ANZ credit card doesn't look at your credit score?

[VAG newbie]

I'm looking for a replacement card to my HSBC after the "enhancement". However, as I have recently applied for my citiprestige I took a hit in my credit score, down to 601.

I have heard from others that ANZ look at your whole financial situation (income, asset....etc) rather than your credit score, that they don't make a credit enquiry. So a better chance of getting credit card approved and no impact on your credit score as they don't make enquiry.

Is it true? What are your experiences? Cuz if it is true, I might apply for the black card which comes with 50000 sign up bonus and with no annual fee for first year, it may be a good replacement for HSBC.

 

[burmans]

I'm looking for a replacement card to my HSBC after the "enhancement". However, as I have recently applied for my citiprestige I took a hit in my credit score, down to 601.

I have heard from others that ANZ look at your whole financial situation (income, asset....etc) rather than your credit score, that they don't make a credit enquiry. So a better chance of getting credit card approved and no impact on your credit score as they don't make enquiry.

Is it true? What are your experiences? Cuz if it is true, I might apply for the black card which comes with 50000 sign up bonus and with no annual fee for first year, it may be a good replacement for HSBC.

I'm not sure what they do now but I have an ANZ Credit card application on my Veda credit report!

 

[TomVexille]

I'm not sure what they do now but I have an ANZ Credit card application on my Veda credit report!

As do I.

It is possible that they may not weight the credit score as highly as other institutions however.

 

[burmans]

As do I.

It is possible that they may not weight the credit score as highly as other institutions however.

Absolutely, given the limited info available under negative credit reporting many lenders weight their more detailed internal info higher than that from the credit bureaus. As the Comprehensive Credit info builds up though, very shortly I would suggest that will change quickly based on the experience in other countries.

 

[VAG newbie]

Absolutely, given the limited info available under negative credit reporting many lenders weight their more detailed internal info higher than that from the credit bureaus. As the Comprehensive Credit info builds up though, very shortly I would suggest that will change quickly based on the experience in other countries.

I got declined by Amex twice, and they did not assess my income or asset, so obviously they just looked at my credit score.

Well, thanks for the reply. Looks like even if I get approved with ANZ it may still hit my credit score. I might just lie dormant a bit more....

 

[opusman]

After cutting their max points to 6000 a month I think ANZ are desperate for anyone who'll sign up to their ridiculously over-priced product

 

[kamchatsky]

After cutting their max points to 6000 a month I think ANZ are desperate for anyone who'll sign up to their ridiculously over-priced product

Yes their credit card are pretty expensive. That's why they keep offering 1st year fee free and 50K QFF points for people to sign up. If their ANZ Black Rewards Card is like Westpac Altitude Black, I would have signed up.

 

[burmans]

I got declined by Amex twice, and they did not assess my income or asset....

Not quite sure what you mean by that, surely they asked about income in your application form , they did on mine!

 

[VAG newbie]

Not quite sure what you mean by that, surely they asked about income in your application form , they did on mine!

They did not ask to see proof of income or assets, they simply sent me a letter saying "after CAREFUL consideration, we regret to inform you....". So obviously they didn't take my income and assets too seriously in their "careful" consideration.

Unlike Citiprestige, who asked for all my documents (payslips, tax assessments, rates....etc), asked to speak to my accountant. After spoken to my accountant they approved me.

Also when I applied for investment loan with CBA, all I wanted was $500k, after their "careful" assessment of about 5 minutes, they approved me $2M. I actually had to turn it down as I don't need that much. So I'm very very surprised that Amex just declined me without further follow up.

 

[burmans]

Yes, well even people with good income and assets go bankrupt!

As for the comparison with CBA, well some might suggest this implies the CBA assessment is bad rather than Amex's!

 

[TomVexille]

Yes, well even people with good income and assets go bankrupt!

As for the comparison with CBA, well some might suggest this implies the CBA assessment is bad rather than Amex's!

Depends on which side of the fence you sit

 

[albyd]

I'm assuming your $500k investment loan was against property in which case it's a less "risky" loan for the bank than an unsecured credit card loan.

Amex not being a bank in Australia don't have any other relationship or claim on your other assets if things go wrong.