Credit Card Churning May Get More Difficult.

[PDog]

Yeah, but I have held two ANZ cards together for the past few months, it wasn't an issue getting the second one back in June or July. I recently cancelled one of them to apply for this.

Thanks for the reply!
Good to know. I’ve held a few ANZ cards (probably cycled through each of the offerings at twice) but only ever one at a time.

 

[Longtoo]

I just got rejected by ANZ. Held ANZ black just more than a year ago. they probably see my churning practice. I am out of tricks now as all possible CCs with bonus signup have been exhausted or could not get, except hopefully SunCorp.

Have anyone here had any experience with the SunCorp card? TIA

 

[rock86]

I just got rejected by ANZ. Held ANZ black just more than a year ago. they probably see my churning practice. I am out of tricks now as all possible CCs with bonus signup have been exhausted or could not get, except hopefully SunCorp.

Have anyone here had any experience with the SunCorp card? TIA

Do SunCorp have any FF cards?

 

[blacksultan]

ANZ are one of the tougher ones IME

Can`t you ask them to close current card and use the same limit to approve the new one? i do this all the time. They need to put you through to another team.
For this reason its probably best not to close an existing card until the new one is approved as once you close the limit is lost.

 

[coles525]

Can`t you ask them to close current card and use the same limit to approve the new one? i do this all the time. They need to put you through to another team.
For this reason its probably best not to close an existing card until the new one is approved as once you close the limit is lost.

As far as I know, it could void the sign on points. Due to 'transferring cards'.

I will happy to be told wrong.

 

[Longtoo]

Do SunCorp have any FF cards?

thanks for cross checking. Indeed, SunCorp only offers their sign-up bonus points. Only regular spending can yield QFF points. Useless then. I am depressed , QFF point broken.

 

[VPS]

Can`t you ask them to close current card and use the same limit to approve the new one? i do this all the time. They need to put you through to another team.
For this reason its probably best not to close an existing card until the new one is approved as once you close the limit is lost.

I didn't have an existing card with them. I was just trying to get as many cards as I could before I retired. I'd been on LSL and the LWOP but had two weeks of proper payslips and they didn't like that I hadn't been working before that. Last year they wouldn't accept it because I was on LSL on half pay. NAB and St George approved at the same time as I applied to ANZ without any problems.

 

[blacksultan]

As far as I know, it could void the sign on points. Due to 'transferring cards'.

I will happy to be told wrong.

Actually no .as its not a straightforward transfer. only a transfer of limit ,i have done it more than once and have received the points.

 

[burmans]

Well I just had my first experience of Comprehensive Credit Card Reform almost biting me. I do have Credit Savvy but not the Equifax equivalent so checked there, total CC limits 62K. When I applied for an ANZ CC got a call saying that their pull of my credit file (presumably Equifax) showed I had limits of 87K. "Really, I had asked for that account to be closed". Fortunately even though she mumbled "that's a very high CC limit' when she updated in the system and we waited a couple of minutes I was approved.

I've been telling others this but guess its time I listened to my own advice, they do now have clear visibility of the other cards and limits you have. So for me time to start closing and/or reducing limits (Commbank Plat and my old fee-free Citi Signature first to go, that's 40K in one hit).

 

[N860CR]

Yeah I ditched the citi free for life for the same reason. Hadn’t been used for ages and I can’t see them improving the rewards. Not worth the credit hit for 2 priority pass entries

 

[Skyhawk]

they do now have clear visibility of the other cards and limits you have.

But when is it visible. Is it only when a new cc application is made? Or are there routine checks of existing accounts?

 

[theblank]

But when is it visible. Is it only when a new cc application is made? Or are there routine checks of existing accounts?

Under the new regime, all your current loans/debts/credit cards will be recorded on your credit file.
What this means is you can no longer accidentally forget to disclose all your credit cards, when you apply for new credit cards.

Not that I have ever done that.

 

[Skyhawk]

True, but I'm referring to situations where individuals have sufficient cards and aren't making any applications.

