Credit Card Churning May Get More Difficult.

[burmans]

Thanks, but surely shouldn't be recorded as an "Open" account

No but CC companies frequently do not close your account immediately despite what you request, i.e. they keep it open for a period. This is supposedly because some cc transactions take a while to flow through the system and hit your account.

I've had plenty of experience that suggests this is indeed true but the period they keep accounts open seems excessive and suggest you complain. A fews days would seem enough.

 

[Mr_Orange]

It's been about 4 years since I read the Privacy Act or the Credit Code but I have an idea that charge cards aren't covered because you have to pay those off in full each month and hence they aren't a credit instrument.

Thanks. That is a useful piece of the puzzle that I had been wondering about.

 

[ragingsheep]

How long before a closed credit card product is removed. I notice that Citibank still have my Qantas Premier Platinum recorded even though I closed about 3 months ago

Citibank seem to be very slow in closing. I closed a Citi card in April and it took until Jul/Aug and follow up calls to Citi to confirm that it actually was closed and marked as such on Credit Savvy.

 

[theblank]

thats because the dont actually close the credit cards when you request it. They only make the available balance $0
They allow some time for any delayed transactions to come through and to give you time to change your mind.
every bank will have a different amount of time that the allow for this.

Delayed transactions are much less of an issue today than it was when all transactions were paper, but its what they do. The capability to retain the customer is probably the higher priority now.

 

[deebens]

Just got rejected for the ANZ traveler rewards. It asked for payslips after application. Income fine so it couldn't be that, only holding 1 card with less than $200 on it, no other debt. Nothing adverse on credit file. Ring up to query it - I'm told too many recent enquiries. 4 in 6 months showing on credit savvy. Even worse, I'm left bag holding a card I wanted rid of to get the exclusion period ticking.

 

[burmans]

Just got rejected for the ANZ traveler rewards. It asked for payslips after application. Income fine so it couldn't be that, only holding 1 card with less than $200 on it, no other debt. Nothing adverse on credit file. Ring up to query it - I'm told too many recent enquiries. 4 in 6 months showing on credit savvy. Even worse, I'm left bag holding a card I wanted rid of to get the exclusion period ticking.

And now you've got 1 more enquiry showing up. I do think 4 in 6 months is pushing it, though have seen others do this succesfully!

 

[rock86]

And now you've got 1 more enquiry showing up. I do think 4 in 6 months is pushing it, though have seen others do this succesfully!

Yeah I'd agree. Even though some banks may approve with that credit enquiry history, I can definitely understand them knocking people back due to 4 cards in 6 months.

 

[VPS]

Just got rejected for the ANZ traveler rewards. It asked for payslips after application. Income fine so it couldn't be that, only holding 1 card with less than $200 on it, no other debt. Nothing adverse on credit file. Ring up to query it - I'm told too many recent enquiries. 4 in 6 months showing on credit savvy. Even worse, I'm left bag holding a card I wanted rid of to get the exclusion period ticking.

ANZ are one of the tougher ones IME

 

[deebens]

ANZ are one of the tougher ones IME

Annoying part is my current card is with them and I was planning to switch and bin.

 

[andye]

Were there any other applications not showing on credit savvy?

Annoying part is my current card is with them and I was planning to switch and bin.

 

[coles525]

Annoying part is my current card is with them and I was planning to switch and bin.

I'm also with anz.

Got rejected when applying for the travel card, as I should have waited atleast 6 months.

- 3 months from opening my already active card (qf)
- another 3 months so they can see I'm a good customer.

I think I can try yet again in dec/jan.

 

[deebens]

Were there any other applications not showing on credit savvy?

That's a good point, probably not everything is even on there.

 

[andye]

That's a good point, probably not everything is even on there.

For me, veda (getcreditscore) is the one most likely to capture enquiries though it is harder to interrogate for free

It also has my lowest score of the three. I'm pretty sure thats because my novated lease approval goes through veda and that is seen as a (more risky) loan

 

[theblank]

Ring up to query it - I'm told too many recent enquiries. 4 in 6 months showing on credit savvy.

That alone doesnt disqualify you from getting a credit card approved - there is other reasons too, and you havent given enough details here to highlight any of those. If they wanted to give a you a credit card, they would have.

They however just told you what it takes for you not to be able argue with them about it and waste their time. Thats the hard fact of declined loan decisions, we rarely tell the real reason

 

[deebens]

That alone doesnt disqualify you from getting a credit card approved - there is other reasons too, and you havent given enough details here to highlight any of those. If they wanted to give a you a credit card, they would have.

They however just told you what it takes for you not to be able argue with them about it and waste their time. Thats the hard fact of declined loan decisions, we rarely tell the real reason

Without going too far into my personal finances here, it's hard to tell what.

Income covers it comfortably. Employed full time. Debt currently $174. Six figures in liquid equity/savings. There's not a blemish on my record, unless looking at the number of enquries.

 

[GSP]

I recently was approved for the ANZ Traveller rewards and I've definitely had more than 4 inquiries in the past 6 months.

I notice that the ANZ credit inquiry was added after a "Credit Savvy movement alert email", however my credit score never changed.

 

[cvmceg]

I'm also with anz.

Got rejected when applying for the travel card, as I should have waited atleast 6 months.

- 3 months from opening my already active card (qf)
- another 3 months so they can see I'm a good customer.

I think I can try yet again in dec/jan.

Interesting, annoying for you. did you follow with a call? how many past enquiries? debt?

 

[PDog]

Just got rejected for the ANZ traveler rewards. It asked for payslips after application. Income fine so it couldn't be that, only holding 1 card with less than $200 on it, no other debt. Nothing adverse on credit file. Ring up to query it - I'm told too many recent enquiries. 4 in 6 months showing on credit savvy. Even worse, I'm left bag holding a card I wanted rid of to get the exclusion period ticking.

Hmmm... so you applied for the traveler rewards while holding another ANZ? I'm about to apply for this, but will cancel my ANZ black first, hopefully that'll help.

 

[deebens]

Hmmm... so you applied for the traveler rewards while holding another ANZ? I'm about to apply for this, but will cancel my ANZ black first, hopefully that'll help.

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.

 

[cvmceg]

hmm indeed. my plan is to chance it and cancel the black once travel received...