Veda Credit Scores and American Express Applications (esp Plat Charge)

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Just checked my scores (just because) and there is a substantial difference between Veda @ 809 and Experian @ 597. Interesting.

My experian is also significantly below my veda, and the two move independently. The score is a representation of relative risk as judged by the ratings agencies, and I wonder whether the fact experian is mostly owned by CBA is more representative of the way they see risk. I'd love to know the information behind this!

I think this year is going to be interesting as CCR comes on board.
 
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Slightly off topic but Veda notes mortgagee inquiries where a person is not the borrower but guarantor.
 
My experian is also significantly below my veda, and the two move independently. The score is a representation of relative risk as judged by the ratings agencies, and I wonder whether the fact experian is mostly owned by CBA is more representative of the way they see risk. I'd love to know the information behind this!

I think this year is going to be interesting as CCR comes on board.

Mostly agree with this. Currently without CCR Experian and Veda have quite different information about you (credit reporting is not mandatory) and the 3 credit bureaus score in different ways (each would tell you their methodology is the best). CCR will go some way to evening these up, assuming the major banks do contribute to Experian. Given they have a considerable stake in it they have a string motivation to do so to get some competition into credit scoring.
 
Slightly off topic but Veda notes mortgagee inquiries where a person is not the borrower but guarantor.

Yep, that's the point of being a guarantor you may end up wearing the loan, so in my view it certainly should affect your credit rating. If it can affect your credit rating then the law says it must appear in your credit report.

Personally would always advise against going guarantor, if someone can't afford to buy it without you doing so, they probably can't afford it. If they really can't afford it then you probably aren't looking after their best interest though I do understand the emotional pressure that may be brought to bear. If you really must, you'd be better off lending then the money without getting the bank involved, but only if you are really prepared to write that loan off.
 
Mostly agree with this. Currently without CCR Experian and Veda have quite different information about you (credit reporting is not mandatory) and the 3 credit bureaus score in different ways (each would tell you their methodology is the best). CCR will go some way to evening these up, assuming the major banks do contribute to Experian. Given they have a considerable stake in it they have a string motivation to do so to get some competition into credit scoring.

I do notice that an ANZ card is missing off my experian report.
 
I subscribe to Veda, although I once checked D&B (several years ago) which I found contained minimal useful information. I know nothing about Experian, other from what I've read here.
 
Yep, that's the point of being a guarantor you may end up wearing the loan, so in my view it certainly should affect your credit rating. If it can affect your credit rating then the law says it must appear in your credit report.

Personally would always advise against going guarantor, if someone can't afford to buy it without you doing so, they probably can't afford it. If they really can't afford it then you probably aren't looking after their best interest though I do understand the emotional pressure that may be brought to bear. If you really must, you'd be better off lending then the money without getting the bank involved, but only if you are really prepared to write that loan off.

Valid points. Where borrower is a company though, director(s) may need to provide guarantee(s). In such a scenario director(s) may have little choice but to yield to lender's requirement.
 
For those that are interested, I promised to post back with the impact of my Platinum Edge application, last month, on my credit scores.

Quick recap (prior to application):
Veda Credit Score: 636
Experian Credit Score: 557
Credit Card applications in last 6 mths: 2
Credit Card applications in last 12 mths: 3
Credit Card applications in last 5 yrs: 10
Other credit applications 6 mths: 0
Other credit applications 12 mths: 0
Other credit applications 5 yrs: 0
Annual income (feel free to use a range eg $150k-$180k): $128k
My Edge application was instantly approved and the card arrive really quickly again (thanks AMEX!!)

Credit scores post application:
Veda Credit Score: 612 (down 24) - my previous charge application pushed it down by 14
Experian Credit Score: 553 (down 4) - my previous charge applicatin pushed it down by 43

I haven't applied for anything else in the meantime so the numbers above are entirely caused by the AMEX Plat Edge application.

Hope this helps some others, feel free to share your own experiences in this thead too.
 
Dropped 20ish points this month with a CBA Diamond application. Down to 735. 15k limit. Previous application was mid last year (Amex Vel Plat). Took the CBA card cos it's free with my home loan and had a 40k VFF point sign on bonus.
 
Lost 63 points (experian) from my Velocity Plat Amex application (with a 5k limit). Was in the 'excellent' category, now in 'very good.'

Also had a home loan approved not so long ago (within last 6 months).
 
No change to my score this month. No new applications in that time. Looks like you need to not apply for anything new for >1 months to start getting veda points back (n=1).
 
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I haven't had any applications since October. Score dropped 200 points with Platinum Charge application (only one other application for 2015) with score recovering 11 points in November and unchanged since then. Previously, it would recover a little each month I made no applications.

I did notice on my new Veda report, AMEX is now reporting payment history and limits (it's all accurate) - it's the only one on my file at the moment. I wonder if the combined limits @ Amex is what's limiting my Veda score's recovery. Assuming once the other card limits are made available to Veda, might need to do some pruning to remediate my score. Interested in learning more about this - no real contact avenue into Veda other than the disputes email which doesn't cover this situation.
 
IMO Experian is a load of cods.
Last year my score was a little over 800
1 credit card application 9 months ago, and it dropped to 600.
That makes no sense.


Now its:

Veda Credit Score: ?
Experian Credit Score: 609
Active credit accounts: 3 (no repayments reported)
Credit Card applications in last 6 mths: 0
Credit Card applications in last 12 mths: 1
Credit Card applications in last 5 yrs: 5 (coincidentally 1 a year)
Other credit applications 6 mths: 0
Other credit applications 12 mths: 0
Other credit applications 5 yrs: 1
Annual income (feel free to use a range eg $150k-$180k): doesnt count for Credit score.
 
DateScore
29/02/2016700
09/03/2016714
21/03/2016714(Applied for Amex Platinum)
23/03/2016670
08/04/2016670

Not sure why my score isn't yet recovering, but I'll keep an eye on it
 
Date
Score
29/02/2016
700
09/03/2016
714
21/03/2016
714
(Applied for Amex Platinum)
23/03/2016
670
08/04/2016
670

Not sure why my score isn't yet recovering, but I'll keep an eye on it

I took an 86 point hit after a CC application and a novated lease at about the same time, no change for 3 months, 43 points better by month 7.

So it can be slow particularly if you have made a lot of applications.

Prior to this I had always been Ok after a couple of months
 
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