Another credit card?

[gmartin010]

Hi Guys

I am on a mission to rack up as many QFF points as I can after stumbling upon this site and realising that there are more ways then just flying that can get me points. Since mid Feb of this year I have managed to rack up about 55,000 points as follows:

Flights- 15,000
Bonus points- Woolworths card ($89 fee)- 16,000
Bonus Points- Westpac Platinum Card ($125 fee)-20,000
Credit Card Purchases- 4,000

Do members think that it is a good idea to go for another credit card with a high bonus point offer? If so can you recommend one to compliment my coughnal? Was concerened whether this would effect my credit rating so was wondering about others experiences with credit ratings are?

 

[Sojourner]

Hi Martin, just be wary of applying for too many credit cards in a short period of time - I've read of reports in here that people have had credit card applications declined due to too many applications being made in a short period of time.

 

[k3nnis]

How many is too many and within what period if time? Also is increasing credit limit considered as a credit card application?

 

[ferrariz]

How many is too many and within what period if time? Also is increasing credit limit considered as a credit card application?

Generally, more than 3 in 6 months or 5 in 1 yr will affect your application score. Could even be less. There are many other factors that talk to a decision, but in a negative credit bureau market like ours, frequency of applications is the best check for 'credit hungry' applicants

edit, Also, increasing credit now involves a bureau check UNLESS you signed up for periodic credit increases at first sign-up

 

[JohnK]

How many is too many and within what period if time? Also is increasing credit limit considered as a credit card application?

It all depends on the individual and the circumstances. I have had no issues applying for new credit cards and I do not get knocked back.

In fact I am constantly receiving pre-approved credit card offers from Amex, Citibank, Bankwest etc.

Credit card companies are constantly begging me to increase credit limits.

And I have lost count of the number of balance transfer offers I receive....

 

[k3nnis]

Thanks guys. Thinking about the EDR MC just to get the 20000 points for QFF and also the velocity Amex 50000 points....

 

[quokka77]

Generally, more than 3 in 6 months or 5 in 1 yr will affect your application score. Could even be less. There are many other factors that talk to a decision, but in a negative credit bureau market like ours, frequency of applications is the best check for 'credit hungry' applicants

edit, Also, increasing credit now involves a bureau check UNLESS you signed up for periodic credit increases at first sign-up

Thanks for the specific advice Ferrariz, much appreciated. I'll defer any more applications until 2nd half of the year.

 

[get me outta here]

"negative credit bureau market" This sounds interesting, what is it? :-|

 

[legroom]

It all depends on the individual and the circumstances. I have had no issues applying for new credit cards and I do not get knocked back....

+1

5/6 approvals in the last 6 mo. incl. 2 AMEX

The only reject: the lowly fee-free AMEX

Got to give it to them: they 'knew' I won't be using that for anything except getting the free sign-on bonus.

JohnK: we can often agree too !

 

[risky]

will affect your application score

Is it possible to view your own "credit rating" or "application score" (whatever it is called) in Australia?

 

[Sojourner]

+1

5/6 approvals in the last 6 mo. incl. 2 AMEX

The only reject: the lowly fee-free AMEX

Got to give it to them: they 'knew' I won't be using that for anything except getting the free sign-on bonus.

JohnK: we can often agree too !

legroom, how do you get the free sign-on bonus when you're an existing Amex member? Most of the sign-on bonuses seem to exclude existing cardholders?

 

[legroom]

legroom, how do you get the free sign-on bonus when you're an existing Amex member? Most of the sign-on bonuses seem to exclude existing cardholders?

One is bank branded, the other is stand-alone AMEX

 

[ferrariz]

Is it possible to view your own "credit rating" or "application score" (whatever it is called) in Australia?

There are two types of credit scores - bureau scores and internal bank scores. The bureau score - called an RRI (relative risk index) score for Veda is what the bureau provides to the Banks.

The banks also use a mix of demographic info (address, age, employment type/duration, home ownership etc) plus existing behavious scores (if you have an existing relationship with the bank) plus the Veda score to give you a finalRisk score which determines your outcome and if you're approved, your credit limit.

Veda will provide you your credit file (they have to under law) but wont give you your RRI score. I believe its a case of "if we dont have to, we dont have to".

 

[czar]

Is it risky to apply for 3 cc within 2 months? I would like to apply for the everyday rewards as well as the Anz QFF with 20000 bonus sign on points. What are your thought? Thanks Ow yeah I would also like to get the DJ card for making purcahses

 

[Beta4Me]

Some time back I got a CC limit increase of 5K to 30K on a Westpac Altitude Platinum Plus, a new Woolworths EDR Qantas, a new Amex Platinum Edge and a new Citibank Clear Platinum for a combined total of 50K limit all done within 2 months. Not a single knock-back. YMMV.

 

[Mal]

Is it risky to apply for 3 cc within 2 months? I would like to apply for the everyday rewards as well as the Anz QFF with 20000 bonus sign on points. What are your thought? Thanks Ow yeah I would also like to get the DJ card for making purcahses

Hmm. While you may be approved for all three, it is likely that you will appear to be credit desperate, which will likely affect the 3rd being approved, possibly the second and any future requests in the next 12 months at least.

 

[DaveB]

All depends on your existing limits, income and honesty. Wise to stagger the cards applications if not essential.
I was unable to get the 28 Degrees or WWEDR with my wife having the same income source but only once existing card immediately approved.

 

[JohnK]

Is it risky to apply for 3 cc within 2 months? I would like to apply for the everyday rewards as well as the Anz QFF with 20000 bonus sign on points. What are your thought? Thanks Ow yeah I would also like to get the DJ card for making purcahses

That would totally depend on your credit history.

I applied for 3 in a month and was approved for all three....

 

[puppysparkes]

Is it risky to apply for 3 cc within 2 months? I would like to apply for the everyday rewards as well as the Anz QFF with 20000 bonus sign on points. What are your thought? Thanks Ow yeah I would also like to get the DJ card for making purcahses

There is some excellent information from The Rok in this thread regarding risk etc: http://www.australianfrequentflyer.com.au/community/showthread.php?t=49763

 

[czar]

There is some excellent information from The Rok in this thread regarding risk etc:

Hey thanks for sending the link through. I have already had a read up on that. There is some good information in there. I think that I will give it a go, reducing my CC limits on one of my current cards so it does not look like I have a large credit liability. Thanks again.