Credit Card Strategies (intrigued)

[Easy Tiger]

That’s probably pushing it.

I'd agree 100%. Unless of course you have a (v) big pile of cash sitting in an account somewhere that they will see as surety.

 

[Easy Tiger]

FWIW Ive been churning for approx 10 years on a healthy salary and low mortgage (<50K now) and i only ever got into trouble (ie. rejection) if I held more than 2 churners at a time @ around $15-$20k credit limit each. I always keep a $2K CC for everyday/primary card. Obvs diiferent strokes for different folks but that may help your thinking....

 

[LostRedditor]

Should I wait for an account to show as Cancelled in my credit report before applying again? In my report it says I have two accounts at $10k however one of them is cancelled (two weeks ago), and another I've lowered to $6k. I'm looking to apply for the ANZ Black at $15k minimum but according to my report it'll put me at $35k. No idea if that's close to my "limit" or not but I haven't gone that high before.
Also have a secured car loan that's not showing up in my report

 

[Dr Ralph]

Should I wait for an account to show as Cancelled in my credit report before applying again? In my report it says I have two accounts at $10k however one of them is cancelled (two weeks ago), and another I've lowered to $6k. I'm looking to apply for the ANZ Black at $15k minimum but according to my report it'll put me at $35k. No idea if that's close to my "limit" or not but I haven't gone that high before.
Also have a secured car loan that's not showing up in my report

Don't wait. This could take months and potentially years or may never actually occur!

Just include the 'closed account' letter(s)/reduced credit limit letter(s) with your application. I do this at the time you upload your payslips. No issues if you do this.

 

[LostRedditor]

Thanks, Doctor

 

[Easy Tiger]

Just include the 'closed account' letter(s)/reduced credit limit letter(s) with your application. I do this at the time you upload your payslips. No issues if you do this.

100% good advice.

 

[I love to travel]

Any recent data points on how long for closed Amex and St George accounts to show up as closed on credit card reports. Want to try for Citi Prestige end of June and closed both of these today.

 

[_TheTraveller_]

Any recent data points on how long for closed Amex and St George accounts to show up as closed on credit card reports. Want to try for Citi Prestige end of June and closed both of these today.

So long as they're closed I don't believe there should be any impact to your application.

 

[sickman112]

Does anyone have experience with churning before and after taking out a mortgage? I've just taken out a (manageable) mortgage and worry about including it on my applications as opposed to renting.

 

[Dr Ralph]

Does anyone have experience with churning before and after taking out a mortgage? I've just taken out a (manageable) mortgage and worry about including it on my applications as opposed to renting.

You won't have a choice 'about including it'. It will show up on your credit report.

The golden rule is always your income level and ability to repay your debts.

 

[sickman112]

You won't have a choice 'about including it'. It will show up on your credit report.

The golden rule is always your income level and ability to repay your debts.

It already shows up on my credit report and I haven't included it as I'm still renting (haven't settled yet).

Yeah I guess that's all it comes down to isn't it. I just don't want this golden goose to stop laying

 

[big_RED]

Just make sure you get the mortgage before applying for the loan. That's my advice anyway. Worst thing that could happen is you apply for the card while your mortgage is still being settled and it affects the mortgage. Not something you want to have to deal with.

I got a mortgage as of 2021 and have started back up card churning and have gone through 6 cards no issues.

 

[sickman112]

Just make sure you get the mortgage before applying for the loan. That's my advice anyway. Worst thing that could happen is you apply for the card while your mortgage is still being settled and it affects the mortgage. Not something you want to have to deal with.

I got a mortgage as of 2021 and have started back up card churning and have gone through 6 cards no issues.

Thanks for the advice mate appreciate it. That really would be the nightmare scenario. Luckily the loan's been approved so it's just a waiting game now.

Cheers for the datapoint as well.

 

[Scr77]

A mortgage use to help your credit score because it showed maturity. Not sure if that’s still the case.

 

[Rich]

A mortgage use to help your credit score because it showed maturity. Not sure if that’s still the case.

My credit rating just dipped very slightly (-6 this month on Experian). The only change I can see is that my mortgage has just dropped off the radar, being 5 years since the original credit enquiry. We are refinancing now, so next month there should be a new enquiry showing, so it will be interesting to see what happens.

 

[PrezRegan]

Does anyone use Wise or Revolut to reach the minimum spend assuming you have multiple credit cards and can't do it organically? Transfer from credit card doesn't count as cash advance and receive full points (I imagine)

Do you mean buying Forex using your cc? Does this work? I know some banks say on t&C that purchase of Forex is excluded as eligible spend