Do you keep track of your credit score in the context of new credit card incentives?
If so, what’s your credit score category (e.g., excellent, good, average, ok, below average) and how does this affect your churn behaviour?
Any churn tips (e.g., stop churning once you get to x… or avoid y bank due to declining credit cards and getting a credit enquire hit).
Thanks OzB
Oh gees… I have a profile with credit savvy and they reference Experian. I’m unsure of their methodology and how it compares to other reporting agencies. The qualitative descriptors in the poll are the descriptors used by credit savvy.
Me neither on their methodology. All I can see on my credit reports is that Equifax gets lot more enquiries made than Experian. Subsequently my Experian score is much higher. YMMV.
yeah i find same
getcreditscore (where i am Okay) is usually the worst the lowest, with most enquiries, while the CreditSavvy (it says i am higher than any average category rating there) is the highest WAY higher than getcreditscore and honestly that one hasnt changed in like years ? (may be not a single enquiry there), But on other hand CreditSimple seems to be on higher end too around same as Credit Savvy slightly lower (may be due to it getting a few enquires) and both other ones i am Very Good
Avoid Citibank applications (not that they’ll be around much longer), the king of rejections for unknown reasons
Sorry I haven't been keeping up with the times.. why aren't they going to be around much longer?
Citibank will close Australian operation soon. Credit Card business will be sold to someone.
It's anyone's guess who it will sell the business too but one thing for sure, bye bye fee free for life Citi Signature that Ozb have had the privilege to enjoy to this day.
I am hoping HSBC to take over but rumours said it's either NAB or AMEX would take over.
I got approved by Citibank despite having five credit card accounts (one with my bank, one with 28 Degrees and three Amex accounts). Ask for the minimum.
Had Virgin screw up my application and end up rejected the calls went to India and were unhelpful probably why I was rejected.
How do you measure your credit score? i use getcreditscore.com, creditsavvy, and creditsimple All are very different scale. I find that Equifax Credit score is the worst usually, while other ones illion and the experion ones are generally better.
Being an ozbargainer is already a hard hit on credit score when one has to keep changing ISP, electricity, gas providers, (where some do credit check others dont),
Also not to forget the constant mobile plan deals that one subscribe to on payment plans (postpaid).
But yeah ofcourse biggest of all any credit cards, And Zip-pay one has or keep reapplying for.
Whatever the case I dont believe that credit score is a true indicator of one's ability's to pay money, e.g. My afterpay limit was like $1500, (Hardly used like 3 times a year when i Had it), Lattitude limit $150, Zip (they cannot even setup my account). I never go for Credit Cards and probably will never would. I am just one of those persons who prefers Debit over credit, because I know my expenditures, and am responsible with my Money already
Credit cards are great for people who are responsible with their money. You don't get the same rewards with a debit card.
I have heard people spend way too much money when they have CC just to meet the miniumum spend limit to chase those rewards points.
I am considering getting the HSBC debit card 2% Cashback upto $50 /month
Mine is usually at Excellent and after a credit card application, I'll drop a few points. Every now and then I'll drop to Very Good and then after a fairly short time back to Excellent. I applied for a credit card the other day and then LatitudePay and immediately dropped to Very Good. I didn't realise LatitudePay do a credit check as AfterPay didn't do one.
*edit to answer your question I try to wait at least 3 months before I apply for another credit card and prefer to do so when my rating is Excellent. If there was a really good deal and it was Very Good I'd still apply then just wait longer for the next one.
I was nearly trapped with LattitudePay.
Apparently, when LatitudePay was introduced there was a period of time you could apply without any credit check.
Not sure if this is true.
Credit scores are outdated and shouldn't really be used to indicate someones ability to pay money.
Tell that to Glenn Stevens and Phillip Lowe.
I swear, our best RBA Governor in my time in Australia has always been Ian Macfarlane.
I will tell you a story.
I recently refinanced my mortgage and switched banks. Ahead of this, I paused my credit card churning for a couple of months, and I was actually only holding one credit card when I applied.
I have averaged 10 new credit cards per year for the last 3 years. I had 30+ credit enquiries on my file, but I've always maintained Very Good with all agencies. I had a call from the assessor (for the refinance) as he was querying all these enquiries. His ONLY concern was to make sure that they were all closed. We went through a big long list. All closed. I told him that I just churn like a madman, for the points. If anything, he was impressed.
Refinanced was approved and got $4k cashback. That was in April and I have had 3 new credit cards since.
Good to know, thanks for the story. I only have 2 maybe 3 tops credit cards at any one time and I thought that was pushing it. Sounds like I can apply for more.
well, a couple of years ago I think I was holding 6 cards at one time, but the banks are stricter with total credit limits nowadays, so I also keep it to two or maximum three cards open at the same time.
Oh I see thanks. Good to know.
There are three reporting agencies with different scores on an individual. Experian, Equifax and Illinon.
Any particular one you polling about?