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  1. #1
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    Angry Found out why my credit rating is so bad

    I've just got my hands on a copy of my credit after being told my rating is in the lowest 20%. I thought I must've done something awful for it to be that way, and had no idea what, but apparently it's all from credit enquiries There are no defaults, JUST credit enquiries. Has anyone else had this problem and did you manage to resolve it?

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    Quote Originally Posted by alliphant View Post
    I've just got my hands on a copy of my credit after being told my rating is in the lowest 20%. I thought I must've done something awful for it to be that way, and had no idea what, but apparently it's all from credit enquiries There are no defaults, JUST credit enquiries. Has anyone else had this problem and did you manage to resolve it?
    Yes credit enquiries will do that to your rating. It indicates you might be in some kind of financial distress.
    You need to wait it out for your credit to go back up.

    Why do you have so many credit enquiries? Also why do you worry about your credit rating?
    Asking so that we can provide further advices.

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    alliphant  (27-07-2015)

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    How do you find out what it is??

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    Is a credit enquiry a credit application that's refused?

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    Quote Originally Posted by JustJaq View Post
    Is a credit enquiry a credit application that's refused?
    If you ever apply for a credit card or loan, a credit enquiry is noted on your credit rating, whether you're approved or declined. Even if you're approved and decide not to take up the loan/cc its still noted on there.

  7. The Following 2 Users Say Thank You to Frankenmum For This Useful Post:

    alliphant  (27-07-2015),JustJaq  (27-07-2015)

  8. #6
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    Quote Originally Posted by Wise Enough View Post
    How do you find out what it is??
    You can ask for a Veda check

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    Default Found out why my credit rating is so bad

    there's a free credit check you can do at https://www.getcreditscore.com.au

    I did mine the other day (it's legit)

    it's not a copy of your credit report (you need to contact Veda for that) but it'll give you a score. if the score seems out of whack with what you'd expect, you can look into it further.

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    alliphant  (27-07-2015),Wise Enough  (27-07-2015)

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    Your only option is to wait a few months before applying again (personally, I'd give it 6-12 months). If you're seen to be 'credit shopping' banks will wonder why. As a PP mentioned, it is a pattern of the financially distressed/desperate.

    Could your partner apply for you in order to get the credit you need?

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    Quote Originally Posted by turquoisecoast View Post
    there's a free credit check you can do at https://www.getcreditscore.com.au

    I did mine the other day (it's legit)

    it's not a copy of your credit report (you need to contact Veda for that) but it'll give you a score. if the score seems out of whack with what you'd expect, you can look into it further.
    I went to use that site and it doesn't seem dodgy - how could it be!? Kochie is on it!

    But I'm a bit concerned about accepting this last clause....
    ImageUploadedByThe Bub Hub1437952044.421205.jpg

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    Quote Originally Posted by ExcuseMyFrench View Post
    Yes credit enquiries will do that to your rating. It indicates you might be in some kind of financial distress.
    You need to wait it out for your credit to go back up.

    Why do you have so many credit enquiries? Also why do you worry about your credit rating?
    Asking so that we can provide further advices.
    I've tried applying for a few loans and credit cards over the last 5 years. I didn't realise they made negative marks on my file.

    I did a check on Veda after seeing it on Sunrise one day, and it came back negative so I've been worrying about it since. I hadn't really thought about it before then.


 

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