Credit card churning & Self Employed/Pty Ltd Contractors

tizey

Active Member
Joined
Jul 28, 2016
Messages
500
Points
290
Keen to hear experiences from those who are self-employed and how they go about churning cards. I'm expecting it to get harder from here as I make the switch from PAYG earner to self-employed contractor via pty ltd.

Is it a case of showing the pty ltd bank statements and personal bank statements to evidence income being paid to own accounts?

I'm thinking I've got a minimum hiatus of 6 months before even considering an application to get one to be able to show a pattern of stable income. Previously have had no issues with getting credit approved - clean history despite a very active credit file for credit card applications.

Would be keen to hear from those in this space how they find it - and the obstacles they hit with getting approved.
 

ChrisFlyer

Established Member
Joined
Jun 4, 2009
Messages
1,574
Points
405
I think it'll depend on exactly where you apply, how much credit limit you need and so on.

I remember when my primary income was business income, the request was for my last two tax returns, and the income was assessed as the average net profit between the two years. Also had to provide P&Ls for those years and recent invoices and part-year P&L and balance sheet to cover the period into the current financial year, to show continuing income.

This was a few years ago now but I'd expect a similar level of paperwork to be needed, and also expect many lenders to not really rely on that income until you've been in business for a year or two.
 

coolsteps

Member
Joined
Aug 13, 2009
Messages
156
Points
140
Yes most require 2yrs in business and 2 years tax NOA. Amex is 12months if you hold a amex personal account for over 18 months . Westpac are good too in waiving annual fees if you ask after being charged
 

Bolt

Junior Member
Joined
May 15, 2021
Messages
18
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Qantas
Platinum
Virgin
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As a PAYG contractor, I find it a bit of a hassle. Usually I just send my last two years tax returns, and my current PAYG payslip from whatever contract I'm working at the time.
 

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