Would you apply for a new credit card? Veda score 583 & 5 applications last 12 months

[Doctore1003]

Given we are probably seeing the last of the large sign-on bonuses (due to new RBA interchange regulations coming soon) I've been applying for lots of cards – 5 in the past 12 months. The only remaining attractive offer is the NAB card with a 60k QFF sign-on bonus. I have a stable income of $100kpa.
I don’t want an unnecessary credit inquiry on my credit file BUT I’m hungry for more points and tempted to apply ‘just one more time’ before the party ends...
Do you think it’s worth the risk?

 

[smit0847]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I wouldn't. You've pushed the boat out too far.

 

[Boca68]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Given we are probably seeing the last of the large sign-on bonuses (due to new RBA interchange regulations coming soon) I've been applying for lots of cards – 5 in the past 12 months. The only remaining attractive offer is the NAB card with a 60k QFF sign-on bonus. I have a stable income of $100kpa.
I don’t want an unnecessary credit inquiry on my credit file BUT I’m hungry for more points and tempted to apply ‘just one more time’ before the party ends...
Do you think it’s worth the risk?

+1 on what smit0847 said.

583 puts you in the 'average' category on Veda scores. There is a chance you'll get it, but being a premium card, I'd say less than 50/50. Just not worth it. Your score will take another hit and at least 6 months (maybe more) to recover.

But, that been said, Veda scores are only a small part of the assessment, but obviously an initial trigger.

Suck it up for 6 months at least and get your score up around the 700+ mark, but it might take longer considering 5 cards in a year.

 

[Mattg]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I wouldn't risk applying for another card now. You risk deteriorating your credit score even further, and this has implications beyond just the ability to get a new credit card.

These sign up bonuses come and go all the time, and are IMHO likely to continue for many years. If anything, they've only been getting more generous over the past couple of years.

 

[Cynicor]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

My score was around the same and I just got the prestige. I think the better the card, the more they actually look at you rather than blanket denial.

 

[mini2]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Are you planning on getting a mortgage or car loan in the near future? If not then go for it.

 

[Doctore1003]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Are you planning on getting a mortgage or car loan in the near future? If not then go for it.

No loans on the horizon for at least a couple of years. I'm still contemplating it. Thanks everyone for your thoughts.

 

[theblank]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Given we are probably seeing the last of the large sign-on bonuses (due to new RBA interchange regulations coming soon) I've been applying for lots of cards – 5 in the past 12 months. The only remaining attractive offer is the NAB card with a 60k QFF sign-on bonus. I have a stable income of $100kpa.
I don’t want an unnecessary credit inquiry on my credit file BUT I’m hungry for more points and tempted to apply ‘just one more time’ before the party ends...
Do you think it’s worth the risk?

Do it.

What does it matter - according to your thinking the huge sign off bonuses are ending, so you wont be applying for any more then will you.
The worst thing that could possibly happen is you might struggle to get another credit card in the next year or so. And apparently, you don't need one.

That 'average' credit score wont have any impact on you getting a real loan, like a home loan.

 

[exceladdict]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

There's the risk you night have to honestly answer that you have been declined credit.

 

[teaHSRn]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Given we are probably seeing the last of the large sign-on bonuses (due to new RBA interchange regulations coming soon) I've been applying for lots of cards – 5 in the past 12 months. The only remaining attractive offer is the NAB card with a 60k QFF sign-on bonus.

I'm in almost the exact same situation. 6 cards in 12 months, veda score smashed to about 585, and worried new RBA regulations will kill the sign on bonus.

NAB is who I bank with - so I'm hoping that having my regular income come to them helps. I'm going to the bank this morning, for one last sugar hit of points...

Also you can get 70,000 points on that card:

Qantas Premium Trigger - nabcampaigns

I figure that credit score is only a small part of the application, and I'm not planning on getting any other loans for a while. I'll continue getting cards for as long as this bonus games lasts though.

 

[Buzzard]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

My score is in the low 600's. Macquarie just refused to increase my limit above $3,500. Applied for the NAB QFF card and was approved but changed my mind and declined the offer. Immediately applied for the NAB Velocity and was again approved, and accepted the card.
The NAB is now the 7th card I hold.

 

[theblank]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

There's the risk you night have to honestly answer that you have been declined credit.

no risk of this at all. There is no way any credit provider can know if you were declined credit elsewhere. I think you are confused with applying for insurance.

 

[exceladdict]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

no risk of this at all. There is no way any credit provider can know if you were declined credit elsewhere. I think you are confused with applying for insurance.

Sorry, I could certainly be mixed up here. Too many online applications lately.

 

[burmans]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

no risk of this at all. There is no way any credit provider can know if you were declined credit elsewhere. I think you are confused with applying for insurance.

They would know (most likely) you have applied though and many credit providers do take multiple applications in a short term as a fairly negative sign given it could be a sign of financial stress.

 

[theblank]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

They would know (most likely) you have applied though and many credit providers do take multiple applications in a short term as a fairly negative sign given it could be a sign of financial stress.

Thats true, and i know that fully well (I worked iin finance for 20+ years and have much experience in this area), but thats something completely different to the topic at hand.
we used to call such applications that showed up several enquiries in a short period like a week or a month as a "Mitre 10 application" get it, "i've been everywhere man..."
(if you do get it, you are probably showing your age as well)

However its not necessarily a sign of financial stress, though it is definitely a sign of something. If the credit assessor wants to really approve the loan, then he will be asking some questions from the applicant. If the answers stack up fine, if they dont, then there is a really easy decision to make. These days however, in the era of faceless automated decisions for small unsecured credit like credit cards, the applicant is at the mercy of the computers decision. If the applicant is a points chaser, then he has lost nothing, he just reached the end of the line for a while, thats all.

 

[burmans]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

If the applicant is a points chaser, then he has lost nothing, he just reached the end of the line for a while, thats all.

While I don't fundamentally disagree with what you are saying I'm not sure I agree they have lost nothing. If the applicant is already marginal then a declined applicant is essentially pushing out that "while" a bit and that's never a great thing for a point chaser!

 

[theblank]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

While I don't fundamentally disagree with what you are saying I'm not sure I agree they have lost nothing. If the applicant is already marginal then a declined applicant is essentially pushing out that "while" a bit and that's never a great thing for a point chaser!

Why?, he thinks the point chasing is about to be over.

 

[teaHSRn]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Update - so I went into the branch the other day to see if they could waive the annual fee = answer no.

Applied online today for the 70K points offer and was approved instantly.

Very similar credit score to the OP - much lower income - but my normal bank is NAB.

 

[Colin 2905]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

My Veda score is currently 579, so quite close to the OP's, and I've also been playing this game. The only knock backs that I've had have been from Macquarie (Jetstar cards), and for a Virgin Money card the first time around, but only because it'd been less than nine months since I'd obtained a Citibank card.

My most recent application was for an ANZ FF Black. Given the total credit limit that I currently have, I was half expecting to be knocked back, or at least referred and/or asked for payslips. But no, after the 60-second countdown.... Congratulations!

 

[BAM1748]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

My score is in the low 600's. Macquarie just refused to increase my limit above $3,500. Applied for the NAB QFF card and was approved but changed my mind and declined the offer. Immediately applied for the NAB Velocity and was again approved, and accepted the card.
The NAB is now the 7th card I hold.

7 wow, I have 3 and want 2 by the end of the year. I prefer the race to the bottom on this contest.