Sudden Death on Credit Savvy

[Prince of Persia]

Hi everyone - providing a list of the credit reporting agencies and the sites where you can monitor your scores and your credit reports

Equifax, Experian and Illion are the three credit reporting agencies. Equifax uses a 1,200 point scale while Experian and Illion use a 1,000 point scale

You can sign up and get your credit scores (and in some cases credit reports) using your passport, driving license and / or medicare card

Hope this list helps

Experian	Credit Savvy	www.creditsavvy.com.au
Experian	Finder	www.finder.com.au
Experian	Clear Score	www.clearscore.com.au
Experian	Wisr	www.wisrcredit.com.au
Equifax	Wisr	www.wisrcredit.com.au
Equifax	GetCreditScore	www.getcreditscore.com.au
Illion	Credit Simple	www.creditsimple.com.au

There used to be one more provider called Lodex which used Experian scores - can't seem to find them now

 

[Lynda2475]

Note that the free services form Experian and Illion (credit savvy and credit simple) can validate your identitiy using a Passport or Drivers License, whereas Equifax free site (GetCreditrScore) only allows identity matching via a Driver License (except for the once a year offline report or paid reporting via an equifax subscription). IHaving a credit record is not dependent on being a driver, but Equifax refuse to validate you for any of the free reproting sites via passport which is imo highly discriminatory as not everyone drives.

 

[mviy]

My score is mostly flat and improving occasionally due to no new credit applications for some time and always paying the credit card bills on time.

With the current credit crackdown where they have to assume I will irresponsibly max out my credit cards, I expect that I would not be approved from a new credit card due to the size of my mortgage which is the only reason I haven't been churning cards. With the borders closed it means that my points earning has slowed to a crawl.

 

[GSP]

My Credit Savvy score hasn't changed in over 2 years. Little movement on the other two either. Certainly no improvement, so I'm very skeptical about the repayments on time having any impact.

 

[SOPOOR]

My Credit Savvy score hasn't changed in over 2 years. Little movement on the other two either. Certainly no improvement, so I'm very skeptical about the repayments on time having any impact.

I'm sure the moment you miss one, your score will tumble down

 

[GSP]

I'm sure the moment you miss one, your score will tumble down

I've no doubt indeed!!

 

[theblank]

but Equifax refuse to validate you for any of the free reproting sites via passport which is imo highly discriminatory as not everyone drives.

then i suggest discriminate against them by not using them. They are just a marketing company that want to sell you finance offers.
You dont need them, use the others.

 

[burmans]

then i suggest discriminate against them by not using them. They are just a marketing company that want to sell you finance offers.
You dont need them, use the others.

The question though is not whether you use them, it’s whether the credit providers use them. There’s no point in getting a credit score from an organisation if no credit providers use and hence take any notice of that score. While others are indeed catching up Equifax is still the elephant in this business.

 

[GSP]

My Credit Savvy score hasn't changed in over 2 years. Little movement on the other two either. Certainly no improvement, so I'm very skeptical about the repayments on time having any impact.

As a data point, I finally have had a change in my credit score. I closed a credit card down and I dropped 4 points from 702 to 698....which drops me from "Very good" to "Good". This was out of cycle from the standard monthly updates. That leave me to conclude that closing a credit card has a negative impact on credit scores.

 

[andye]

As a data point, I finally have had a change in my credit score. I closed a credit card down and I dropped 4 points from 702 to 698....which drops me from "Very good" to "Good". This was out of cycle from the standard monthly updates. That leave me to conclude that closing a credit card has a negative impact on credit scores.

Was it an old card? I have a feeling length of credit history plays a small part (I know it does in the US)

 

[GSP]

Was it an old card? I have a feeling length of credit history plays a small part (I know it does in the US)

Was just short of 12 months (ANZ FF Black) - kept prior to paying annual fee.

 

[GSP]

And then out of nowhere, I got bumped from 698 to 799?? Ironically 1 point short of "Excellent".

Toads.

 

[Quattro]

As a data point, I finally have had a change in my credit score. I closed a credit card down and I dropped 4 points from 702 to 698....which drops me from "Very good" to "Good". This was out of cycle from the standard monthly updates. That leave me to conclude that closing a credit card has a negative impact on credit scores.

Was it an old card? I have a feeling length of credit history plays a small part (I know it does in the US)

Mine has gone down in the last 12 months, while I have closed off about two cards. From memory definitely weren't longer than 12 months old. Churned. Never missed mortgage or credit card payment. I'm going to try close a long-term card within the next 4 months as they are just collecting dust anyway; hopefully that'll bump it back up.

 

[GSP]

Continuing on my and other observations I have another datapoint (as posted on ANZ Travellers Rewards thread). I received an email that my Credit Savvy file has changed so I looked and it shows the ANZ Travellers Award card closed in the past few days accompanied by a drop in credit score from 804 to 756. They normally only update my file every 30 days but this was out of cycle so clearly as a result of this activity.

I had held the card for just short of 2 years meaning the only cards I have now are only new cards. So in addition to closing cards, the length of of time holding a card seems a key determinant in the scores (as has been mentioned in this thread).

Discrimination against churners!!

 

[andye]

Continuing on my and other observations I have another datapoint (as posted on ANZ Travellers Rewards thread). I received an email that my Credit Savvy file has changed so I looked and it shows the ANZ Travellers Award card closed in the past few days accompanied by a drop in credit score from 804 to 756. They normally only update my file every 30 days but this was out of cycle so clearly as a result of this activity.

I had held the card for just short of 2 years meaning the only cards I have now are only new cards. So in addition to closing cards, the length of of time holding a card seems a key determinant in the scores (as has been mentioned in this thread).

Discrimination against churners!!

That is a big drop for that reason-I've found that they usually pick up again quickly after a closure. May be a quirk in the system
I have just closed $20K of HSBC without other recent activity. Though I have older cards I should be able to see how the closure alone affects my score

 

[deebens]

Continuing on my and other observations I have another datapoint (as posted on ANZ Travellers Rewards thread). I received an email that my Credit Savvy file has changed so I looked and it shows the ANZ Travellers Award card closed in the past few days accompanied by a drop in credit score from 804 to 756. They normally only update my file every 30 days but this was out of cycle so clearly as a result of this activity.

I had held the card for just short of 2 years meaning the only cards I have now are only new cards. So in addition to closing cards, the length of of time holding a card seems a key determinant in the scores (as has been mentioned in this thread).

Discrimination against churners!!

Yeah, it's not particularly new. I closed an ANZ card last week and received the same email today, but I looked back over the chart of my score over the past 24 months and after every closure the score drops then recovers in the months following.