Advice on limits for applications, and more.

[33kft]

Right, I get the distinction being made here however in my situation I have an account where my salary lands and is then immediately transferred out. I supply this statement for the purpose of proving salary. Perhaps a tidy account is key however given the industry I am in, employers will often dictate where salary can be deposited and for that reason I've always kept my "inbox" and my preferred transaction account(s) separate.

 

[Spongbob]

... (I have a lot of transaction accounts, at least 10).

Does life really need to be this complicated?

 

[theblank]

A transaction account isn't a credit instrument and isn't reported to any of the agencies, though. The only entity aware of it are the actual bank you opened it with. If you opened it with NAB and then apply for a NAB credit card, it may have some effect.

As a person who has approved (and declined) many credit cards, I can assure you it matters if you are not an existing customer of the bank. Thats a bit old fashioned in this day and age of automated approvals, but I assure you If your credit card application requires human decision making because its borderline (meaning the automated doesnt decide), the Credit manager approving it is looking for reasons why he should or should not approve it.

If it would appear to be the case that an applicant looks like he is a disloyal points chaser, If it was me, I wouldnt be spending too much time on that decision. * unless the Statement of Position indicate that this person could become a highly valued client.

 

[33kft]

There you go - I hadn't heard of people synthesizing transaction accounts for the purpose of CC applications before, but apparently it's quite common / potentially necessary?

 

[tdimdad]

...given the industry I am in, employers will often dictate where salary can be deposited

Just out of interest, which industries would do that and why?

 

[33kft]

Just out of interest, which industries would do that and why?

In my case, it would be banking. My previous 3 employers (where I have been permanently employed and not contracting) have issued me with an employee account on commencement to which they automatically make salary payments (without needing any instruction from me).

 

[Pete98765432]

It's been about a year since I applied for a credit card. I've been looking at the application for an ANZ card, they seem to ask more information about expenses now, such as personal and lifestyle expenses.

One question I have is how do people here answer the question about monthly credit card repayments? I pay whatever is owing which varies from month to month. I could average it out over the past year but I hope they don't consider it an additional expense to my other listed monthly living expenses. It is merely the method I choose to pay those other expenses.

 

[Dr Ralph]

It's been about a year since I applied for a credit card. I've been looking at the application for an ANZ card, they seem to ask more information about expenses now, such as personal and lifestyle expenses.

From what I have seen the total amount that you need to report hasn't changed, although it may now be be broken down into more categories.

One question I have is how do people here answer the question about monthly credit card repayments? I pay whatever is owing which varies from month to month. I could average it out over the past year but I hope they don't consider it an additional expense to my other listed monthly living expenses. It is merely the method I choose to pay those other expenses.

I list this as $0 as the amount is paid in full every statement.

 

[Pete98765432]

I list this as $0 as the amount is paid in full every statement.

Thanks, that makes sense. I’ll do the same.

 

[GSP]

From what I have seen the total amount have spend that you need to report hasn't changed, although it may now be be broken down into more categories.


I list this as $0 as the amount is paid in full every statement.

Agree with this.

My interpretation is that amount spent on a CC is the cost of running the card (i.e Interest) which for most people is zero when paid in full each month. There are other questions on expenditure groceries, and other categories. They maybe used by CC's so you don't want to double up - so allocate that expenditure to the appropriate place.

I thought the question was more "how much to you owe on the card" has been my experience. Again I put 0 for the same reason.

 

[blu]

Yes, I’m 57 so a few years to go...

I'm nearly 10 years retired and have returned from our third One World Award going RTW thanks to cards.
Retirement does give you the flexibility required to find J awards (BC), when you have lower status.

 

[coles525]

Thanks, that makes sense. I’ll do the same.

I always say $0.00 for every cc I have active. Telling them rruthfully tgat all are paid in full. Not like my credit score / report lies.

