Is every credit card and limit visible to the credit scoring system?

[SOPOOR]

Is every credit card and limit visible to the credit scoring system?

Eg I've got a credit card that I've had since 1998 for a limit of 1k. But not once have I applied for a limit increase but they've sent me increases over the years and I've accepted. The limit is now $30k on it

 

[Dr Ralph]

Is every credit card and limit visible to the credit scoring system?

No.

 

[SOPOOR]

No.

is there any way to find out which cards are?

no point cancelling invisible cards or putting it on the radar

 

[Dr Ralph]

is there any way to find out which cards are?

no point cancelling invisible cards or putting it on the radar

Check your credit report.

 

[SOPOOR]

Check your credit report.

I thought credit reports only show defaults, enquires, etc. not what you have opened ages ago?

 

[swordfish]

I thought credit reports only show defaults, enquires, etc. not what you have opened ages ago?

With Comprehensive Credit Reporting being rolled out your report is about to get chunky. This will include open/closed accounts from past 5 years etc. More info here

 

[DC3]

I thought credit reports only show defaults, enquires, etc. not what you have opened ages ago?

When you have your credit report, look at the section "Credit Liability Information" to see if it is listed as a current liability (possibly not listed. I have an old card that is never listed).

 

[BAM1748]

No they aren't.

 

[burmans]

With Comprehensive Credit Reporting being rolled out your report is about to get chunky. This will include open/closed accounts from past 5 years etc. More info here

Indeed, have had contact from both St George and Westpac about this in the last week and frankly expect to see much higher reporting within months.

 

[theblank]

Is every credit card and limit visible to the credit scoring system?

Eventually it will be, but at this point of time the system has just started and i think not even a handful of banks are supplying the data into the system.

If you are still trying to hide that $20k limit credt card that you got 20 years ago, then do a credit file enquiry and check. Too easy.

 

[burmans]

If you are still trying to hide that $20k limit credt card that you got 20 years ago, then do a credit file enquiry and check. Too easy.

This is true but I would suggest the timeline is much faster than theblank is suggesting. The fact your credit file doesn't show it today doesn't mean it won't show it in a couple of months time so the window is closing pretty quickly.

 

[theblank]

This is true but I would suggest the timeline is much faster than theblank is suggesting. The fact your credit file doesn't show it today doesn't mean it won't show it in a couple of months time so the window is closing pretty quickly.

it could show up tomorrow.

Nobody is going to go to jail because the forgot that they had a credit card. Credit cards are also a mass scale process, with lots of automated decision making. Its all tick and flick, by computer. Any person that is going to look over the application will like spend a couple of minutes maximum. No wasting time, it will be yay or nay and move on to the next one.

 

[lovetravellingoz]

Eventually it will be, but at this point of time the system has just started and i think not even a handful of banks are supplying the data into the system.

If you are still trying to hide that $20k limit credit card that you got 20 years ago, then do a credit file enquiry and check. Too easy.

Westpac just wrote to me to say that are now as of April recording all required data and so when the deadline hits they have passed on this data will show everything from April on.

If other banks are similar, then after the deadline daota many people records could quite markedly change with perhaps data that they were not expecting to be included.

 

[mviy]

Some banks started before Westpac, but yes it will be very sensible for them to be complying with the new rules well before the deadline.

 

[burmans]

it could show up tomorrow.

Nobody is going to go to jail because the forgot that they had a credit card. Credit cards are also a mass scale process, with lots of automated decision making. Its all tick and flick, by computer. Any person that is going to look over the application will like spend a couple of minutes maximum. No wasting time, it will be yay or nay and move on to the next one.

Indeed but the lenders could well say that because you have lied to us we will withdraw the credit facility, reduce limits or at a minimum refuse to lend you more. This has happened before and would certainly shut down the churning game which is I think the main game for many here.

 

[cove]

I went into a Bankwest branch to try to get a card limit increased. The computer went “declined” after 3 credit limits were entered so there was nothing the staff member could do despite all of those three cards being paid to zero every month.

 

[SOPOOR]

it could show up tomorrow.

Nobody is going to go to jail because the forgot that they had a credit card. Credit cards are also a mass scale process, with lots of automated decision making. Its all tick and flick, by computer. Any person that is going to look over the application will like spend a couple of minutes maximum. No wasting time, it will be yay or nay and move on to the next one.

im not hiding my limit or am I applying for a home loan

just very curious as I got my current credit card 98, and it was a CBA with a $2k limit, since then its been merged into a woolworths credit card, then some thing else, then back to CBA, merged limits with another CBA credit card, then changed from platinum to diamond, back to platinum , with no limit increases ever applied for, but accepted all the offered limit increases

in the past no bank has asked about it, nor did I ever include it, and even my broker says to leave it out