Bank Australia Platinum Visa

[Flying Fox]

I suffered the indignity of dealing with them in a credit card application.
Millions of dollars in freehold property, substantial income, multiple controlled entities, zero defaults, zero interest EVER paid on credit cards because always paid in full at end of month ..... rejected for a $10,000 credit card.
My current bank keeps offering me increased limits on my card for more than what I applied with Bank Australia.
Astounding!
I am utterly gobsmacked.

Jeepers, here I was thinking that I was the only one!

Its more fun to get your prostrate checked than applying for their CC!

But I wish you every success on getting one.

 

[JohnM]

I suffered the indignity of dealing with them in a credit card application.
Millions of dollars in freehold property, substantial income, multiple controlled entities, zero defaults, zero interest EVER paid on credit cards because always paid in full at end of month ..... rejected for a $10,000 credit card.
My current bank keeps offering me increased limits on my card for more than what I applied with Bank Australia.
Astounding!
I am utterly gobsmacked.

Did they give reasons for the rejection? Could it be that they suspect 'ulterior motives' (for want of a better expression)?

 

[RTG]

I didn't meet their "guidelines". None of my debt is personal, the only loan in my name is used for business purposes. My taxable income was therefore AFTER the loan interest. They simply couldn't get their head around any of that.

I ended up doing an application in my wife's name. Still waiting on that one .... the things we do for points!

Did they give reasons for the rejection? Could it be that they suspect 'ulterior motives' (for want of a better expression)?

 

[DerekG]

I suffered the indignity of dealing with them in a credit card application.
Millions of dollars in freehold property, substantial income, multiple controlled entities, zero defaults, zero interest EVER paid on credit cards because always paid in full at end of month ..... rejected for a $10,000 credit card.
My current bank keeps offering me increased limits on my card for more than what I applied with Bank Australia.
Astounding!
I am utterly gobsmacked.

I know how you feel. I'm in a similar situation to you. Good assets, good income, multiple controlled entities & no debts ............ and I was turned down for the Jetstar Credit Card some 14 months ago (when the earn rate was 1:1).

I did not feel so bad when the Jetstar earn rate was subsequently halved.

I recently read on the website "www.getcreditscore.com.au" that credit scores fall if you are a director of a company or a Trustee of a trust as lenders perceive this as an increased risk. They also suspect we will use our credit cards for business purposes.

This proved true as my Equifax (Veda) Score fell by 70 points shortly after 2 new companies registered for their ABNs.

My wife just received a letter advising of reduced points earn on her Virgin High Flyer Card. I'm thinking it is best to let all of these changes ripple through before bothering to apply for a new credit card.

I can see the day approaching when we go into a merchant saying "I'm paying for this folding money & I want 5% off the price - take it or leave it".