Can't seem to get any credit card

Solario31 on 29/11/2017 - 13:11

Hi All,

I've had multiple credit cards and I've accumulated lots of points with them. I usually did the get a credit card, get points, pay it off, cancel card thing quite a few times.

I'm trying to get new ones now, but get rejected all the time, even for the basic ones. I make over 160k a year, single, have my own unit mortgage free which I'm renting in Sydney but still can't get anything.

What's the best way to tackle this? Is it just waiting until my credit checks go down? How much time does it take that I can apply for a new one?

I've never had any issues with not paying, debts or anything like that - what's my best option?

Financial

Comments

  • tomsco on 29/11/2017 - 13:26
    +3

    Is it just waiting until my credit checks go down?

    Pretty much.

    How regularly were you applying. How many enquiries in the last 6 months?

  • Solario31 on 29/11/2017 - 13:34
    -5

    I tried maybe 5-6 times last six months.
    Is there a credit vendor which doesn't care much about credit checks?

    • tsunamisurfer on 29/11/2017 - 13:50
      +4

      When you rent out your apartment, do you forgo tenancy history checks?

      • Solario31 on 30/11/2017 - 00:20
        -2

        credit cards and renting your apartment are different. As long as everyone follows the agreement and pay up I'm happy.

    • Zaenille on 29/11/2017 - 13:51
      +1

      Hey man, just for reference, how spaced were your applications?

      I'm kind of in the same rut as you.

    • HighAndDry on 29/11/2017 - 14:13
      +8

      WTF.

      Usual practice is to wait 6 months BETWEEN credit card applications.

      5-6 times WITHIN 6 months, you might as well be banging your head against a wall and hoping a credit card pops out.

      • tomclancy on 29/11/2017 - 14:21
        +2

        There is no such thing as usual practice in this space. Plenty of OzBargainers apply for new cards every month or two without problems.

        • HighAndDry on 29/11/2017 - 18:26

          Of course there is. Number of credit applications is one of the factors in calculating your credit score.

        • tomclancy on 29/11/2017 - 19:12
          +1

          @0blivion: Yes but that does not decide 'usual practice'. You made out like the 6 months wait period is an industry standard or at the very least an unspoken/unwritten rule, which of course it is not. It is simply your interpretation of how you work inside the system.

          In my experience my credit score is unaffected by the number of credit applications made. In July I applied for 3 credit cards on the same day and my score went up that month. But at the same time that does not represent 'usual practice' either.

          I'm trying to say that there is no 'usual practice' but rather most people make their own assessment as to what they think is best

        • tajid on 29/11/2017 - 20:43
          +3

          @tomclancy: haha mate my last 3-4 applications have all been rejected :(

          I'll take a break from applying for new cards for a bit.

        • tomclancy on 29/11/2017 - 20:58

          @tajid: Bummer! Have to source those lounge passes from the classifieds then ;)

    • myusername on 29/11/2017 - 17:17

      bikies.

      i knew a guy that would lend money to anyone.

      he was about 6"5 120kgs and he said it he worked on a "trust" basis.

      he will lend you the money and you could trust he would get it back from you any way possible.

  • The Wololo Wombat on 29/11/2017 - 13:39
    +1

    I got rejected from the Qantas card twice recently (two weeks ago). It turned out they were no including all my income and make mistakes with my expenses. They kept 'losing' my supporting documentation.

    For my third application I make an extremely clear email and titled my documents so even a moron could understand it. I also spent a long time on the phone and chased them up every day. I was approved!

    • Roney on 30/11/2017 - 13:36

      Same here! I had this protracted issue with them with similar 'excuses'. Now, I got a new card with QFF reward from another (and smart) institution.

  • ItsMeAgro on 29/11/2017 - 14:03
    +5

    Why do you need more credit cards?

    Are the points sign-up bonuses worth so much that someone making $160k a year could really bother chasing them like this?

    • dcep on 29/11/2017 - 14:07
      +3

      he's gold level ozb membership

      i'd assume he usually spend a lot of his $160k on CC hence worthwhile the effort.

      • Solario31 on 30/11/2017 - 00:18
        +1

        I didn't there are levels in OZB.. where do you see that?

        • lgacb08 on 08/12/2017 - 08:39
          +1

          It showed up all over your OP. Lol
          I think you're actually be diamond or platinum. Gold is the standard nowadays.

    • Diji1 on 29/11/2017 - 14:51
      +1

      Are the points sign-up bonuses worth so much that someone making $160k a year could really bother chasing them like this?

      When they get the credit card they're spending more money than they would without a credit card in the first place. Obviously the pittance they get as a "reward" doesn't cover that loss.

    • Solario31 on 30/11/2017 - 00:08
      +1

      yes they are. Free flights and upgrading are always a good thing - especially if I'm spending the money anyway on ongoing/rent.

  • PLA74 on 29/11/2017 - 14:28

    What industry do you work in OP if you don't mind sharing?

    • Solario31 on 30/11/2017 - 00:09

      no worries - I'm a software engineer.

      • PLA74 on 30/11/2017 - 09:03

        Thanks!

