. Income and ability to repay remain key features.

 

[andye]

Conversely, my Virgin Flyer (Citi) card (that I cancelled in November) has closed on creditsavvy and I've had a 20-point increase

 

[burmans]

This is the new normal.

Score goes up when you take out a new card. Score goes down when you close a card.

Demonstrates how useless the scores are. At least banks seem to know this.

While I don't disgree that currently scores are unimportant, this is largely due to the fact that ther bureaus are still running on limited data. The overseas experience is that over time scores will become more important and certainly I'm expecting that once the data is in, i.e. at least 1 year of repayment history across all lending types (bureaus still dont show I have morgages and repay always on time!) and the scoring models are optimised, this will also become the case here.

 

[travelislife]

While I don't disgree that curently scores are unimportant, this is largely due to the fact that ther bureaus are still running on limited data. The overseas experience is that over time scores will become more important and certainly I'm expecting that once the data is in, i.e. at least 1 year of repayment history across all lending types (bureaus still dont show I have morgages and repay always on time!) and the scoring models are optimised, this will also become the case here.

Yeah nothing on my mortgages at all other than the initial credit application. Has all the repayment history for credit cards though. Interestingly nothing on Authorities (power, water, rates, etc.), is that something we should expect in future?

 

[Mr_Orange]

Yeah nothing on my mortgages at all other than the initial credit application. Has all the repayment history for credit cards though. Interestingly nothing on Authorities (power, water, rates, etc.), is that something we should expect in future?

I have reporting on Credit Simple for utilities inc mobile phone.

 

[travelislife]

I have reporting on Credit Simple for utilities inc mobile phone.

Okay, I don't really get it just checked and got the following:

Credit Simple: 577 (Decent Effort)
Credit Savvy: 815 (Excellent)

Each one is reporting exactly the same cards and enquiries. Neither has phone, utilities etc.

 

[Mr_Orange]

Okay, I don't really get it just checked and got the following:

Credit Simple: 577 (Decent Effort)
Credit Savvy: 815 (Excellent)

Each one is reporting exactly the same cards and enquiries. Neither has phone, utilities etc.

I agree, there does not appear to be much rhyme or reason. I think @burmans' post #294 has hit the nail on the head - there just isn't enough data yet.

 

[andye]

My creditsimple has gone up 115 points! just from the closure of the Citi Virgin card
Having said that all 3 scores are closish to each other now and fit with my own estimation of where they should be

 

[I love to travel]

Score went down 80 points today after credit card enquiry.