Credit score - not as good as I'd thought

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Forums › Finance and wealth management › Credit score - not as good as I'd thought

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#2113122 24-Oct-2018 09:40

ObidiahSlope:

About banks being weird about issuing credit cards. I was told by someone who used to work in a bank about an couple he was dealing with who wanted a credit card. He feed all the required application information into the machine and got back a "computer says no" message.

This was nuts because the couple had been customers of the bank for decades without any problems and had several million dollars on fixed deposit. He asked the branch manager to overrule the decision but the manager refused.

If I was that couple and really wanted a credit card I would be voting with my feet and taking my money with me.

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SirHumphreyAppleby

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#2113123 24-Oct-2018 09:44

elpenguino:

SirHumphreyAppleby:

I've yet to see a debit card which rewards me for spending my own money. A credit card lets me accumulate interest until the bill is due and get ~1% cash back on top.

Problem is merchants raise their prices even more than 1% to accommodate all the fees they have to pay to...... the credit card companies, so overall you're paying more for everything.

Yes, but you might as well get back what you can.

I use EFTPOS where I get cash discounts, otherwise, everything goes on the card. I was disappointed Hyundai would only let me put $3000 of the cost of a new car on the card though.

elpenguino:

ObidiahSlope:

About banks being weird about issuing credit cards. I was told by someone who used to work in a bank about an couple he was dealing with who wanted a credit card. He feed all the required application information into the machine and got back a "computer says no" message.

This was nuts because the couple had been customers of the bank for decades without any problems and had several million dollars on fixed deposit. He asked the branch manager to overrule the decision but the manager refused.

If I was that couple and really wanted a credit card I would be voting with my feet and taking my money with me.

That's actually what I was doing. I had intended to move almost everything over to BNZ from ASB, because ASB are slashing services and cutting costs, and I've had enough of it. BNZ chose to make things difficult, so they will miss out. Also, the experience hasn't been as hassle-free as they claim for other reasons further outside the scope of this discussion.

pctek

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#2114002 25-Oct-2018 18:12

That's normal. Mine is 100% perfect and I get more or less your score.

They do some graph type arrangement.

More to the point is the list, Judgements, late fees, bankruptcies and the like....which mine all say 0000000000

MichaelNZ

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#2114024 25-Oct-2018 19:18

I don't see your issue.

1. Anything over 600 is "credit worthy"

See: Your credit score: Are you a unicorn, a thoroughbred, or donkey?

2. The credit scoring system is heavily flawed because it includes assumptions about where you live and other demographics. I had a look at my Credit Simple profile before writing this and I see I have lost 13 points this month. For no reason whatsoever. But activity in local Facebook B&S groups indicates this area is likely suffering increased housing/financial pressures among low income folk who are renters. Nothing to do with me tho'.

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#2119942 5-Nov-2018 09:42

My credit score has dropped from 800 to 788 but nothing has changed, Well I have more money in the bank

Makes no sense to me

John

MichaelNZ

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#2119955 5-Nov-2018 09:49

Linux:

My credit score has dropped from 800 to 788 but nothing has changed, Well I have more money in the bank

Makes no sense to me

John

Within 100 points credit scores don't make sense.

Mine dropped by about the same in the last month as well. Also no reason.

It's probably dropped even further now due to changing from prepaid to Vodafone on account. It will bounce back in a couple of months or thereabouts, but said change has no impact on actual credit worthiness.

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wsnz

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#2120119 5-Nov-2018 12:21

The scoring system also incentivises lock-in with your power, phone etc. providers as simply the act of shopping around negatively effects your credit score.

RAE1

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#2124680 13-Nov-2018 12:16

I am a beneficiary living week to week paying rent, power, phone, food and was given a credit card, so I don't know how they worked that out? This month my score went from 788 to 802 and I'm not sure why since I only found out today that Slingshot/Callplus no longer supply info to Equifax. I had been trying to find this out since April 2018.

blakamin

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#2124726 13-Nov-2018 13:31

I don't want to know what mine is.... It must be OK though because my banks keep sending me offers to increase credit limits/loans/mortgage. Not gunna happen!

I only got my first credit card 6 years ago because of a hotel I wanted to stay at.

engedib

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#2156500 8-Jan-2019 16:25

Nothing was changed in the last 2 months, same amount on the credit cards which are paid back, no new loan / CC application, no late bills, however score was dropped from stable 866 to 719.

Weird

kingdragonfly

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#2156530 8-Jan-2019 16:59

weird indeed

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#2156586 8-Jan-2019 17:21

I had mine drop from 720 to 590 pretty-much overnight all because Vodafone stopped credit reporting early last year. When I finally closed my account off in October the "no information" reporting kept coming through. Sent a message to investigate and they didn't - basically kept fobbing me off to Vodafone (who couldn't help). In the end I sent a message to Jason Paris who (kudos to him) got somebody to promptly sort it but this is still on my report.

I've just sent a final email to Illion to resolve this. If they don't, I'll be taking this up with the privacy commissioner as Illion don't seem bothered at all if a credit report is correct or not. Clearly, if information is unreported by a third party it shouldn't have any effect on the individuals credit score one would think but in cases like mine it is clear that this does negatively affect a score.

Credit reporting in NZ is fundamentally broken IMO. This may explain some people here who have had their score drop from "excellent" to "meh" pretty-much overnight.

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sidefx

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#2156591 8-Jan-2019 17:46

I haven't checked mine for a while, but it seems this month it suddenly dropped from a consistent 790 for many months last year to 645. The "What's behind my score" page shows pretty much nothing at all, other than a single enquiry from Contact energy in 2016 when I joined them. Confusing.

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gregmcc

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#2156592 8-Jan-2019 17:46

I have my doubts about Credit Simple credit report, I had a similar issue with no reported info from VF, basically given the fob off and told to talk to VF.

In August we re-fixed our mortgage, bank said "We will be running a credit check as part of the re-fix" no problem, checking today, no sign of a credit check been done on the credit report....

sidefx

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#2156593 8-Jan-2019 17:49

Yeah I also have a centrix report from November - it has a bunch of things on it that are completely missing from the creditsimple one. Though the single one on the creditsimple report is missing from the centrix report. Are they not shared?

"I was born not knowing and have had only a little time to change that here and there." | Octopus Energy | Sharesies
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