Just got my first credit score

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smit0847

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It was 725. Slightly lower than I was expecting.

How long do you think I should wait before churning another card? I've been averaging about 2 new cards per year.
 
smit0847 said:
It was 725. Slightly lower than I was expecting.

How long do you think I should wait before churning another card? I've been averaging about 2 new cards per year.
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Last year because I had access to it cheap I got one of the Veda packages so I could track the impact of applications on score, it takes almost exactly 6 months for the score to recover from a CC application hit and I did this twice so this was consistent.

725 is fine by the way, they will still lend normally with a score like this.

What will happen when Comprehensive Credit Reporting happens is anyone's guess, but certainly applications will become less important and repayment history and total limits will become more important.
 
Sorry guys, I am an amateur at this stuff. What is this score and where do you get it??
 
smit0847 said:
Good gosh- doesn't that worry you?!?
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It would/will be a wory, if/when he's looking for a home loan!

However if he's applying for CC's and some/most are still giving them to him am unsure why he's be so worried. Also, as I noted when CCR comes in no. of applications will take on a lower importance (I'm assuming he does actually pay bills on time and has cancelled many of these cards applied for).
 
Veda will give you a score. And, search on here as there is a currentish thread or two on credit scores what it is, how to get a good one and how to keep it.

juddles said:
Sorry guys, I am an amateur at this stuff. What is this score and where do you get it??
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I am 790 out of a possible 830 in the US on Experian. US Bank give me free access to Experian as part of my banking deal in California.
With residential real estate in Australia being sky high I may not be racing to buy anything.
 
cove said:
I am 790 out of a possible 830 in the US on Experian. US Bank give me free access to Experian as part of my banking deal in California.
With residential real estate in Australia being sky high I may not be racing to buy anything.
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Barclays and Citi in the US will also give you free access to your credit score (can't remember from which Credit reporting agency). 790 should mean instant approval for at least 5-6 cards :)
 
We picked Citi AA World Elites, Amex premier rewards and Nordstrom.
 
smit0847 said:
Good gosh- doesn't that worry you?!?
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It certainly wouldn't worry me and I suspect my credit score is lower although I can't find out my credit score due to DOB discrepancy which won't get fixed this century.
 
I believe credit score is more important for unsecured credit vs secured credit. When I spoke to my NAB manager he indicated for home loans they are only really interested in defaults which may be on a credit record.
 
burmans said:
Last year because I had access to it cheap I got one of the Veda packages so I could track the impact of applications on score, it takes almost exactly 6 months for the score to recover from a CC application hit and I did this twice so this was consistent.

725 is fine by the way, they will still lend normally with a score like this.

What will happen when Comprehensive Credit Reporting happens is anyone's guess, but certainly applications will become less important and repayment history and total limits will become more important.
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My score took a hit a few months back with a new CC application but has been steadily recovering since (it increased 34 points to 633 last month).

Just got my score for this month. It has stayed exactly the same as last month?! Absolutely no changes to my file at all. I dont get it!!!
 
smit0847 said:
My score took a hit a few months back with a new CC application but has been steadily recovering since (it increased 34 points to 633 last month).

Just got my score for this month. It has stayed exactly the same as last month?! Absolutely no changes to my file at all. I dont get it!!!
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Mine has changed once in the last ten months.
 
I'm going to do the American thing and start advertising it in online dating profiles..
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In reality it just means i haven't applied for enough cards ;/ score has jumped roughly 150 points in the 15 months since my last application.

This part is going to be the big killer of many peoples scores when it becomes active i think

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