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Just for my free VEDA Credit File

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motlking

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I have had 11 queries and 5 credit liabilities (although this isn't accurate, I have more than 5 credit cards) which date back to 2010 for enquires and 2007 for liabilities.
I have only applied for 2 cards this year and 2 last year (+ 1x utilites and 1x home phone).

How much is too much? I got declined by Macquarie (first ever) recently but I did apply for an AMEX the month before so maybe that affected it?


Curious to know what situation others are in?

There are other cards I plan on getting for their bonus point offers but think I might wait at least a month (unless Macquarie is notorious for being strict? - I had no problems getting a Citibank Signature which a lot of people seem to have difficulty getting)


With the new credit rules, can financial institutions now see how much credit you have? or do they just see what's in the VEDA file?
 
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Mark3000

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I have had 11 queries and 5 credit liabilities (although this isn't accurate, I have more than 5 credit cards) which date back to 2010 for enquires and 2007 for liabilities.
I have only applied for 2 cards this year and 2 last year (+ 1x utilites and 1x home phone).

How much is too much? I got declined by Macquarie (first ever) recently but I did apply for an AMEX the month before so maybe that affected it?


Curious to know what situation others are in?

There are other cards I plan on getting for their bonus point offers but think I might wait at least a month (unless Macquarie is notorious for being strict? - I had no problems getting a Citibank Signature which a lot of people seem to have difficulty getting)

Great question! The other interesting question is will that declined card impact on the next application much more than it would have it had been accepted?
And I'd love to know if I cancel a credit card, how long should you wait for it to show on your credit file before you apply for the next one?
I will let you know if I find the answers
 
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robd

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I have had 11 queries and 5 credit liabilities (although this isn't accurate, I have more than 5 credit cards).

How much is too much? I got declined by Macquarie (first ever) recently but I did apply for an AMEX the month before so maybe that affected it?


Curious to know what situation others are in?

There are other cards I plan on getting for their bonus point offers but think I might wait at least a month (unless Macquarie is notorious for being strict? - I had no problems getting a Citibank Signature which a lot of people seem to have difficulty getting)

I applied for 2 cards within a couple of weeks of each other and the 2nd (Amex) was rejected. I spoke to Amex at the time, and was told I should wait 6 months before reapplying.

I understand you signing up for more cards for the bonus points, but you probably need to cancel those cards that you don't use along the way too, unless of course, you are a multi gazillionaire. You will be restricting yourself credit wise for future purchases i.e. personal loan, home loan, mobile phone contracts etc.
 

coles525

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Listed on your file for 5 years or so.

Cant actually remember, but get a copy of your file(s) and it will tell you:

how long it lasts
If you have had bad debt problems
Your history of credit applications

There is more then 1 credit file provider, which are listed in another topic.
 

JohnK

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How much is too much? I got declined by Macquarie (first ever) recently but I did apply for an AMEX the month before so maybe that affected it?
You are not even close.

I keep applying and they keep accepting my application.
 

burmans

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I have had 11 queries and 5 credit liabilities (although this isn't accurate, I have more than 5 credit cards) which date back to 2010 for enquires and 2007 for liabilities.
I have only applied for 2 cards this year and 2 last year (+ 1x utilites and 1x home phone).

How much is too much? I got declined by Macquarie (first ever) recently but I did apply for an AMEX the month before so maybe that affected it?


Curious to know what situation others are in?

There are other cards I plan on getting for their bonus point offers but think I might wait at least a month (unless Macquarie is notorious for being strict? - I had no problems getting a Citibank Signature which a lot of people seem to have difficulty getting)


With the new credit rules, can financial institutions now see how much credit you have? or do they just see what's in the VEDA file?
I have something similar to this on my credit file and through my job have a cheap access to Vedascore so can tell you mine is just over 700, this is in the sort of average category and in general companies will lend to you. So yes, multiple applications in short time is almost certainly what marked you down. Wait a few months (ideally 6) and apply again.

They will be able to see what credit you have via Veda (and others) but likely to be end of year at earlier before this is generally contributed.
 

AdMEL

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I have something similar to this on my credit file and through my job have a cheap access to Vedascore so can tell you mine is just over 700, this is in the sort of average category and in general companies will lend to you. So yes, multiple applications in short time is almost certainly what marked you down. Wait a few months (ideally 6) and apply again.

They will be able to see what credit you have via Veda (and others) but likely to be end of year at earlier before this is generally contributed.

Do Veda give you your credit score when you buy their paid credit file (rather than obtain a free copy)?

What makes you say it is likely to be the end of the year at the earliest before the full data now allowed will be on credit files? I haven't seen or heard anything to that effect.
 

smit0847

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There's no universal rule for how many applications are too many in Australia, however I think no more than 2 per year is a good rule (and one I follow personally).

Help with credit card applications | MyCRA Credit Rating Repairs

You may want to limit the applications in the lead up to a bigger application (such as a home loan) if you are concerned you may not qualify for the type of deal you want.
 

burmans

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Do Veda give you your credit score when you buy their paid credit file (rather than obtain a free copy)?

What makes you say it is likely to be the end of the year at the earliest before the full data now allowed will be on credit files? I haven't seen or heard anything to that effect.
It's a product called your credit and identity

https://www.veda.com.au/yourcreditandidentity/

As for the second, I am not saying it will be the end of the year before data is "allowed", it is allowed now but I guarantee if you get your Veda file now there will be none.
 

coles525

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Do Veda give you your credit score when you buy their paid credit file (rather than obtain a free copy)?

What makes you say it is likely to be the end of the year at the earliest before the full data now allowed will be on credit files? I haven't seen or heard anything to that effect.

I get an update at the end of each month, as to what my new score is.
 

The Rok

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I have watched my score go up and down over the past 18 months with various factors in my personal credit life. It's fascinating how one application for a particular type of credit can drop you 100 points, and 1 application for a different type can raise you 175 points!

I'm currently a stable mid to high 800's and that's where I intend to keep it.

Also of note, the score has not changed at all on either of our files for 5 consecutive months, in guessing to do with the new reporting criteria they implemented some sort of a freeze!

With a bit if luck when it starts updating again it will start with a 9....
 

burmans

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Also of note, the score has not changed at all on either of our files for 5 consecutive months, in guessing to do with the new reporting criteria they implemented some sort of a freeze!
....

Sorry that's not it, mine has changed twice in last 5 months and I know that have made significant system changes.
 

burmans

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I'll just see what happens next month then!
Yes, every month will be interesting, personally I'm just waiting to see what really happens when Comprehensive Reporting kicks in but Comprehensive Credit Reporting contribution is slow, I think maybe I subscribed to that product too early. I think in NZ it took about a year before they got significant contribution. Personally hope it doesn't take that long, I think my score is likely to be much higher under CCR than negative, while I have applied for a fair few cards in last few years my level of outstanding debt is low and pay everything on time. So CCR really suits me.
 
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I am also a member of VedaSecure. I really like the reporting and the monitoring of my credit score.

Definitely worth the money
 

Foreigner

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There's no universal rule for how many applications are too many in Australia, however I think no more than 2 per year is a good rule (and one I follow personally).

Help with credit card applications | MyCRA Credit Rating Repairs

You may want to limit the applications in the lead up to a bigger application (such as a home loan) if you are concerned you may not qualify for the type of deal you want.

Do applications for increase in limits count or is it just first-time applications to credit providers?


Sent from AFF Mobile Edition
 

burmans

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Do applications for increase in limits count or is it just first-time applications to credit providers?


Sent from AFF Mobile Edition
Depends on the credit provider but have seen these come through as applications on my file in the past.
 
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