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  1. #21
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    Default Found out why my credit rating is so bad

    Credit enquiries aren't going to stop you from getting a loan or credit card.

    Banks have policies in place to mitigate adverse credit findings. You will most likely just need to explain why you have so many and whether you went ahead with them or not. They may also ask for proof that you didn't proceed.

    Different banks have different policies, some only look at the past 6 months, some look longer.

    I wouldn't stress too much. Also, be mindful that doing unnecessary credit checks could also put a credit enquiry on your history. I'm not 100% on that, but I recall reading it in a finance magazine.

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    alliphant  (27-07-2015)

  3. #22
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    I agree, just show evidence that said loans/credit cards are closed and you'll be fine.
    Also explain why so many applications.

    I have a lot of credit enquiries on my file as I shop a lot for free credit cards and miles bonuses.

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    alliphant  (27-07-2015)

  5. #23
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    Quote Originally Posted by Sonja View Post
    That won't necessarily make it dodgy. It will just mean for the next few days after you use the site you'll be inundated with promotional emails selling you financial counselling and other similar products. If you unsubscribe they should stop.

    I wouldn't personally use it but maybe Google reviews of the site to see what others have thought about it.
    I've just stated that it's legit and safe. the link was posted and used extensively in another finance forum/online group i'm part of.

    the kochie pic seemed a bit odd but as previously stated, it's totally safe did legit.

  6. #24
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    Quote Originally Posted by turquoisecoast View Post
    I've just stated that it's legit and safe. the link was posted and used extensively in another finance forum/online group i'm part of.

    the kochie pic seemed a bit odd but as previously stated, it's totally safe did legit.
    And I am not disagreeing with you. A PP queried the disclosure of privacy info and I was replying to that.

    But unless you know for sure how can any of us say these sites are legit? I'm genuinely interested as as a lawyer I'm naturally sceptical. I would also be concerned that doing these searches may in and of themselves affect someone's credit rating. So I am genuinely curious. Is it government backed?

  7. #25
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    fair go.

    it was posted by Scott pape in his barefoot investor ramblings. not sure if it's government backed but everyone on Scott's group (myself included) was using it. my score was 802 fwiw.

    Scott pape is fiercely independent and trustworthy. it's obviously up to the individual if they choose to use it or not but it's free, simple and instant so it's a convenient way to check one's credit rating score to see if it's what you'd expect it to be.

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    Sonja  (27-07-2015)

  9. #26
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    Default Found out why my credit rating is so bad

    Quote Originally Posted by btmac View Post
    I haven't used it myself but my understanding is they perform a 'soft touch' - much like Veda does in order to assess your credit rating. This is different from a check performed by banks for loans/credit cards. Apparently it therefore is not recorded and has no impact.

    I really don't know enough about it - like you I'm a bit sceptical and would want more information before using.

    Also since when do we have 'credit scores'? I thought this was a U.S. thing?
    Getcreditscore.com.au doesn't leave a footprint on your credit file.

    We moved to credit scoring last year. There were changes made to the Privacy Act 1988 & we moved onto a score based system at that time. The idea is that it's better for consumers as they have the chance to increase their scores if they have any adverse listings. I don't buy it, personally, as under this new system, companies can disclose if you are merely behind on loan repayments & bills, not only if you have defaulted, thus making it harder for the average consumer. A bit off topic, but that's my opinion on it anyway!

  10. #27
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    Yeap this credit score is stupid. I have no debts whatsoever, not even a car loan and we have very cushy liquidities. Never been behind bills payments and our credit card balance at the end of each period is always 0.

    However we have a pretty poor credit ratings because we change credit cards quite regularly.

    I guess we are pretty bad customers for banks hence the low score. We take all their freebies. run with it and never pay interests 😝

    By the way if you get a loan your credit rating will improve.

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    alliphant  (27-07-2015)

  12. #28
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    Quote Originally Posted by ExcuseMyFrench View Post
    Yeap this credit score is stupid. I have no debts whatsoever, not even a car loan and we have very cushy liquidities. Never been behind bills payments and our credit card balance at the end of each period is always 0.

    However we have a pretty poor credit ratings because we change credit cards quite regularly.

    I guess we are pretty bad customers for banks hence the low score. We take all their freebies. run with it and never pay interests 😝

    By the way if you get a loan your credit rating will improve.
    the low score comes about because of frequent credit inquiries, ie changing credit cards often as you're applying for new credit every time you change cards.

    paying a balance off in full, taking advantage of reward programs and not paying interest has no impact on your credit score. a bank can't penalize you because you're an unprofitable customer to them.

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    ChelleBH  (27-07-2015)

  14. #29
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    Quote Originally Posted by ExcuseMyFrench View Post
    Yeap this credit score is stupid. I have no debts whatsoever, not even a car loan and we have very cushy liquidities. Never been behind bills payments and our credit card balance at the end of each period is always 0.

    However we have a pretty poor credit ratings because we change credit cards quite regularly.

    I guess we are pretty bad customers for banks hence the low score. We take all their freebies. run with it and never pay interests 😝

    By the way if you get a loan your credit rating will improve.
    Wow that sucks that they use this stuff against us!

  15. #30
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    did you not read my post? excusemyfrench has not got her facts right here. the banks don't penalize you for being a good credit risk. it's the frequent credit applications.

    we also have no loans (except mortgage), we have assets, we pay the balance of the card off in full every month (so no interest) and take advantage of the qantas frequent flyer program. as we rarely, if ever, make credit applications, our credit scores are very good.

    please refrain from criticizing something if you don't fully understand the mechanics of how it works.


 

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