Browse Forums Home Finance Re: Finance - anxious first home buyers 21Jul 19, 2013 2:05 pm Thanks Di Nosaur Got another question for the experts here. I have 2 "Authorized Agent Enquiries" on my credit file (which I am trying to get removed BTW). How bad does it affect your credit score? Thanks Re: Finance - anxious first home buyers 22Jul 19, 2013 10:57 pm There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 23Jul 20, 2013 1:47 am yk83 Thanks Di Nosaur Got another question for the experts here. I have 2 "Authorized Agent Enquiries" on my credit file (which I am trying to get removed BTW). How bad does it affect your credit score? Thanks Those are fine as they are not applications for credit. They refer to organisations that you have given permission to look at your credit file for one reason or another. Cheers Tom Re: Finance - anxious first home buyers 24Jul 20, 2013 1:55 am Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Not entirely correct. A lot of banks have an automated credit scoring system which takes into account you credit file amongst other things. It can fail you even you have a clean credit record depending on the rest of the application. It might not even make it to an assessor. Cheers Tom Re: Finance - anxious first home buyers 25Jul 20, 2013 12:35 pm plc Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Not entirely correct. A lot of banks have an automated credit scoring system which takes into account you credit file amongst other things. It can fail you even you have a clean credit record depending on the rest of the application. It might not even make it to an assessor. Cheers Tom Of course the banks have their own separate scoring system. But as far as your credit file goes, there isn't any "rating" on there so to speak. $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 26Jul 20, 2013 8:44 pm Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Actually you are wrong - if your lender uses Veda they now have a "score". Ie a number between +999 (brilliant score) down to -999 (bankrupt). It is even colour coded LOL. The more applications, changes in addresses and defaults means the lower your score. Some things are worth waiting for. Re: Finance - anxious first home buyers 27Jul 20, 2013 9:22 pm Really? When did this change? $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 29Jul 21, 2013 11:01 pm Really?!? A change in address affects your credit? I should have been refused many times over with my address history oops. I was a 6month Gypsy before I had kids. ______________________________________________________________________ Signed up Jan 2013........Almost done! My thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=65763 Re: Finance - anxious first home buyers 30Jul 22, 2013 9:06 am kyton Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Actually you are wrong - if your lender uses Veda they now have a "score". Ie a number between +999 (brilliant score) down to -999 (bankrupt). It is even colour coded LOL. The more applications, changes in addresses and defaults means the lower your score. If they use Veda. How many do though? My broker said its mainly a yes or no based on whether or not you have had defaults. Also obviously they look at your circumstance and ability to service the loan, but he said there is no actual "score" as such... I'd go with what he said as he is the lending manager of a decent firm, been in the industry for 20 years. Re: Finance - anxious first home buyers 31Jul 22, 2013 1:23 pm joshnjacqui If they use Veda. How many do though? My broker said its mainly a yes or no based on whether or not you have had defaults. Also obviously they look at your circumstance and ability to service the loan, but he said there is no actual "score" as such... I'd go with what he said as he is the lending manager of a decent firm, been in the industry for 20 years. I was with Westpac for over 20yrs as a lending manager and they still use Veda. As does Mortgage Choice. I now have my own finance company (for motor vehicles) and we use Veda on a daily basis. Brokers don't always know everything - the lenders computer system does the deciding. Only if there is an issue does the lender then look into the actual credit file. Then they will make a decision based on what the defaults are made up of as well as other deciding factors such as deposit, employment etc. Some things are worth waiting for. Re: Finance - anxious first home buyers 32Aug 23, 2013 9:01 pm Hello everyone, I got my home loan conditionally approved today.. Approval subject to 1. Contract of sale 2. Council approval 3. Valuation Thanks to everyone who has helped me in this thread. Hope its all Ok from here Re: Finance - anxious first home buyers 34Sep 03, 2013 12:08 am kyton Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Actually you are wrong - if your lender uses Veda they now have a "score". Ie a number between +999 (brilliant score) down to -999 (bankrupt). It is even colour coded LOL. The more applications, changes in addresses and defaults means the lower your score. I got a copy of my credit score from Veda, and there is no "score" at all. It just tells me if I have any defaults and how many credit applications I've had etc. How come you have a different one? Bizarre. $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 35Sep 03, 2013 9:49 am Brahma Bull kyton Brahma Bull There's no such thing as a credit score. It's default or no default system. A creditor looking at your file is not an issue. The only issue is when you apply for multiple loans at the same time, creditors don't like this because they assume that they have all knocked you back. Completely