Credit Card Churning May Get More Difficult.

[cvmceg]

The 2nd one will see first one. Its no simpler than that.

unless its one of the obscure circumstances where both lenders dont use the same credit bureau's, there is 3 now, some use 3, some use 2, and some use 1. roll a dice.

Hi blank. No disrespect intended, but how are you so sure the second will see the first? Happy to PM if preferred

 

[nickfromeastryde]

The 2nd one will see first one. Its no simpler than that.

unless its one of the obscure circumstances where both lenders dont use the same credit bureau's, there is 3 now, some use 3, some use 2, and some use 1. roll a dice.

I actually know that it is not that simple, updates are not provided in real time but we will leave it at that

 

[theblank]

Hi blank. No disrespect intended, but how are you so sure the second will see the first? Happy to PM if preferred

because thats the point of the system!

i have seen plenty of times when an application was submitted twice due to some system error, and it becomes fairly obviuous when the 2nd print out of the credit report shows the first enquiry that was made.

 

[Www]

I have existing credit cards with a combined credit limit in excess of $20k. How much information is out there/known about how this credit limit impacts future credit card applications. Does anyone know if there an expenditure/salary vs credit limit calculation say that I can take into account prior to applying for a credit card and possibly being rejected?

 

[Mr_Orange]

I have existing credit cards with a combined credit limit in excess of $20k. How much information is out there/known about how this credit limit impacts future credit card applications. Does anyone know if there an expenditure/salary vs credit limit calculation say that I can take into account prior to applying for a credit card and possibly being rejected?

Just minimise unnecessary limits.

 

[Www]

Just minimise unnecessary limits.

Thanks for your response. Annoyingly, this is in 2 cards at their minimum allowable limit. I intend to keep one of these cards. The other card, I will cancel, but just not ready yet as I haven’t used all the benefits of the card yet. My best strategy may be to wait until after I have cancelled this card?

 

[SOPOOR]

Anyone got any hints. Im about to finish my job and my credir score has increased recently and i want to get another few cards.

Currently ineglible for amex, anz , st george, westpac, nab

Have applied for qantas premier card today.

Any other ones? Should i do two apps in short succession .
Ive never had a citi backed card approved before

Edit: just got notificstion, app declined

 

[rock86]

Thanks for your response. Annoyingly, this is in 2 cards at their minimum allowable limit. I intend to keep one of these cards. The other card, I will cancel, but just not ready yet as I haven’t used all the benefits of the card yet. My best strategy may be to wait until after I have cancelled this card?

Do calculations basrd on your earnings and expenses, then make sure you have at least enough excess funds to pay more then 5% (I usually do around 7-8% to be safe) of your proposed total credit limit. This will give you a good idea of approval/decline.

 

[rock86]

Anyone got any hints. Im about to finish my job and my credir score has increased recently and i want to get another few cards.

Currently ineglible for amex, anz , st george, westpac, nab

Have applied for qantas premier card today.

Any other ones? Should i do two apps in short succession .
Ive never had a citi backed card approved before

Edit: just got notificstion, app declined

That sucks.

Maybe go to QantasPoints.com.au to have a look at the cards out there and see if there's any you're not in the exclusion period for. If you're doing bank points, then maybe finder.com.au to see.

 

[Skyhawk]

Im about to finish my job

Re you between jobs? Or retiring?

 

[Www]

Do calculations basrd on your earnings and expenses, then make sure you have at least enough excess funds to pay more then 5% (I usually do around 7-8% to be safe) of your proposed total credit limit. This will give you a good idea of approval/decline.

Thanks! So that is excess funds to pay greater than 5% based on each month is it?

 

[SOPOOR]

Re you between jobs? Or retiring?

Definitlwy in between jobs

 

[rock86]

Thanks! So that is excess funds to pay greater than 5% based on each month is it?

Correct.

 

[theblank]

I have existing credit cards with a combined credit limit in excess of $20k. How much information is out there/known about how this credit limit impacts future credit card applications. Does anyone know if there an expenditure/salary vs credit limit calculation say that I can take into account prior to applying for a credit card and possibly being rejected?

20k is nothing
and there is no way to know the answer to your question, the lenders are not going to publish this.
The affordability calculations are based on a very wide range of factors. much more than the simple calculation now enforced on the lenders since January.

just apply away. there is no negative impact on you if you are rejected apart from hurt feelings.

 

[Spongbob]

there is no negative impact on you if you are rejected apart from hurt feelings.

Are you sure this is the case?

 

[Mr_Orange]

Are you sure this is the case?

You get an enquiry listed on your credit file whether the application is successful or not and the enquiry does not state the outcome. The only possibility is that the specific bank keeps a record of its refusal and takes that into account with future applications, but another bank would not have access to that information.

 

[Lynda2475]

Does anyone know how long after cancelling a credit card, the credit record is updated to show that you have reduced credit available?

I have a visa card that has an annual fee is due soon, my plan is that if they agree to waive the fee I will keep the card (as earn rate is good), but if they wont I will cancel and get sign-on bonus with another bank for a similar visa card with a lower fee. If I keep the visa, I'll likely cancel a mastercard I have to get the Qantas one again for the sign-on bonus.

I want to know how much time i need to leave between cancelling one card before applying for its replacement.

I've never requested a copy of my credit report, as there are 3 different companies Equifax, CheckYourCredit.com.au (Illion, formerly know as Dun and Bradstreet) and Experian.am I entitled to a free one from each company?

 

[Dr Ralph]

Does anyone know how long after cancelling a credit card, the credit record is updated to show that you have reduced credit available?

It varies considerably between the different banks.

Sometimes days, sometimes months, sometimes never.

As I have indicated previously banks are well aware that the information available to them from the credit score providers is not 100% accurate.

I want to know how much time i need to leave between cancelling one card before applying for its replacement.

It doesn't matter.

I'd encourage you to have a good read through the available threads to see how unimportant your credit score is. Income and ability to repay are much more relevant.

 

[get me outta here]

I recently cancelled two cards, a Westpac and an ANZ. The ANZ showed up as cancelled very quickly. The Westy took over a month to show as cancelled.

I have free CreditSavy. Equifax seems to have very outdated info me my credit.

 

[Lynda2475]

'd encourage you to have a good read through the available threads to see how unimportant your credit score is. Income and ability to repay are much more relevant.

Yes not too worried about my score per se, Im sure its great as I have always paid all my bills on time and always paid my credit cards off in full every month.

But the amount of credit you already have is one thing providers use to determine how well you can service any new potential debt (strikes me strange they don't differentiate between those who pay interest vs those that pay off in full). So logic says if I currently have 3 CCs, each with a 15-20K credit limit, cancelling one of those before applying for a new one with same credit limit, would leave my ability to service payments the same make decision a no brainer, vs increasing total credit.