Advice on limits for applications, and more.

[JennyMG]

I struggled just to get a BankWest World CC when Mrscove had one with a $75,000 limit. Funny thing was we had same income and assets. Retail banks dont know much is what I think.
Anyway Amplify is my favourite CC !

I just cancelled two amplify cards. I have to wait a year. But I love them too. Am going to get one for my husband in a month or two after my latest spend is up.

I also think that (hush hush) they're no so fussed on 'lady' business women. Maybe we should just be dusting???

 

[33kft]

Their income limit, I imagine, is the limit is set as that is their cut off point for what they believe is sustainable 'living' expenses. So perhaps that was 'involved as well.'

Yes, this is how they tend to do it as I understand, they average/generalise on living expenses and use that to check servicibility. Bit of a random number generator but it seems to work for them.

 

[JennyMG]

even finder can't find the Minimum income for ANZ black. (or the NAB card, BTW.) Anyone know the min for the NAB card?

 

[Jacques Vert]

I have a QUESTION:
Why is everyone so enamoured of Amex?
[/QUOTE]

In addition to what others have said, the ability to warehouse points without expiry and to transfer to 9/10 airlines as needed at the time.

 

[hachoo]

even finder can't find the Minimum income for ANZ black. (or the NAB card, BTW.) Anyone know the min for the NAB card?

Typically for the black cards they are $75k min. income. That's what it was when I got the ANZ Black few years back and the NAB QFF card recently.

 

[Jacques Vert]

Just got approved with 72k from a superannuation pension for ANZ Black. YMMV

 

[JennyMG]

Just got approved with 72k from a superannuation pension for ANZ Black. YMMV

That's excellent news (only saw your comment today.) Good to know, as my husband in EXActLY the same position - basics wise. 72K super pension.

 

[theblank]

to answer your original question, how many is too many?
just keep applying for credit cards whenever you need to. If you start getting rejections, then draw a line and call that 'too many'

there is no harm done by applying for too many or too often. the worst thing that can happen to you, is get rejected for unsecured credit. At worst, your feelings will be hurt.

 

[arkh]

to answer your original question, how many is too many?
just keep applying for credit cards whenever you need to. If you start getting rejections, then draw a line and call that 'too many'

there is no harm done by applying for too many or too often. the worst thing that can happen to you, is get rejected for unsecured credit. At worst, your feelings will be hurt.

Do we know if past rejections from a specific bank are factored into the decision of approving a new card? Or is each application treated independently?

I.e. should one hold off on re-applying at a same bank which has rejected me not too far in the past?

Fortunately this hasn't happened to me... yet, but reading up on this thread got me curious.

 

[ZMan]

What's everyone's view if I should cancel my current credit card before applying for a new one?

Specially, I want to cancel my St George Amplify Signature ($15K limit) and apply for the Citibank Signature for 100k Qantas points on sign up.

I don't want to be left without a credit card to use for a month as I only have that single SG Amplify CC at the moment.

 

[Dr Ralph]

What's everyone's view if I should cancel my current credit card before applying for a new one?

This depends on your income, ability to repay and credit score.

Have you had two cards simultaneously previously? If so go for it. If not, examine your credit score, income and ability to repay first.

Don't forget that you can rely upon VISA Only cards or similar for any period that you were without a credit card and/or sometimes you have a grace period in which to contact the bank that you cancelled the card with and ask them to reinstate the card.

 

[ZMan]

This depends on your income, ability to repay and credit score.

Have you had two cards simultaneously previously? If so go for it. If not, examine your credit score, income and ability to repay first.

Don't forget that you can rely upon VISA Only cards or similar for any period that you were without a credit card and/or sometimes you have a grace period in which to contact the bank that you cancelled the card with and ask them to reinstate the card.

Thanks Dr Ralph!

I actually have two current CC - Coles Mastercard (10K limit) and SG Amplify Signature (15K limit).

I'm on close to 200k and my credit score is:

• Credit Savvy - 825
• Get Credit Score - 788
• Credit Simple - 609

Might roll the dice and see if I get approved for this third CC before I cancel the SG one.

 

[Dr Ralph]

Thanks Dr Ralph!

I actually have two current CC - Coles Mastercard (10K limit) and SG Amplify Signature (15K limit).

