Credit card application - sole trader vs PAYG contractor wait time

[sleepybear]

Hello, seeking advice on how long to wait before applying for my next credit card.

Timeline

• 14/03/2021: Quit full time job
• 15/09/2021: Moved from full time salary to self employed (sole trader) - IT consulting
• 30/11/2021: Citibank - applied for personal credit card - declined
• 17/2/2022: ANZ - applied for personal credit card - declined
• 20/12/2022: Moving from sole trader to PAYG contractor daily rate. Fortnightly pay. 40 hrs/week. The sample payslip says "Contractor Daily Rate (inclusive of prepaid annual, personal and public holiday leave)" and there is a section for superannuation.

My last successful credit card application was 27/05/2021 for the NAB Qantas Signature Rewards card (still active). I have served my waiting period with all other banks. Churned 4 cards between Dec 2018 - Nov 2021 (Westpac, Amex, ANZ, St George).

I see my options as I can either apply for an Amex Qantas Business Rewards Card with my ABN (good points if I wait and have read from others that this card is easy to get) or wait a certain amount of time to apply for a personal card.

Q: Under my new job as 'PAYG contractor daily rate' how many months would I need to wait to apply for a card? I believe full time = 3 months but my payslip will say 'contractor' and I'm not sure if that will spook the staff.

Thank you

 

[Dr Ralph]

Bank will be looking for the pattern of income. 3 months is a safe bet. As long as they can see that on your bank statements, you should have a good chance.

 

[sleepybear]

Bank will be looking for the pattern of income. 3 months is a safe bet. As long as they can see that on your bank statements, you should have a good chance.

Thank you

 

[yojohnny]

The issues you detail are a big reason to favour PAYG contracting over sole trader. Obviously if the cut taken by the recruiter or payroll company doing your payroll is large enough, the loss in churning ability may not matter.