Since reading this Somersoft thread (http://somersoft.com/forums/showthread.php?t=108686&highlight=credit) I've been receiving Credit Savvy credit score updates monthly. My previous score had been 785 - or 15 points under 'Excellent'. This month I have dropped 302 points to 483 and 'Below Average'. In the past month I have settled on my first property with my partner (PPOR) for which we have a ~320k mortgage with CBA. We had a second application in with ING but did not proceed with it past the valuation. I have also applied and been accepted for a $10k Virgin Money credit card to use for monthly expenses, which will be paid for out of our offset account. I could understand a bit of a drop in my credit score, but to now be 'Below Average' is quite concerning. We will be looking to buy a second property (IP) within the next 6-12 months so want to better understand my reduced credit score.
The whole new credit reporting system is still quite confusing. Best bet is to avoid unnecessary credit hits where possible. Try and keep your file nice and clean - don't shop around for home loans, credit cards, etc. When you apply for a new IP loan - apply once. Cheers Jamie
Not sure if Creditsavvy reflect correct scores. I tried it over the weekend and got 615 cs which is an 'ok' , I was surprised to get an 'ok' CS with just 3 credit inquiries over last five years and no late/defaults/bancrupty/court cases ever. I went over to veda and subscribed to one of their services and it came with 790 CS. Just curious, Any one else experienced anomalies between CS providers?
Your credit score is a nice indicator, but frankly the banks make up their own minds. We've recently seen a person with an 'excellent' rating had a loan refused by a bank because of a 'high risk' assessment. A different lender recently approved the application.
Thanks for all the replies. Thought I would update this thread as my credit score for this month has come back higher than before - from 483 to 791. Both my new cc and mortgage are showing as new enquiries.