I'm on close to 200k and my credit score is:

• Credit Savvy - 825
• Get Credit Score - 788
• Credit Simple - 609

Might roll the dice and see if I get approved for this third CC before I cancel the SG one.

Unless you have some massive debts mixed in their, I'd be very confident that you'd be approved for 3 cards at once. Probably 3 or more, with reduced limits, isn't out of the question.

Just as an aside, you do realise that the Qantas Ultimate AMEX currently has a 120,000 point offer - better than the Citibank offer you've listed. But may be you're in AMEX jail awaiting the 18 month exclusion period?

 

[ZMan]

Unless you have some massive debts mixed in their, I'd be very confident that you'd be approved for 3 cards at once. Probably 3 or more, with reduced limits, isn't out of the question.

Just as an aside, you do realise that the Qantas Ultimate AMEX currently has a 120,000 point offer - better than the Citibank offer you've listed. But may be you're in AMEX jail awaiting the 18 month exclusion period?

Debts yes haha. I have two home loans at the moment.

I’m not keen on AMEX as a sole use credit card because of the number of merchants not accepting it.
My Coles CC is a joint card for joint expenses with my partner so I need to keep that separate.

 

[get me outta here]

Citi is one that seems to reject people willy nilly. I left it a few years before trying again to get over being extremely miffed at their rejection. They gave me one on the second go. Not sure about "not too far in the past" though.

Do we know if past rejections from a specific bank are factored into the decision of approving a new card? Or is each application treated independently?

I.e. should one hold off on re-applying at a same bank which has rejected me not too far in the past?

Fortunately this hasn't happened to me... yet, but reading up on this thread got me curious.

 

[Dr Ralph]

I’m not keen on AMEX as a sole use credit card because of the number of merchants not accepting it.

I'd agree.

It's best to combine an AMEX with a VISA or Mastercard. But the very large sign on bonuses and cash back offers (IE. smallshop which is about to start) should not be ignored. Did you realise that you can have AMEX cards with very low limits - I've got just $3000 on one of mine. So this may factor into how many cards you can have at one time, as it's really the total limit that banks look at rather than the number of cards.

 

[theblank]

Do we know if past rejections from a specific bank are factored into the decision of approving a new card? Or is each application treated independently?

Nobody knows how automated decision making for unsecured credit considers any particular factor. This is to ensure the integrity of the system. Not even any staff at the bank could tell you this, if they do, they are making it up.

I.e. should one hold off on re-applying at a same bank which has rejected me not too far in the past?

depends on the reason you were knocked back in the first place, most of the time you wont have been told the reason.

possibly the only factors you could predictably overcome is if you originally had some instability like less than 6 months employment or residence, then after 1 year your chances have significantly improved.

a good example might be, you have been in Darwin for 6 months, working as a Chef, previously lived in NSW. You would have a tough time getting a credit card in this situation, regardless how fabulous your credit history might be. Darwin - transient population, Hospitality industry - seasonal jobs.

 

[Dr Ralph]

@JennyMG just wondering how you've gone over the last 5 months since you started this thread.

I'm sure other AFF members would be interested in hearing about your experiences in terms of the number of applications made, points collected and impact on your credit score.

 

[Irishbazz]

Read terms and conditions carefully. Things like anz rewards cards are separate to anz qf cards, so you can hold both at the same time and earn bonus points.

So if I currently hold the travel card with ANZ rewards, I can still apply for the Qantas branded card and be eligible for any bonus?

 

[woodyren]

So if I currently hold the travel card with ANZ rewards, I can still apply for the Qantas branded card and be eligible for any bonus?

Yes. I have the ANZ rewards black with a 15k limit, just received my Travel Adventures card and will apply for the ANZ Flyer Black (the one with Qantas points) in March.

The only reason I didn't apply for the Flyer is that I'm on my 12 month bonus elligibility wait from last time. I have held all 3 simultaneously before and recieved BPoints.

Hopefully by March I might have received my 150K rewards points from the rewards Black which I can park into my ANZ rewards account with the Travel Adventures open and cancel the rewards Black while I wait a ANZ rewards point transfer bonus to Velocity. Preferably before I apply for the Flyer Black.

As a data point I have around 110K income, zero dependents, minimal dept and hold 3 other cards with a 20k combined limit.