Checked out my Illion Score today. Is this highly unusual or relatively common?
My Experian is 911, so they seem kind of different. I guess don't know too much about the entire concept.
No plans really to avail of credit in the future, but I guess it's nice to know that if I did, I'd likely fare well in terms of a decision.
huh? Aren't they the standard credit check mobs utilised in Australia?
Yep, along with Equifax, and the company that bought Dun & Bradstreet whose name escapes me at present.
cool story bro
Each use a different scorecard to assess your score, otherwise why would a business choose one credit bureau over the other if they are the same
Is a credit score as big in Australia as the rest of the world?
In my experience if you earn enough to service a debt you'll be approved. However I'm sure if you defaulted or missed a payment it may be difficult to get credit in the future.
Cheers. Yeah I guess I've never had to step into that world. I shouldn't view debt to be as dirty as I do, as I approach mid 50s in the coming couple of years, yeah it seems like something I would've cared about several decades ago. I wondered when I looked this morning (promoted by boredom and what I assume is a monthly spam email.from them, I was like…..woah, is 1000 considered the perfect score or does it keep going up from there? Was just mildly curious.
You ignored the lowest interest rates anyone will ever see, to protect your perfect credit score??
Did you not notice the explanation just below the score "A credit score is generally a number between 0 and 1,000 that shows you how.. "?
Luckily it also says "Excellent" or you'd have no idea what it means.
Just so you know, debt isn't necessarily dirty, depending what you do with it. My score is 1000 and I have $764,860 debt + 3 credit cards.
Christ no. That didn't happen. I never considered my credit score at all over the years. I just have been required to utilise debt.
Much brag very humble
Really? What's an average score? I have never checked mine, I've never needed to.
I think it is capped at 1000 lol
I dont know what an "average" scrore is, but the system is bunk. I have a mate who is always in debt, misses payments, has loans on everything, barely has enough money at the end of the week to cover everything and lives credit card to credit card… He has a "credit score" of about 950~ish.
Me, on the other hand, I have 0 debt and plenty of savings. I have a single credit card with a $1000 limit on it that is more often than not in a state of the bank owing me money on it. I own everything. I do not have any loans and have not had a loan since the late 1990's. House was paid off early. I always pay my bills on time and have 95% of them on direct debit. With all this, my credit score is 911. I am more of a credit risk than what my friend is, apparently. And with all that, I had to apply for a new electricity account and they did a credit check on me and I was dropped to 820 and it has taken almost 12 months to recover back to 911 (the highest I have been is about 920).
So, if a guy up to his eyeballs in debt and credit cards and missed/late payments can rock a 950 and I make 1 credit check on 10 years and get knocked back to 820, then I have NFI what the "average" score would be.
Thanks, you've convinced me not to check haha
Yeah fair point. I operate more like you than your mate but yeah it sounds like the whole system might be a bit random and looking at the wrong indicators. Don't know how you get by with 1k credit limit. I never pay interest ever but 100% of my transactions in life go through the credit card. Only because it feels like a debit cardbwould allow less flexibility and I feel I'd have to therefore watch the balance much closer. A monthly payment to ensure zero interest and everything is done. I would quite like to do it your way but wouldn't know how to evolve to that - especially with the wife able to buy as she pleases. Credit cards seem to remove that phantom limit. It's probably mostly psychological.
hardly..I don't really have any context. That's my whole point in asking. But I did learn the forums which I so rarely visit are as rough as our everyday stock standard deal post comments 🤣😂
What’s the TLDR?
💰✅
I guess OP wants to apply for a loan for me in their name
So who is clearscore? Is that some 3rd party you are giving access to your credit file? Why didn't you just check Illion directly?
I think Illion is a pharmaceutical company and clearscore is a pregnancy test.
Congratulations OP, you are about to become a parent!
The way I look at credit scores in australia is:
- if it’s high it won’t matter
- if it’s low it will matter
It could be low because of card churn, one missed payment or even identity theft. So everyone should keep an eye on recent activity, not worry about the score so much.
It does not matter at all how high your credit score (Illion, Experian, Equifax etc.) is if you do not meet any of the other credit provider criteria
Most of the time you will be rejected for a credit card (as an example) if
You already hold another credit card/credit line (seen as a risk) and will ask you to cancel that first (no thanks)
You are not employed full time (some may allow sole traiders but with more stringent criteria
You have sufficient income from your employment to cover the credit line (investment income does not count)
Some Credit Providers (very few) will give a credit line to a retired person if you can provide audited evidence that you are receiving regular pension income to justify the line of credit
My partner got rejected by ING as not employeed even though $300K of savings were held with ING and had investment income of $80K per year and no debt.
Likewise I was also rejected by ING even though I am in full employement with the same employer for 20+ years and earning over $200K per year as they decided I an not fuly employeed as I get paid by the hour (!!!!) and not on a fixed annual income (my monthly pay flunctuate a little bit).
Morons will be Morons and ING is the biggest one of them
Why have a human worker take days to approve a new customer when AI can reject them in minutes!
Welcome to our wonderful future.
:D
In Australia, your credit score is pretty much just for show, it means nothing to lenders. They approve or decline applications based on their own rules. And, they get to know everything about you, while you’re left in the dark. If they reject you, they don’t have to tell you why, and you have no right to ask.
Also, AFCA works for the banks and lenders, not us. They side with them, making it completely useless and a total waste of time.
And what is an "illian" score?
Ditto "experian"?
Are these games you play?