Credit card approval for a sole trader

[SoftDraw]

Looking for some advice. Mrs SoftDraw is a soletrader and has been operating for nearly two years (earning good money). Would like to get her a credit card with bonus points but I know banks don’t look as favourably on sole traders. Can anyone recommend ome that is easier/less hassle for her to get approval?

 

[RooFlyer]

I've never had a problem as a sole trader (but trading through company) - Westpac, NAB, St George and ANZ. Also CBA, my main bank. but the regs have just tightened up, so past experience may not count for much.

Not having 2 years of Tax returns might be an issue. They normally ask for Accountants details, so they can contact them, but in my experience they never have (I have 10+ years trading). So let your accountant know in advance what you want to do and if they are friendly enough, they may help get it over the line.

 

[SeatBackForward]

Looking for some advice. Mrs SoftDraw is a soletrader and has been operating for nearly two years (earning good money). Would like to get her a credit card with bonus points but I know banks don’t look as favourably on sole traders. Can anyone recommend ome that is easier/less hassle for her to get approval?

Not been an issue for me obtaining one in the business name. my own Personal name however has been an issue as my "pay" hasn't been regular enough over the time I've been running.

Oh and also, its a company operating at PTY LTD, not just a sole trader operating under a personal ABN - this may make a difference also?

 

[theblank]

Looking for some advice. Mrs SoftDraw is a soletrader and has been operating for nearly two years (earning good money). Would like to get her a credit card with bonus points but I know banks don’t look as favourably on sole traders. Can anyone recommend ome that is easier/less hassle for her to get approval?

there are none that are easier or harder. you should wait until she has two full financial years of trading before considering applying, without it the application is inherently weak so you are just wasting your time.

Most of them are going to want to see the tax returns. She would have to be self employed for a long time before automatic assessments will overlook getting those.

*exception. go to the bank where you have your home loan. There isnt a good reason why they wouldnt give her a credit card, provided that she is a joint applicant and you have a good payment history. If they give you the spiel about minumum 2 years trading you are dealiing with dropkicks, ask to speak to someone with a bit of silver in their hair (you know, someone that grew up when common sense was a thing)

 

[burmans]

(you know, someone that grew up when common sense was a thing)

I know someone (who does have grey hair) who has a pithy saying that common sense is not that common. Unfortunately, never a truer word said and I dont think having grey hair has a lot to do with it. While its true that some people are older and wiser, many if not most older people only manage the first.

 

[jastel]

Try your own bank first, especially if you have a long relationship or history with them.
I had a good CSM at the time I applied...she was promoted...I would hate to do it now...my current guy is useless.

 

[theblank]

I know someone (who does have grey hair) who has a pithy saying that common sense is not that common. Unfortunately, never a truer word said and I dont think having grey hair has a lot to do with it. While its true that some people are older and wiser, many if not most older people only manage the first.

the implication I am making in a slightly casual way. is that a career bank johnny will likely be delivering old fashioned bank relationship service.
the new age gives us branch managers barely out of university, they dont allow themselves discretion and just follow the rules. Such a person will just parrot "need 2 years trading figures" and not listen to anything else. Good luck.

When it comes to somethink like a credit card approval, it doesnt have to tick alll the boxes. If the bank trusts the customer is good for the money then give them the credit card. Thats why in such a case one needs to speak to someone who has a bit more experience in the bank.

I know this from an ex banker looking in when I visit branches from how they deal with even the simplest of matters for me and by listening in on the other customers conversations. its like fingers on the blackboard.

 

[Colin 2905]

Having just "assisted" Mrs 2905, who has been self-employed for 10+ years, in applying for an ANZ Rewards Travel Adventures card (80,000 bonus Velocity points via Point Hacks link), ANZ wanted her accountant's name and 'phone number on one of the online application pages, then once submitted, had to upload "Your most recent personal tax return and corresponding ATO Notice of Assessment (with Tax File Number removed or hidden), both no more than 18 months old."

Applied last night, approved today. ANZ wanted to speak to her to confirm the value of the house and if there was anything owing on it, but otherwise it was smooth sailing. Of course, YMMV.

 

[SeatBackForward]

there are none that are easier or harder. you should wait until she has two full financial years of trading before considering applying, without it the application is inherently weak so you are just wasting your time.

Most of them are going to want to see the tax returns. She would have to be self employed for a long time before automatic assessments will overlook getting those.

*exception. go to the bank where you have your home loan. There isnt a good reason why they wouldnt give her a credit card, provided that she is a joint applicant and you have a good payment history. If they give you the spiel about minumum 2 years trading you are dealiing with dropkicks, ask to speak to someone with a bit of silver in their hair (you know, someone that grew up when common sense was a thing)

Funny, the bank we have a mortgage with refused me a CC after i was self employed. This despite already having a CC with them that has never missed a payment, and the loan never missing a payment, in fact being years, decades ahead..

They simply said i didnt have the salaes history. If i had of applied three months earlier when i was employed with my previous employer, it would've been ticked off easily.

 

[theblank]

Funny, the bank we have a mortgage with refused me a CC after i was self employed. This despite already having a CC with them that has never missed a payment, and the loan never missing a payment, in fact being years, decades ahead..

you just ratified the latter part of the point that I made. (dropkicks)

what was the level of the person you were dealing with and their age?

 

[SeatBackForward]

you just ratified the latter part of the point that I made. (dropkicks)

what was the level of the person you were dealing with and their age?

It happened twice, once on the phone during one of their "check in with customer" call, the ones where they always seem to offer to drop the interest rate. when that was rejected, I went in store and the "manager" on the day said she would try again..but same outcome.

I took my business to AMEX who didn't seem to have an issue.

 

[lilkid28]

Looking for some advice. Mrs SoftDraw is a soletrader and has been operating for nearly two years (earning good money). Would like to get her a credit card with bonus points but I know banks don’t look as favourably on sole traders. Can anyone recommend ome that is easier/less hassle for her to get approval?

Mrs lilkid got an ANZ Travel card as her first own recently, got 80k Velocity points, then got the Amex Explorer with 100k bonus points shortly after.

 

[theblank]

It happened twice, once on the phone during one of their "check in with customer" call, the ones where they always seem to offer to drop the interest rate. when that was rejected

so that would be a young person with no real banking expereince.

I went in store and the "manager" on the day said she would try again..but same outcome.

No way can you walk in and see a real manager. They one you need to see, would need to be an appointment. the Manager of a 'store' is nothing more than a low level supervisor with very little experience.

seems to that you dont even have a relationship with the true manager of your bank accounts, otherwise that would be the only person you would deal with, and he/she would personally know you. Welcome to banking in the 21st century.

 

[SeatBackForward]

Welcome to banking in the 21st century.

But as a modern day trade-off, I'm more than happy to not have to deal with inept salespeople also.