I got the same letter after about a month (I had said I was planning to cancel a card too).
Well to take the negative view on this, given they are looking at income vs expenses (as required to) the more you are paying out on other debts ups your expenses each month and leaves less money to pay this new debt.
What you're suggesting amounts to bespoke underwriting of the credit application. Which is a lot more expensive for the lender. And means a much higher threshold before they are going to make a dollar out of you as a customer. The banks are not a charity and it's an entirely reasonable business decision to pursue customers who are a lower cost per acquisition. It's their money they are lending after all...Sure, but they can ask or it can be volunteered - which I was ready to do, and demonstrate if needs be because of my particular circumstances in application. IITC there also was stuff on my application which I had to put in, but which wasn't check-able by the issuer. There was also one enormous hole that they didn't ask for.
But to go back to the initial thing - that the credit assessor would view the applicant's assets and liabilities in their entirety. And the ability of an applicant to service their existing debt, and any additional being applied for I would have thought would be a useful thing to be considered, whether or not in the mandatory govt code or simply by request to the applicant "this is optional but may assist your application if answered".
Did you do it online?As a retiree now, on the merry-go-round again with Amex to try to increase my credit limit - wish me luck
Didn't take Amex long to knock me back again as I don't meet their "internal selection criteria ".....As a retiree now, on the merry-go-round again with Amex to try to increase my credit limit - wish me luck
Are you able to share what increase you asked for and existing limit? Or as a percentage increase?Didn't take Amex long to knock me back again as I don't meet their "internal selection criteria ".....
Guess I pay on time, don't churn, have no debt, and am retired despite my income now is more than double it was when employed
Current limit @SYD on Amex Ultimate is $10,800 - asked for $15k limit ( 40% I know) but the aim of the exercise is to be able to purchase international airfares.
I fortunately have plenty of credit across several cards. The one I didn’t think to increase was 28° MC. I figured 10k was plenty for OS “spending money” but now that I’m travelling more, that limit seems low if putting hotels, car hire and some airfares (in foreign currency).
Fortunately my AMEX Small Biz CC is uncapped on points earn (1:1). Needless to say a lot gets shunted there if paying in AUD.
While this doesn't help any one already retired, i urge anyone not yet retired to follow @kpc in getting cards sorted well before. I had a Westpac non-pts card from when we renegotiated the mortgage, which at $16k and with TI seemed good, but followed the advice on here some years back to add a card with TI and no FX fees - a BW Platinum MC for $20k. Also got a 28degrees MC as back up OS, for $6k.Reading this thread, reinforces the importance of getting all the credit cards (and limits) I want before I retire....problem is cards which are good now, may not be later; and cards with better features come onto the market!
I find the easiest way now to apply for a credit card is to just state my income on my fornightly main job pay statement, ignoring income from all other sources...then I have just to submit / upload that pay statement
Got irritated with and cancelled 28 degrees MC as they wouldn't waive the monthly fee which they have for many. My main Fx fee free Credit card is BW World MC with a limit of 28K but I'm concerned they will block it when I'm OS if any fraudulent activity is suspected. I could then use Fx fee free Debit cards but I have just successfuly applied for a US Hilton Aspire Amex card which is Fx free and gives me automatic Hilton Diamond status. It comes with a generous US$20K limit. Also successfully applied for the Star Alliance HSBC credit card which gives Star Alliance gold status and lounge access, fee free for first year but $499 pa after ....I think I'm set for now but unfortunately things always change!
