Citibank Select - Advice on getting to yes

[cove]

With so many ATO points now not being paid by Citi and others the 3.33 points for overseas expenses for 3.3% is now looking quite a bit better than a few weeks ago. Suddenly a cent cost per point is better than no points at all.

 

[ninja-tim]

Hi All,

I am wanting to get this card, but was only planning to use it for business purchases. My biggest monthly invoice is roughly 40-50k and then I'd have smaller invoices here and there each month from a few different suppliers. So roughly 60k each month. Do you think Citibank will frown on these business purchases only? I do buy from woolworths/coles and a reject shop each month if that helps make it look like personal purchases.

Also, before applying, I have just taken over a existing business, and have only been here for 3 months, and estimated net income would be just 120k a year, as I have only paid myself 3 months of salary so far. Would they accept my application seeing that I technically haven't earnt that much yet and my previous tax returns show less than 70k a year.

I had applied for a Citibank Signature card before I took over the business roughly 3.5 months ago, but was rejected, and to add to that I was rejected for another card (ANZ) couple weeks before that and so I assume that has hurt my credit rating a bit.

TIA

 

[Pukka]

Hi All,

I am wanting to get this card, but was only planning to use it for business purchases. My biggest monthly invoice is roughly 40-50k and then I'd have smaller invoices here and there each month from a few different suppliers. So roughly 60k each month. Do you think Citibank will frown on these business purchases only? I do buy from woolworths/coles and a reject shop each month if that helps make it look like personal purchases.

Also, before applying, I have just taken over a existing business, and have only been here for 3 months, and estimated net income would be just 120k a year, as I have only paid myself 3 months of salary so far. Would they accept my application seeing that I technically haven't earnt that much yet and my previous tax returns show less than 70k a year.

I had applied for a Citibank Signature card before I took over the business roughly 3.5 months ago, but was rejected, and to add to that I was rejected for another card (ANZ) couple weeks before that and so I assume that has hurt my credit rating a bit.

TIA

Citi are strict with card applications from what you've said I think there's virtually no chance they'll accept you.

I don't think they'd have any problem with the business transactions I just don't think they'll give you the card but best of luck.

 

[DaveB]

I had applied for a Citibank Signature card before I took over the business roughly 3.5 months ago, but was rejected, and to add to that I was rejected for another card (ANZ) couple weeks before that and so I assume that has hurt my credit rating a bit.

TIA

You definitely have to understand why you are getting the knock backs and take action to prevent it in the future. I understand whilst limited in information until March next year, your credit report covers your various credit applications and the ones that have been refused.

 

[ninja-tim]

You definitely have to understand why you are getting the knock backs and take action to prevent it in the future. I understand whilst limited in information until March next year, your credit report covers your various credit applications and the ones that have been refused.

I think I did call up to ask how my application was going then got told it was rejected and they wouldn't give me reason. Don't know if it's a bit late now to ask again, being 3 months ago, but would they normally tell you?

When should be the earliest I apply for another card, given last I applied was 3 months ago. It's just that I find it a waste paying bills by bank transfer rather than trying to get points off these transactions.

P.s. My business banker did try to get me to sign up for the NAB QF business credit card. Should I try this in the mean time or wait and apply for something better.

Ta.

 

[DaveB]

I think I did call up to ask how my application was going then got told it was rejected and they wouldn't give me reason. Don't know if it's a bit late now to ask again, being 3 months ago, but would they normally tell you?

When should be the earliest I apply for another card, given last I applied was 3 months ago. It's just that I find it a waste paying bills by bank transfer rather than trying to get points off these transactions.

P.s. My business banker did try to get me to sign up for the NAB QF business credit card. Should I try this in the mean time or wait and apply for something better.

Ta.

I agree they won't tell you though I have been advised by GE whether my credit history was a factor. Definitely wouldn't bother 3 months later. It was more a rhetorical question to you as you should already have a pretty good idea as it can only come down to a combination of your past history, existing debt / credit card limits and income with being self employed a huge negative without any history.
Assuming you don't have any cards presently, I would go with the NAB business bankers offer and give Citi another go in another 3-6 months time when you can show credit history and your accountant may be able to provide some supporting advice on income levels.

 

[Pukka]

I think I did call up to ask how my application was going then got told it was rejected and they wouldn't give me reason. Don't know if it's a bit late now to ask again, being 3 months ago, but would they normally tell you?

When should be the earliest I apply for another card, given last I applied was 3 months ago. It's just that I find it a waste paying bills by bank transfer rather than trying to get points off these transactions.

P.s. My business banker did try to get me to sign up for the NAB QF business credit card. Should I try this in the mean time or wait and apply for something better.

Ta.

I wouldn't apply with Citibank again yet as they'll probably reject you again and a long list of rejections won't help your credit score ( as far as I know) try and get something with a lower limit and use it to develop a solid repayment history.

I came over from the UK 8 years ago had a great credit history over there (Centurion Amex) for 5 years etc but because I was self employed with no business credit history my first credit card had a $3k limit lol, fortunately Amex stuck with me and continued with the charge card which allowed me to develop a good credit history quickly but is still took about 3 years before they would give me $50k limits on a couple of cards

 

[wxxnxs]

Anyone had this situation with Citi before?

I applied Signature card online, got instant conditionally approved message, then sent all of supporting doc, later someone from Citi called my employer to verify my income and also confirmed my supporting doc have been received and checked. 5 days later, my application shows DECLINED from their website. Oh well, so much for Citi, such a time wasting.