how Many QFF Credit cards can i have?

[smorgz]

Hi guys
I’m a new here so bare with me, this question has probably been asked before but how many credit cards can I actuary apply for?


I have a HSBC visa card for everyday expenses 55 days interest free $199 annual fee, got 10,000 bonus points for joining then 1 point per dollar spend.
They are now offering 20,000 to join onsame card (story of my life)


Just applied for AMEX card today givingme 10,000 more bonus points for joining no annual fee then 1 point per dollar spend while shopping around for a balance transfer card and the deal sounded to good to walk away from but planning to cut the card up anyway as soon as I get my bonus points:evil:


Now im after a balance transfer card to lower the interest on a standard master card I have been running forabout 12 months.
Planning to close balance on this new card within 12 months
Any ideas?
Will I be limited to x amount of cards?


Thanks guys

 

[AVC]

Hi, welcome to AFF.

Each credit application will go your your credit file, and finacial institutions may knock back an application for credit if they deem there are too many applications on it. Even if you don't go ahead and accept an application the actual application will still show up on it.

Another thing to consider is that any card will count towards your repayability, even store cards that have zero balances (if you tell them about it).

That said we have many credit accounts (although have closed a few just lately as we sold our businesses) and we would likely get a new one each year, as better deals come along, or existing deals ( interest rates/fees) get worse.

 

[smit0847]

I currently have 3 credit cards - a Velocity Visa, Velocity AMEX, (both for velocity points) and 28 degrees MC (for overseas purchases and trip). I applied for all of these in the past 18 months (and have not had any CCs before that).

Out of curiosity, I recently signed-up to a credit reporting agency to have an assessment of my credit file. They found absolutely nothing on it. They said this was good news because it meant I hadnt defaulted on anything and I assume this means with the cards I applied for and received, someone never added it to any file (this doesn't surprise me as AMEX didnt check any of my references or ask for any ID when they approved my card.

Does this mean I should be okay to apply for another card or 2? I'm thinking of getting into the QF EDR game.

I realise your credit rating is incredibly important and you shouldn't jeopardise it but surely if my report has nothing on it its like I never applied for anything?

Thanks

 

[amaroo]

I assume it's only limited by ones income, assets, liabilities & credit history.

 

[smit0847]

I assume it's only limited by ones income, assets, liabilities & credit history.

Thanks. I hve no doubt if I applied for another 3 credit cards today I would get all 3 - I'm just trying to work out if nothing on my credit report is good news or if I should be wary?

 

[robd]

Thanks. I hve no doubt if I applied for another 3 credit cards today I would get all 3 - I'm just trying to work out if nothing on my credit report is good news or if I should be wary?

Suggest you read this thread before you apply.

http://www.australianfrequentflyer....platinum-edge-rejection-letter-10k-39289.html

 

[smit0847]

Suggest you read this thread before you apply.

http://www.australianfrequentflyer....platinum-edge-rejection-letter-10k-39289.html

Thanks for your assistance all.

I obtained a copy of my credit report from Veda. Sure enough, all 3 CC applications in the past 18 months were on there. No other applications on there except for an Optus mobile application about 4 years ago.

There were no defaults, late payments, enforcements etc (as I dont have any against me). I'm scared off applying for any more credit cards until next year for bonus points (I think 3 in 18 months seems like a lot though the rest of my credit history is excellent). I am likely to be applying for a home loan within the next 12 months so think it's prudent to wait until that is all done and dusted before potentially jeopardising my credit worthiness with another CC?

 

[cove]

No real limits on cards for QFF.
We run with :
Amex Ultimate
Woolworths Every Day Rewards MasterCard
Citi Select Visa
Bank West Platinum capped at 200k