Join Australia's most dynamic and respected property investment community

My credit rating went up

Discussion in 'Property Finance' started by Darlinghurst Boy, 24th Mar, 2016.

Tags:
  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    Every few months Veda send me my credit file and rating because i subscribe to it

    My credit rating went up which us not good .
    From 461 to 547

    No i didnt forget to pay bills.
    Just because i rang the Commbank to enquire about loans ... So be careful everytime yiu enquire about loans and dont go through with it you can hurt your credit rating.
     
  2. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,230
    Location:
    At work
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,045
    Location:
    Sydney
    why isn't it good?

    Higher score is better than a lower score.
     
    Observer likes this.
  4. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    No i think 461 was better ...
     
  5. Kinnon Bell

    Kinnon Bell Finance Broker

    Joined:
    14th Jun, 2015
    Posts:
    478
    Location:
    Cairns
    Definitely the higher the better. Anything above 600 is ideal then the higher than that the better.

    A simply enquiry to the bank doesn't impact your score. You need to consent for a credit check to be done. Whether it be by signing a privacy/credit document or the banker playing or reading some scripting over the phone and getting your consent to do a credit check at the end.
     
  6. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    955
    Location:
    Sydney
  7. Sonamic

    Sonamic Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    961
    Location:
    Sunny QLD
    Oh Jeeez. Mine is 780. I must be screwed. :p
     
  8. JameZ

    JameZ Active Member

    Joined:
    18th Jun, 2015
    Posts:
    29
    Location:
    Sydney
  9. Fungus

    Fungus Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    102
    Location:
    Sydney
    Damn, I must be the worst - mine's 811!

    Darlinghurst Boy - you're funny mate.
     
    Observer and Terry_w like this.
  10. Tyler Durden

    Tyler Durden Well-Known Member

    Joined:
    19th Jan, 2016
    Posts:
    281
    Location:
    Australia
    image.jpeg

    That's the end of my borrowing :p
     
    Kate Moloney likes this.
  11. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,599
    Location:
    Sydney or NSW or Australia
    Methinks mine is around 666 :devil:
     
  12. Tyler Durden

    Tyler Durden Well-Known Member

    Joined:
    19th Jan, 2016
    Posts:
    281
    Location:
    Australia
    If I could get mine down by one, I could sell it to the Chinese. :p
     
    Observer, Erida and DaveM like this.
  13. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,599
    Location:
    Sydney or NSW or Australia
  14. Tyler Durden

    Tyler Durden Well-Known Member

    Joined:
    19th Jan, 2016
    Posts:
    281
    Location:
    Australia
    Fully lucky ;)
     
    Observer, DaveM, dabbler and 2 others like this.
  15. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,534
    Location:
    Perth, Melbourne, USA
    You always surprise me:)
     
  16. ellejay

    ellejay Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,136
    Location:
    Kimberley and NZ
    I wouldn't even log into that site, thinking it would impact my credit score :)
     
    cheekykoon likes this.
  17. Tyler Durden

    Tyler Durden Well-Known Member

    Joined:
    19th Jan, 2016
    Posts:
    281
    Location:
    Australia
    VEDA accessing your credit file at your own request shouldn't have any negative effects. In the old days I would request a free postal version once a year.

    Check Your Credit Report & History | My Credit File AU

    There should be more encouragement for people (especially youngsters with phone plans etc) to keep an eye on their credit files. How anyone can end up with sub 500 and not be aware of it is beyond me.
     
    Last edited: 24th Mar, 2016
  18. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    567
    Location:
    Perth
    Vedascore Range:
    833-1200 Excellent
    726-832 Very Good
    622-725 Good
    510-621 Average
    0-509 Below Average

    Most banks need at least a 'GOOD' rating for most things but most banks also have their own internal credit scoring policies and a broker is the best person to help you navigate those.

    PS: If you want to know your credit score(not credit report) for free check this website: Get Your Credit Score Australia - Absolutely Free! - SocietyOne runs it.
     
    Kate Moloney likes this.
  19. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    567
    Location:
    Perth
    You went from below average to average. Where you fishing for credit? Careful with credit limit increases - some banks do a credit check and some do a soft check and some do none.
     
  20. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    Yes i was asking commbank for home loans that i decided not to take...