Do you know if length of history of an individual card relevant? If not, no point me getting a card to keep as s back up long term.
The new system is broadly like the US system although you credit file shows the credit "limit' rather than what you owe, and hence we also dont show credit utilisation. So aside from the amounts owed sections I think the above breakdown is probably largely correct for Australia. I have an idea one of the the bureaus actually published a breakdown somewhere.I wonder when all Australian financial institution are reporting everything that is required for CCR, whether we'll see a big difference in the make-up of credit scores, like something similar to how the US assesses their scores.
If so, I honestly can't wait for CCR to come into full effect as I've seen a number of discussions regarding US credit score make-ups, such as the pie chart the below. And it looks like your repayment history and amounts owed will make up a significant factor of your score, and enquiries have much less of an impact. So if Aus scores do get calculated like the US score under the new CCR reporting, I think my score will improve greatly - anyone else think there's would also?
Was it your oldest card as it might have been the length of credit history that caused it.
So it seems like it may be worthwhile holding at least a card for the longer term for the benefit of your credit rating?
Don't be greedy. Me and the wife have been playing this game for the best part of a decade and aim for 1 new credit card each per quarter at the most. I've never been rejected, and she only twice in all this time. Pump the brakes and you'll be just fine.
Do you cancel the old ones after 3 or 6 months?
We normally have a 'keeper' each. One would be an AMEX giving you 1.5 points per dollar, and the other would be a VISA or MC good for 1 point per dollar. Thats for everyday spend. And we'd have one each which we cycle through purely for the signup bonus, which is usually cancelled as soon as the points safely hit our accounts. Combined, this is good for about 500,000 points between us per year, which is usually enough for 2 return business class flight anywhere in the world.
They are contributing application details (and the date on which you applied). While I agree application does not equal actually still having the card, companies do make assumptions on the basis of applications.
Not consistently.
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This is true but it appears that the only reason Amex dont go to the credit bureaus is when they have their own data on you. Which kind of makes sense in a "negative" credit environment but less so in a CCR environment. Personally I think this is all a bit moot - Amex are going to be contrbuting CCR very shortly.
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