Veda score keeps changing

L[Deactivated] on 20/02/2015 - 14:23
Last edited 20/02/2015 - 14:23

I've been toying with the idea of signing up for the Citibank Signature card (as seen here: https://www.ozbargain.com.au/node/175099). Part of the eligibility crieteria is meeting a particular Veda score.

The first time I tried I got a result of "Excellent", just to see if I would pass. A few days later when I decided to apply I entered the same details and received "Very Good". At some point during the application process I got distracted & it timed out.

Finally, when I sat down to get it done once & for all today, I started again. This time my Veda score has been reduced, again, to "Good"…WTF is going on?

My circumstances have not changed in the past 5 days - in fact they improved a couple of grand as I was paid my fortnightly salary - and I can't retrieve the application. I'm concerned that somehow my credit score has been jeopardised, through no fault of my own, and I won't get the card. Keeping in mind I am financially secure & have no debts or other cc balances (or cards).

Thoughts on this?

Financial

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Comments

  • chumlee on 20/02/2015 - 14:25

    Did you pay some bills late? Remember anything after 11 days late will be recorded on your credit score now.

  • Paul Atreides on 20/02/2015 - 14:30

    well everytime you enter those details, citibank uses that information to access you credit file, so maybe after a few enquiries after a short timespan has reduced it?

    shows up on your credit report as

    "DD MMM YYYY CITI.VEDASCORE.BAND CC" as a "file access"

    • anna10 on 21/02/2015 - 15:42

      I just accessed my Veda file. I had taken a 'free' Veda access via the citibank cc site even though I had no intention of applying for a cc.

      Now, my record shoes 2 citibank enquiries. So, I'll have to wait a while for another cc and sign on points bonus application.

      • JohnHowardsEyebrows on 17/03/2015 - 14:24

        Don't think they affect the score, nor are they visible to lending institutions. The word 'enquiry' is a pretty tight defintion, I believe.

  • [Deactivated] on 20/02/2015 - 15:23

    Thanks for the input. No, my bills are always on time, without fail. I supposed that the number of file accesses could be impacting it, but that makes no sense - why would checking a credit file decrease your eligibility. Defaults I can understand but not merely performing a credit score check. I'll get on the phone to Shittibank this afternoon & see what can be achieved.

  • mightyfes on 20/02/2015 - 15:50

    I know, the more enquirers you have in a short span of time decreases your credit rating. Waiting a few weeks should make it go back up given your circumstances don't change. Maybe apply over the phone if it's possible; if you explain your situation they can usually refer it to their "credit" department to have another look in case it declines.

  • ShannonIngram on 20/02/2015 - 17:01

    It will absolutely be the credit checks that are reducing your score. Any more than about 3-4 in a 6 month period is generally an indicator that you might be in financial strife. Keep in mind this is an automated score and not something reviewed by a human. I'd contact Citibank and if that fails Veda to see if the extra enquiries could be removed from your credit file and the application manually assessed to avoid any further impact.

  • jiroumi on 20/02/2015 - 17:40

    The Veda credit file only show the loan enquiries, they do not reveal whether or not the loan was accepted or rejected.

    Each time you make an enquiry, as it appears you have, and in such a short space of time, it can be assumed that you are shopping around for a lender where you can get a loan from, or rejected multiple times, or accepted multiple times and by that assumption limited borrowing capacity

  • [Deactivated] on 21/02/2015 - 03:27
    +1

    Thanks all for replying. I was able to make an application for the fee free rewards card (offer expires 28/2) and from what I can piece together from the phone convo with Citibank, the Veda score has more of a bearing on the balance transfer rate they offer you. As I don't need this whatever the rate is really not importantt. I'll know soon enough what the outcome of the application is.

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