How Are Credit Scores Calculated? Did Something Change in February?

So I track my credit score on Credit Savvy… after a deal got posted here about getting free monthly alerts.

My score looks a bit like this

So as you can see, it took a dive in February. The thing is, I didn't do anything in February. There's literally nothing on my 'Credit Report Summary' that is newer than September last year.

I'm wondering if anyone else has a similar experience. Did the way credit scores got calculated recently changed or something?

I'm aware there's a bunch of things that can affect your credit score depending on what those things are, how much, alignment of the stars, etc. However I've done basically nothing in the last 5 months, and the score has been the same until Feb. Do you actually get penalized for not taking new credit cards/loans, etc? Never heard of that one before.

Comments

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    Read the latest comments on this thread: https://www.ozbargain.com.au/node/360231

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    Same here ,

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    Mine dropped too. Nothing done in an year…

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    I don’t get it either. I have no loans, only have one very low credit card that has a tiny $1k limit and is currently over paid. I own my cars, my house and have plenty of savings. There is no debt and never has been. Last time I had a loan was almost 10 years ago and that got paid off about 12 months before it was due. Never overdraw accounts, all my bills are on auto payment.

    WTF am I doing wrong?

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      Yep, same here. No debt, only have one tiny $2k no fee card etc etc and my score dropped 20 points.

  • +1 vote

    Do you have an account with NAB? NAB started sharing their Comprehensive Credit Reporting data with all 3 credit bureaus (Equifax, Experian, DnB) in Feb. Here's more info: https://www.getcreditscore.com.au/articles/changes-to-your-c...

    Do you have an account with getcreditscore? I'd be curious to know if it had a dramatic impact as well, as they generally have more data points since they are backed by Equifax.

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      I think it is definitely related to NAB - as posted in the thread linked above, mine and my wife's score (creditsavvy) both dropped by more than 100pts each, and the only thing I can see added is some old NAB cards which have been closed for about 18 months.

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    "It's not me, it's you."

    For a system that can have such a profound impact on borrowing ability, it's ridiculous that several companies exist and all have opaque scoring models.

    The solution: "get a good job that pays good money".

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    It's probably related to NAB (comprehensive credit reporting) but you never know with savvy. They may have changed their internal calc method.

    At the end of the day my savvy score hasnt changed in several months, yet my getcreditscore (equifax) has been climbing slowly most months, so as Equifax/getcreditscore has more data to review, i figure most lenders will use them and the savvy score is kind of pointless

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    Today I got an email from HSBC that they went to Comprehensive Credit Reporting (CCR) from 5/03/18.

    So I am guessing credit bureaus now can see all of your credit card limits and your score dropped significantly.

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    My score has been the same. I don't have an NAB account just for reference.

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      Same. My wife and my scores haven't changed in all 3 (CreditSavvy, CreditSimple & GetCreditScore). We also do not have anything with NAB

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    Ok thanks for all the replies. I currently don't have a NAB account, but previously did, so it's possible that the old account was only recently added to my history.