- Joined
- Sep 5, 2023
- Posts
- 129
G'day all,
I applied for the Coles Flybuys Rewards card to get some velocity points (I'm a diehard QFFer), and was very surprised when I got rejected with no explicit reason given.
Whilst I do have 2 cards open (St George QF Amplify, $15k limit; Bankwest Qantas Plat, $10k limit) and a mortgage, I thought that the Coles one with a $5k limit wouldn't be too much of an ask. I pay off all my credit cards in full each month, and my expenses are quite low whilst my income is high.
I thought that I'd be able to get more info from looking at my credit report, as you're eligible to a free one from Experian, Equifax or Illion within 90 days of rejection. Upon checking, I found that according to my credit report, I had 6 lines of credit currently open! 4 of them were cards/accounts that I had closed earlier this year (with a total of about $60k in limits), but were still listed as open, with one going all the way back to February.
I've since submitted credit corrections through Equifax for 4 products and also applied to have my mortgage amount corrected as it still shows my liability as the entire loan amount and does not consider any repayments made. I don't know if this will make a difference but I'm hoping I won't get rejected out of hand in future - I'm even happy to manually submit correction requests on account closure to stop this from happening.
Interestingly, I was originally rejected for the Bankwest one on the grounds of having too many liabilities after initial conditional approval. In that case, I was able to email the credit card team proof of account closures and they approved it within 24hrs. The Coles one didn't even give me the chance to get to the conditional approval, which suggests I was rejected during the automated credit score assessment.
FWIW, I have an 850 credit score on Experian and CreditSavvy, but only 630 on Illion. Equifax won't let me see my score unless I sign up and pay.
So, for those of you who have read this far, let my experience be a warning for the other chronic churners out there. If you flip (or plan to churn through) more than 4 cards a year, you probably fall into this category and may need to take further action!
I applied for the Coles Flybuys Rewards card to get some velocity points (I'm a diehard QFFer), and was very surprised when I got rejected with no explicit reason given.
Whilst I do have 2 cards open (St George QF Amplify, $15k limit; Bankwest Qantas Plat, $10k limit) and a mortgage, I thought that the Coles one with a $5k limit wouldn't be too much of an ask. I pay off all my credit cards in full each month, and my expenses are quite low whilst my income is high.
I thought that I'd be able to get more info from looking at my credit report, as you're eligible to a free one from Experian, Equifax or Illion within 90 days of rejection. Upon checking, I found that according to my credit report, I had 6 lines of credit currently open! 4 of them were cards/accounts that I had closed earlier this year (with a total of about $60k in limits), but were still listed as open, with one going all the way back to February.
I've since submitted credit corrections through Equifax for 4 products and also applied to have my mortgage amount corrected as it still shows my liability as the entire loan amount and does not consider any repayments made. I don't know if this will make a difference but I'm hoping I won't get rejected out of hand in future - I'm even happy to manually submit correction requests on account closure to stop this from happening.
Interestingly, I was originally rejected for the Bankwest one on the grounds of having too many liabilities after initial conditional approval. In that case, I was able to email the credit card team proof of account closures and they approved it within 24hrs. The Coles one didn't even give me the chance to get to the conditional approval, which suggests I was rejected during the automated credit score assessment.
FWIW, I have an 850 credit score on Experian and CreditSavvy, but only 630 on Illion. Equifax won't let me see my score unless I sign up and pay.
So, for those of you who have read this far, let my experience be a warning for the other chronic churners out there. If you flip (or plan to churn through) more than 4 cards a year, you probably fall into this category and may need to take further action!
). I've applied for the Coles Rewards Mastercard (with a $5k limit) myself and didn't get an instant approval - it's now sitting in Citi limbo, presumably because the left hand of NAB doesn't know what the right hand is doing (i.e. that I closed my NAB card with them last week)...