dumb system. Actually you are wrong - if your lender uses Veda they now have a "score". Ie a number between +999 (brilliant score) down to -999 (bankrupt). It is even colour coded LOL. The more applications, changes in addresses and defaults means the lower your score. I got a copy of my credit score from Veda, and there is no "score" at all. It just tells me if I have any defaults and how many credit applications I've had etc. How come you have a different one? Bizarre. Ive seen my Veda credit score report & its different to the credit report you receive when you pay $60 odd to Veda. Mine was sent to me by an authorized agent who placed an inquiry on my file. I guess its sent only to authorized agents (aka banks/solicitors etc). Re: Finance - anxious first home buyers 36Sep 03, 2013 10:08 am Brahma Bull I got a copy of my credit score from Veda, and there is no "score" at all. It just tells me if I have any defaults and how many credit applications I've had etc. How come you have a different one? Bizarre. You can get a copy of your VedaScore from VedaAdvantage but you have to sign up to their Veda Starter plan for $69.95 per year. Or a mortgage broker can do a credit check for $8 - $10 and then give you a copy. Veda Advantage will not give it to you for free. We wrote an article on how VedaScore works on our site if you are interested. But there should be lots of info about it online or just ask your mortgage broker. yk83 Im sure they have coz I have a copy of my "credit score". My score is close to 450 with a relative risk of -2.1, whatever that means. Im hoping its an OK score. 450 isn't a good score. It means you are a 2x higher risk than the general population. If you apply for a mortgage in the future then apply with a lender that doesn't credit score or you may get declined. Hope that helps. Re: Finance - anxious first home buyers 37Sep 03, 2013 11:05 am jb_money yk83 Im sure they have coz I have a copy of my "credit score". My score is close to 450 with a relative risk of -2.1, whatever that means. Im hoping its an OK score. 450 isn't a good score. It means you are a 2x higher risk than the general population. If you apply for a mortgage in the future then apply with a lender that doesn't credit score or you may get declined. Hope that helps. Thanks jb_money. I improved my score by calling all the "authorised agents" and forcing them to remove unauthorised credit/agent inquiries on my file. Anyways, Ive got my final approval from the bank (been a customer for 7 years) and I will be keeping a close eye on who's accessing my file in the future. Re: Finance - anxious first home buyers 38Sep 03, 2013 12:41 pm yk83 jb_money yk83 Im sure they have coz I have a copy of my "credit score". My score is close to 450 with a relative risk of -2.1, whatever that means. Im hoping its an OK score. 450 isn't a good score. It means you are a 2x higher risk than the general population. If you apply for a mortgage in the future then apply with a lender that doesn't credit score or you may get declined. Hope that helps. Thanks jb_money. I improved my score by calling all the "authorised agents" and forcing them to remove unauthorised credit/agent inquiries on my file. Anyways, Ive got my final approval from the bank (been a customer for 7 years) and I will be keeping a close eye on who's accessing my file in the future. What is this "unauthorised credit inquiries? $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 39Sep 03, 2013 12:43 pm jb_money Brahma Bull I got a copy of my credit score from Veda, and there is no "score" at all. It just tells me if I have any defaults and how many credit applications I've had etc. How come you have a different one? Bizarre. You can get a copy of your VedaScore from VedaAdvantage but you have to sign up to their Veda Starter plan for $69.95 per year. Or a mortgage broker can do a credit check for $8 - $10 and then give you a copy. Veda Advantage will not give it to you for free. We wrote an article on how VedaScore works on our site if you are interested. But there should be lots of info about it online or just ask your mortgage broker. yk83 Im sure they have coz I have a copy of my "credit score". My score is close to 450 with a relative risk of -2.1, whatever that means. Im hoping its an OK score. 450 isn't a good score. It means you are a 2x higher risk than the general population. If you apply for a mortgage in the future then apply with a lender that doesn't credit score or you may get declined. Hope that helps. Seriously? Far out that is such an epic rort! How can I even get an understanding of how good my credit rating is if all they give me is a page telling me if I have any defaults or not. Seriously, this is a bloody annoying! $395 Fixed Priced Landscape Plans for DA M: 0435 127 244 | W: bluegumdesign.com.au | E: info@bluegumdesign.com.au Residential | Commercial | Industrial Re: Finance - anxious first home buyers 40Sep 03, 2013 1:14 pm Brahma Bull Seriously? Far out that is such an epic rort! How can I even get an understanding of how good my credit rating is if all they give me is a page telling me if I have any defaults or not. Seriously, this is a bloody annoying! Veda Advantage is a business. They abide by the Privacy Act so if you ask for your personal information they have to give you a copy of your credit file. However your VedaScore is not personal info. So you have to pay to get it. I reckon it is fair to make people pay for it, but the price is way too high. you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57680 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27737 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16289 |