Sudden Dip in Credit Score

ppp13 on 18/02/2020 - 09:46

In Jan,2020 my score reduced to 660 from 774. Applied and got approved for credit card in Sep 2019, since then I have not applied anything. Paying my mortgage, credit card, all other bills consistently on time. I'm using CreditSimple for score, don't see any reason for that sudden drop.

Have got one mortgage, one credit card, 2 savings accounts and usual utility connections on my name.

In the past had ANZ , Woolworths, Citi (application denied in May 2019) credit cards and never missed any payment.

Can some one please suggest what could be the reason? Thanks in advance.

Financial

Comments

  • elgrande on 18/02/2020 - 09:51
    -1

    Your credit rating is reduced by posting about your credit rating on Ozbargain.

    You better check again.

  • John Kimble on 18/02/2020 - 09:52
    +1

    It's practically worthless anyway. This is not America.

    • Clear on 18/02/2020 - 09:54

      Unless you're <500 and wanting a home loan.

    • Typical16-bitEnjoyer on 18/02/2020 - 11:38
      +2

      Not worthless anymore. Mortgage payments are now tracked. Credit cards, some are, remainder will be soon.

      • John Kimble on 18/02/2020 - 11:47

        That only started last year? In my previous experience working at tier 2 bank, things move very slowly, so I would assume it still has little to no impact.

        Happy to be proven wrong by someone who actually works at a financial institution currently.

  • elgrande on 18/02/2020 - 09:52
    -1

    I once had a dip in my credit rating, it was an olive dip.

  • postman on 18/02/2020 - 09:56
    +2

    It could be the credit card company you applied in 2019 hasn't submitted data to credit reporting agency, and when they do, the score drops a bit. Give it a few more months, it will go back up.

  • JimmyF on 18/02/2020 - 10:04
    +2

    Who cares? You have credit cards, mortgage and utilities connected. What more do you want.

  • pinkfong on 18/02/2020 - 10:06
    +1

    using any zippay or afterpay ?

  • jimbobaus on 18/02/2020 - 10:26
    +1

    its lucky that your "score" is a made up number that has absolutely no bearing on your ability to get finance/credit
    these scores are simply a tool to get you to check frequently so the reporting companies can sell you loans etc that pay them a commission.

    • sweefu on 18/02/2020 - 11:34
      +3

      That's not actually true.

      While your score is not the only items assessed, several lenders will auto decline if your score is under a certain point.

      • jimbobaus on 18/02/2020 - 11:37
        -3

        Nope!
        Your credit score has nothing to do with lending.

        in fact when your credit report is checked the score is not even provided to the lender they see the report results only.
        The score is created by the checking companies so they can sell you a lending product for a commission.

        The score you see when you check is never seen or provided to a lender it literally has no bearing on your ability to borrow or any affect on whether a lender will approve you

        • sweefu on 18/02/2020 - 11:40

          I mean, I do this everyday.

          Your score absolutely has an impact on your ability to borrow money.

          It isn't the only factor, and if a low score is explainable (ie. identity theft) you can overcome it, but it will absolutely impact the lenders decision.

          • jimbobaus on 18/02/2020 - 11:45

            @sweefu: internal scores by lenders are different to the ones provided by these websites
            the credit score website numbers are made up numbers to get more clicks for loans etc

            I have worked in the industry and my partner works on the regulatory side right now
            they are literally made up numbers, easily manipulated to sell more loans etc

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