credit scores - Australia

[faramund]

Has anyone else tried the free veda credit score report. As I've said in other posts, I like to use equity to buy shares, so we have quite a few loans - that are all paid on time, as well as CCs that are paid off each month. So we have 6 figure loans for:

2x margin loans
1x house loan
1x home equity loan

and 5 figure loans for:
1xbusiness loan
2xcredit cards (only just 5 figures).

SO - I first used the credit score thing two years ago, and my DW and I were both 994 (on a 0-1200 scale) - apparently we're in the top 20%. But the thing is, I've just checked again for about the 4th time since then - and every time we're 994 (I just did so using https://www.getcreditscore.com.au/). This is in spite of changing limits on most of those loans (well, except for the home and business that are slowly being paid off) - I think we've also cancelled a few old credit/store cards.

I just find this curious - I could understand either changes up or down but this seems very odd.

So, anyone have anything to add to this - in particular does anyone have a higher credit score - if so, what's different?

[bigchrisb]

I've checked mine a few times over the last couple of years. Was high 700s, dropped to low 600s when i took out 600k property mortgage. About a year later 700ish, took out 60k credit card (0% 2 years) for another hit of 70 points. Currently back to mid 700s. Have a 750k margin facility, 600k mortgage, about 100k in cc limits and a few directorships. Loans drawn to about $1m

[faramund]

I've checked mine a few times over the last couple of years. Was high 700s, dropped to low 600s when i took out 600k property mortgage. About a year later 700ish, took out 60k credit card (0% 2 years) for another hit of 70 points. Currently back to mid 700s. Have a 750k margin facility, 600k mortgage, about 100k in cc limits and a few directorships. Loans drawn to about $1m

So maybe its more about new loans affecting credit scores, as opposed to just changing/increasing limits.

[Juan Ponce de León]

I couldn't give a flying F!K what my 'score' is and neither would the banks, they have their own criteria they use to assess applicants.  It's just Veda trying to find a way to monetise their business.  People love 'scores', invokes their competitive spirit for comparing themselves against all and sundry and Veda can harness that to trick people into signing up for stupid paid alerts and subscriptions etc.

[bigchrisb]

I couldn't give a flying F!K what my 'score' is and neither would the banks, they have their own criteria they use to assess applicants.  It's just Veda trying to find a way to monetise their business.  People love 'scores', invokes their competitive spirit for comparing themselves against all and sundry and Veda can harness that to trick people into signing up for stupid paid alerts and subscriptions etc.

I agree. Veda don't have any context of my income, diversity of income sources or my asset position.  I monitor my credit report occasionally by their free service, but refuse to pay a cent for it.

[faramund]

I couldn't give a flying F!K what my 'score' is and neither would the banks, they have their own criteria they use to assess applicants.  It's just Veda trying to find a way to monetise their business.  People love 'scores', invokes their competitive spirit for comparing themselves against all and sundry and Veda can harness that to trick people into signing up for stupid paid alerts and subscriptions etc.

I agree. Veda don't have any context of my income, diversity of income sources or my asset position.  I monitor my credit report occasionally by their free service, but refuse to pay a cent for it.

Well, I also don't and won't pay for it - but I still find it interesting. And I am curious about what affects it.

[happy]

Not an expert but from what I understand in Australia you start with a perfect score and then  events like applying for credit cards trigger a drop in the score.  After a period of time, 5 years I think, the particular event is removed. So occasional applications for credit are OK but lots close together will drop the score substantially.