 

[Limewood]

Have collected millions QFF points past few years by careful chunning but most of all recommending Amex with their 30/40k bounus points, found about 25 referrals alone there, also lots from Woolies by using cards in wife and and self names with various offers, restaurants, travel, PO (online Business.) paying suppliers (big) rare to use cash, lost count of how many long haul J flights we've had. Tip: we usually commence flights out of ASIA to save bucket loads on fees and charges and also plenty of J flights to choose from to Europe and USA plus we get a stopover each way.

 

[jabbairc]

Have collected millions QFF points past few years by careful chunning but most of all recommending Amex with their 30/40k bounus points, found about 25 referrals alone there, also lots from Woolies by using cards in wife and and self names with various offers, restaurants, travel, PO (online Business.) paying suppliers (big) rare to use cash, lost count of how many long haul J flights we've had. Tip: we usually commence flights out of ASIA to save bucket loads on fees and charges and also plenty of J flights to choose from to Europe and USA plus we get a stopover each way.

thanks Fantastic!

For flights commencing Asia, do you just pay your way there first to begin commencing out of Asia?

 

[Peppas]

So I was recently declined for a citibank credit card, and didn't realise they were also the bank for virgin money so was declined again for a card with them - first times I'd been declined for a credit card.

Being a churner I was looking for a new deal, but am wondering if I should wait for 3 months rather than have another decline and hit on my credit rating? I was considering applying for an ANZ card and then closing my existing card... or am I better off closing the card first?

 

[Dr Ralph]

So I was recently declined for a citibank credit card, and didn't realise they were also the bank for virgin money so was declined again for a card with them - first times I'd been declined for a credit card.

Being a churner I was looking for a new deal, but am wondering if I should wait for 3 months rather than have another decline and hit on my credit rating? I was considering applying for an ANZ card and then closing my existing card... or am I better off closing the card first?

So you've now had 2 recent declines, already have a card and want another one?

If so I'd definitely cancel before you think about applying for another one.

But I'd even consider cancelling and waiting 3 months before applying for another one.

Did you discuss with Citibank why you were declined?

 

[Peppas]

So you've now had 2 recent declines, already have a card and want another one?

If so I'd definitely cancel before you think about applying for another one.

But I'd even consider cancelling and waiting 3 months before applying for another one.

Did you discuss with Citibank why you were declined?

Yeah, I have 2 cards that I've kept for a long time for various things (one is for international use and the other has a low limit for online purchases) and put everything else through the 3rd, that 3rd card usually changes 2 or 3 times a year.

I asked Citibank why and they gave me some spiel about not meeting the banks criteria, etc etc. Didn't really give me anything to go off to be honest. I have a feeling my original decline was for my documents not going through, and the 2nd one was based off that first decline being within a month.

I can wait, thats no issue, just never been declined before and I've held way more credit cards than what I currently hold so it was a bit unusual.

 

[Dr Ralph]

Yeah, I have 2 cards that I've kept for a long time for various things (one is for international use and the other has a low limit for online purchases) and put everything else through the 3rd, that 3rd card usually changes 2 or 3 times a year.

I asked Citibank why and they gave me some spiel about not meeting the banks criteria, etc etc. Didn't really give me anything to go off to be honest. I have a feeling my original decline was for my documents not going through, and the 2nd one was based off that first decline being within a month.

I can wait, thats no issue, just never been declined before and I've held way more credit cards than what I currently hold so it was a bit unusual.

I do not hold more than 2 cards at any time. I would never hold 2 and apply for a 3rd.

 

[Peppas]

I do not hold more than 2 cards at any time. I would never hold 2 and apply for a 3rd.

Guess you're more responsible than me Thanks, I'll wait 3 months I think and then see what is around.

 

[mrmerc500]

One aspect that annoys me is that when checking my credit score on Wiser, it states that Experian updates monthly whilst Equifax only updates every quarter. It would be interesting to know which bank uses each reporting agency as the scores vary from Good to Excellent.