 

[coles525]

True, but I'm referring to situations where individuals have sufficient cards and aren't making any applications.

Some banks / finance providers (amex) do a monthly check up on your credit file.

No one can see the "viewing history" other then yourself.

Ie: Amex can't see that westpac have bern looking at my credit file.

 

[burmans]

But when is it visible. Is it only when a new cc application is made? Or are there routine checks of existing accounts?

Both, on application and then repayment history monthly (which includes the account limit).

 

[mick]

Well I just had my first experience of Comprehensive Credit Card Reform almost biting me. I do have Credit Savvy but not the Equifax equivalent so checked there, total CC limits 62K. When I applied for an ANZ CC got a call saying that their pull of my credit file (presumably Equifax) showed I had limits of 87K. "Really, I had asked for that account to be closed". Fortunately even though she mumbled "that's a very high CC limit' when she updated in the system and we waited a couple of minutes I was approved.

I've been telling others this but guess its time I listened to my own advice, they do now have clear visibility of the other cards and limits you have. So for me time to start closing and/or reducing limits (Commbank Plat and my old fee-free Citi Signature first to go, that's 40K in one hit).

Wow, you pretty much covered what happened to me today with ANZ when reviewing a new card application I submitted. They had the credit limits and other information of all my current credit cards when I spoke with them. I didn't bother listing an old card on my application that I haven't used in years (it came with my housing loan with another bank and is fee free ongoing) which had a ridiculous credit limit on it. ANZ queried it and so I told them to hold whilst I logged on and dropped the old card limit to the minimum allowed. They took my word for it (which was nice of them) and approved the new card.

So I can only echo your sentiments, burmans - everyone should do a bit of housekeeping with their credit cards. All of my credit cards are now at the minimum allowed.

 

[rock86]

Wow, you pretty much covered what happened to me today with ANZ when reviewing a new card application I submitted. They had the credit limits and other information of all my current credit cards when I spoke with them. I didn't bother listing an old card on my application that I haven't used in years (it came with my housing loan with another bank and is fee free ongoing) which had a ridiculous credit limit on it. ANZ queried it and so I told them to hold whilst I logged on and dropped the old card limit to the minimum allowed. They took my word for it (which was nice of them) and approved the new card.

So I can only echo your sentiments, burmans - everyone should do a bit of housekeeping with their credit cards. All of my credit cards are now at the minimum allowed.

Did people think this was not going to happen once CCR was introduced?

 

[Mr_Orange]

Did people think this was not going to happen once CCR was introduced?

I think you may have missed the point of the posts. It is not that people did not think that the CC providers would have access to combined credit limit data. It is the fact that they are prepared to listen to applicants when they take action to reduce their potential liability that is encouraging.

 

[rock86]

I think you may have missed the point of the posts. It is not that people did not think that the CC providers would have access to combined credit limit data. It is the fact that they are prepared to listen to applicants when they take action to reduce their potential liability that is encouraging.

Really? I read it as surprise that ANZ were reviewing the CCR information now present on your application.

Regardless of what the intended message was in that post, if you are being upfront about what active credit you have in the application and are personally assessing your application based on your actual active credit, there really shouldn't be an issue for approval (apart from sometimes if your churning cards every other month).

And I would have thought this was no different to before CCR, unless you've been telling furphies in your previous applications.

 

[theblank]

It is the fact that they are prepared to listen to applicants when they take action to reduce their potential liability that is encouraging.

This is not new, lenders have been taking this approach for scores of years. Its impractical and innefficient to require proof of a credit card limit reduction or cancellation, and they all know the cardholder could get that credit card limit reinstated with the quick phone call, 5 mins later.

The reason that the lender accepted your word, is that they need to show that they have made a responsible lending decision. So that you cant take action against them in later years that they were irresponsible in giving you more credit when you already had so much credit already. An undertaking by the applicant that they have or will reduce the limits is all the lender needs.