Veda

[zimby]

Howdy

So recently we got denied a credit card increase ( measly 4k).
They didn't ask or take into consideration my partners income or the income from investment properties( also my fault I know, but we had just completed a loan and I figured they had all the documentation/information).
No surprise we got rejected.
I applied as a failsafe as 6k on a credit card is not much in the event of anything major.
I've yet to call and resolve the issue( didn't really make me want to continue with the bank, but of well)
Do credit card increase rejections go against credit file?
Does anyone Pay for the Veda service for notifications etc?
I know you can get this free, but being notified of credit changes could be handy.
Would the 120 per year be tax deductible?

Cheers

 

[Edmond Dantes]

Got the annual service. Notified everytime there's an update on my file. Worth the money

 

[jrc77]

Have the Veda Alert service. I think it's worth the money as a preventative measure against credit fraud. Also find it's handy when applying for loans just to get some assurance that the bank is processing an application

Jason

 

[Kinnon Bell]

Depending on the bank some keep the limit increase in house and don't do a credit check some ask permission to do a credit check but do not perform one. Seeing as though you are solely liable for the card your partner's income does not come in to play. However, all or a portion of your investment income will If it's in more than one name.

If they didn't ask for supporting information you should have told them, don't assume anything. How did you apply? Over Internet banking? Have your payment been on time? More than the minimum monthly payment? Have you had a consistently high balance? New card? Balance transfer in the card? These are all things that can influence the decision.

Give them a call and they may be able to overturn the decision.

 

[zimby]

Thanks Kesse
Yea figured the Brand new card thing also got me, we haven't had it more than a month.
Probably should have requested the full amount upfront.
Not really concerned with getting the extra funds now, just the credit side.
I'll probably wait for the offers for upgrade to come through like they always seem to, go figure never there when you want them, but always when you don't.
We only use the card for rewards, paying it off weekly or less.
Does anyone claim the veda fee's against income for tax?

 

[zimby]

Just signed up with Veda for a year, report looks good.
For those of you playing at home, there was no sign of the credit card increase on the report.
Got a score of 893, which seems good, anyone got higher/lower and care to share.
I hear something the other day about good credit going into credit files not just failed/bad.
Anyone got any more info on this?

 

[Kinnon Bell]

Thanks Kesse
Yea figured the Brand new card thing also got me, we haven't had it more than a month.
Probably should have requested the full amount upfront.
Not really concerned with getting the extra funds now, just the credit side.
I'll probably wait for the offers for upgrade to come through like they always seem to, go figure never there when you want them, but always when you don't.
We only use the card for rewards, paying it off weekly or less.
Does anyone claim the veda fee's against income for tax?

New card would have had a huge impact as there's no behaviour to go off they don't like giving increases in most cases. Even if you had have applied for a higher limit they sometimes 'upsell' you if you have the capacity for a higher limit.

Make sure you opted into being offered credit limit increases as with the new responsible lending rules they can't send them out unsolicited and you have to have consented to receiving the increases.

Paying the card weekly vs monthly by the due date makes no difference to the credit scoring of the card. Assuming you have an offset account, you'd be better off leaving the funds in there for as long as possible and paying the credit card in one hit a couple of days before your due date, or alternatively set up a direct debit with the credit card provider to automatically pay the full closing balance every month out of your nominated account.

Always apply for credit when you don't need it because when it comes to needing it, you probably wont get it