Multiple applications

[Skyhawk]

Hi folks,

Can you please clarify, if I apply for multiple credit cards over a short period of time, can the banks see this via the credit reporting companies? (eg. Veda, Experian.) Or can they only see limited information?

 

[puppysparkes]

Hi folks,

Can you please clarify, if I apply for multiple credit cards over a short period of time, can the banks see this via the credit reporting companies? (eg. Veda, Experian.) Or can they only see limited information?

Ultimately it will depend on how efficiently your applications are processed. I suggest basing it on the card you desire the most and make your applications in that order. If you're chasing a sign on bonus then start with the card that offers the highest bonus. That was there will be less data for the provider to consider.

 

[Dr Ralph]

This depends on which cards you apply for as different banks use different reporting methods. Some don't use any.

The best answer I can give you is 'maybe'.

 

[Buzzard]

I just applied for a credit card that gives an answer in 60 seconds.
Voila!! A $10,000 limit approved. I wonder how much checking was done :shock:

 

[Skyhawk]

Ok, Just wondering why they allow people to obtain a heap of cards. Surely they can see back over several years?

 

[Dr Ralph]

Ok, Just wondering why they allow people to obtain a heap of cards.

Because those people have high incomes and a stable credit history.

If you do some reading on other threads you'll see that many (including myself) are of the view that credit scores are of limited value in assessing your credit card application(s).

 

[hachoo]

I've hit my credit report 4 times in the last month. The last two were successful and I'm chasing sign-on points. My AMEX was approved without proof of payslips so I would say as Dr Ralph said - maybe.

 

[lovetravellingoz]

Ok, Just wondering why they allow people to obtain a heap of cards. Surely they can see back over several years?

They can see, but depending what your financial track record is they are often not that concerned.

I am told that size matters in life, and in this case it is the size of your capacity to repay vs your financial liabilities rather than the numbers of cards you have or have had that matters most.

 

[puppysparkes]

Ok, Just wondering why they allow people to obtain a heap of cards. Surely they can see back over several years?

What's your end game?

 

[burmans]

I just applied for a credit card that gives an answer in 60 seconds.
Voila!! A $10,000 limit approved. I wonder how much checking was done :shock:

Computers can crunch a fair bit of info in 60 seconds!

 

[Skyhawk]

What's your end game?

Business class international flights.

 

[Saab34]

Last week I applied for 3 cards in the same week taking advantage of balance transfer offers.

ANZ were the only one to give me 100% of the limit I wanted right away. Westpac and Nab actually gave me the same limit which was only a few thousand but interesting they were the same limit down to the $100, so I assume ANZ didn't check, just went off payslips.

 

[Skyhawk]

I am now progressing well with a few cards under my belt. I know I should start cancelling as the points roll in, but most of my cards are bank issued Amex cards. I believe each Amex card gets me twice into the Amex lounge at Sydney Airport.

1. Is this still the case with Westpac, ANZ & Nab issued Amex cards?

2. Can these cards also be used in other lounges overseas?

Thanks.

 

[Skyhawk]

Does anyone have any thoughts re the above post please?

 

[Spongbob]

Skyhawk, see the Sydney Amex lounge entry cards at: https://amexnetwork.com.au/GoodGoing/CardMembers

Also note from August 2017 ANZ is withdrawing their AMEX branded cards, so no more lounge access with the FF black card.

 

[hunghuynh]

Skyhawk with the westpac, ANZ and NAB cards it's really dependent which products you have as to the lounge access, general rule of thumb is if they are the lack cards you'll have 2 entries per year per card

 

[ChrisFlyer]

NAB has no Black cards so has never provided access to the AMEX lounge in Sydney.