  • CyberMurning on 29/11/2017 - 14:30
    +1

    there are many credit check website some are free and you can get direct report from veda etc once a year (australia law requires them to give you one report free). so get them and see what is your score.

    report back please.

    yeah, slow down a bit once every month is bit too much and i dont think there are that many cc promotions every month anyway?

    wow so jealous of your income… mannnnnnnnn wish i have half of yours…

  • chumlee on 29/11/2017 - 14:57

    5 to 6 times in last 6 months is too many. Check your credit score. Most likely in the bottom quartile

  • original15 on 29/11/2017 - 15:19

    Well you had them..then cancelled them all lol
    Pretty sure they track how regularly someone signs up for the bonus points then cancels whichninoacts future applications..it's what I've been told but I'm also super gullible lol

  • sw0rdy on 29/11/2017 - 15:53

    check your credit score, getcreditscore.com.au use equifax's (biggest credit bureau) file so it's definitely the most accurate as to where you stand in the eyes of lenders.

    • Solario31 on 30/11/2017 - 00:15

      Just tried it and got 531 which seems average according to them. Not sure what;'s wrong.

      • sw0rdy on 30/11/2017 - 06:34
        -1

        Well that’s definitely one reason why. Most lenders require a ‘good’ Score - 600+

        • Solario31 on 01/12/2017 - 00:11

          Got it thanks. Will wait a few months until it gets to that level.

  • idjces on 29/11/2017 - 16:23
    +3

    My personal experience would suggest that once you receive your first decline, any future near term applications will be refused automatically - so best to wait say 3 months before proceeding with further attempts.

    • Solario31 on 30/11/2017 - 00:10

      Thanks will keep that in mind.

  • oscargamer on 29/11/2017 - 16:51
    +7

    You can have my Credit Card

    It's full, but you can still have it

    Please have it

    It's lovely

    and silvery in colour

  • Gronk on 29/11/2017 - 17:07
    +1

    Sounds like you've probably got too many hits on your credit file with all the cards you've had in the past, so might just be a case of playing the waiting game for a while…

  • Bluberry on 29/11/2017 - 18:31
    +3

    Lol I hope you are not planning on getting a home or car loan soon. The points may seem worth it at first but having a good credit score gives you much better savings in the long run (like a maxium discounted intrest rate on a home loan).

    • Solario31 on 30/11/2017 - 00:13

      nope don't need any home loans.

  • djkelly69 on 29/11/2017 - 21:01

    Have you tried asking them why you were rejected?

    • Solario31 on 30/11/2017 - 00:12

      I have. They can't disclose that info unfortunately :(
      I've even been rejected from my regular bank where I've been banking for 6 years.

      • Dont Care on 10/12/2017 - 10:56

        Threaten to change banks and they might change their tune. It could be one of the questions is being responded incorrectly. Outside of that perhaps take a break until early next year. Interesting to see people here saying Qantas card application process has be challenging. Maybe avoid Qantas.

  • greyeye on 30/11/2017 - 08:21

    when you make a CC card application, institutions will leave a mark on your file in the Credit Score companies, like Equifax(Veda), "Dun and bradstreet"
    The finance company will see how many times you applied for credit card, and if ever, there was any default on your file and how many rejects you got.

    As you apply for more cards, and gets rejected, it does matter for many financial institutions while making decisions, many will treat it as potential failure, high-risk applicant.
    Now more reject application = more tarnished mark on your credit file, cause the financial institution to leave another "reject" mark on your file, and they wont care how rich you are, all they see is other guys rejected you! so im not touching this guy rule.

    also I do not believe credit file gets updated when you cancel a card, (I could be wrong here since positive credit is now a possibility)
    This is why people say dont apply too often/too many times, credit file is ancient (over 100 yrs old) ways to track ppl, but that is how banks role.

    Moral of the story, as soon as you get rejected, DO NOT RE-APPLY immediately.

  • soan papdi on 30/11/2017 - 09:48

    Try getting a copy of your credit report, everyone is allowed one free per year as per Choice magazine. Should tell you the banks are basing their rejection on.

    https://www.choice.com.au/money/credit-cards-and-loans/perso…

    https://www.choice.com.au/about-us/media-releases/2014/march…

  • tank17 on 30/11/2017 - 14:49
    -1

    when I was in the uk a friend explained to me that the more u "query" about credit card/credit score, the more it get's hard. when I applied they told me to ask once every 6monthd the most

  • greedy24 on 30/11/2017 - 23:08

    Income is great but it's not the only thing. They will also look at your overall application incl how long at current job and current savings.
    Someone on $160k and no savings is suspicious. Where is all your $ going? Is there debts you haven't told them?

    • Dont Care on 10/12/2017 - 10:57

      Savings doesn't come into it. Its income and ability to service and debt and financial responsibilities. $160k salary should be fine.

  • Laundryboy on 14/12/2017 - 20:26
    +1

    Which credit card did u apply? Citibanks are crazy hard to apply. Once they decline you ( like what they did to me), it’s near impossible to Apply successfully within 6-12 mths. I gave up on them. I reapplied in the same period after that for a cba one and got approved on the spot n got the card 4 days after.

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