Applying for Credit Cards with 10+ Inquiries on Credit file

regretfulshopper on 14/06/2017 - 16:47

Hello everyone,

I currently have a credit card with St George bank and I'm trying to transition away from them. I have an unpaid balance of $500 on a 3k limit.

I recently checked my details after a rejection and I was surprised to find out that I had 10+ inquiries on there. Some inquiries are duplicates and I've asked the Veda to look into it ( As, it definitely wasn't me).

In the meantime, I wondering what effect this will have on my ability to apply for credit cards in the future. I meet all the requirements for most cards, so I'm "eligible" for lending.

Asking to see if anyone has had a similar experience/ has any advice

Thanks!

Financial

Comments

  • MelbBargainChaser77 on 14/06/2017 - 17:15
    +1

    I dont get this whole credit enquiry thing. I currently have about 15 active CC's and keep applying for new ones constantly to get the bonus points. Keep getting approved.

    • John Kimble on 14/06/2017 - 17:29
      +1

      Wow 15!? Username checks out!

    • rgr on 14/06/2017 - 19:44

      hero.

      • MelbBargainChaser77 on 14/06/2017 - 20:48

        why? I dont see the reason of this personal attack? I just shared my experience

        • rgr on 14/06/2017 - 21:30
          +1

          it wasn't a personal attack. it was a compliment. now un-neg my comment. i too apply for CCs to get bonus points and scrap them after a few months.

        • MelbBargainChaser77 on 15/06/2017 - 05:57

          @rogr: Sorry I misunderstood. I dont know how to un neg!!!

        • Ughhh on 15/06/2017 - 06:35
          +2

          @MelbBargainChaser77:

          Ah ha, so you're a negger!

        • MelbBargainChaser77 on 15/06/2017 - 15:30

          @Ughhh: guilty

  • John Kimble on 14/06/2017 - 17:23
    +2

    Basically, some institutions might see that many enquiries as undesirable and may not approve any future credit applications you make. But as you can see by the first response, some don't care.

    If they definitely weren't you, then Veda will remove them and it won't be an issue.

    You probably should sign up for the Veda alerts and do the appropriate security steps as your identity might have been stolen.

  • FirstWizard on 14/06/2017 - 19:13
    +2

    Being a bit of a bargain hunter myself, I have about 6 credit cards with approx $15k limit each and a Charge card with AMEX. I always pay all the cards by the due date and have no balance on any of them.
    Before getting the charge card I applied for a Woolworths money card which got denied automatically.
    Upon checking, I found out that my credit history has the 5 enquiries plus about 4 other enquiries which I made 4 years ago (At this time I was still a Uni student with not much reportable income. But I wanted to try if I can get credit anyway).

    However, when I applied for the AMEX charge card (immediately after the Woolworths one failed), they contacted me and said that I needed to provide proof of income, which I did, and it got approved immediately.
    The big banks seem to be relying more on the evidence as well.

    TL;DR, I think some lenders totally rely on the credit history, while others use further information to work things out.

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