Waiting time between applying credit card

[KingHuang]

Hi All,

General question with some experience as well, tested and learnt from AFF posts over the last few months without success.

1. What is the minimum waiting period (unless you apply multiple on same day) have you gotten success with, and which bank was this?

2. I have tried applying with closure letter in hand when application was declined, rang them and asked them to reasses, as based on lending ratio of 33% of salary (the closed card was 17,500, and the applied card was 6000 HSBC, 15000 ANZ, 10,000 citi and 6000 Qantas. Anyone have success recently with them after being declined? This is making churning so much harder

3. My previous limit was circa 29k in total, closed 2 accounts and kept coles with 6400 limit (which is only really beneficial for shopping at coles/no foreign xchange)
How many days would you wait to churn after appearing as closed on credit savvy or just do it asap since its now on credit file with both accounts showing as closed. As a FYI it took 33 days for NAB to show up as closed on the account on credit savvy. CBA took circa 3-4 weeks

4. AMEX forced closed a personal account in May although perfect repayment record, tried to apply for charge and got letters saying "you did not meet the repayment criteria etc", which was NEVER true. It was sent to debt collection straight away (like most others) and that was also paid in full. What is going on with them...... escalate escalate?? or...

TIA gang

 

[levelnine]

You're probably going to need to deal with that Amex issue before getting back on the churning bandwagon. Any negative mark on your credit record is going to severely hamper your ability to get new cards. Get in touch with AFCA (Home | Australian Financial Complaints Authority (AFCA))

 

[KingHuang]

You're probably going to need to deal with that Amex issue before getting back on the churning bandwagon. Any negative mark on your credit record is going to severely hamper your ability to get new cards. Get in touch with AFCA (Home | Australian Financial Complaints Authority (AFCA))

There were no negative remarks though that I can see on credit file, or do you mean for Amex itself?

 

[levelnine]

There were no negative remarks though that I can see on credit file, or do you mean for Amex itself?

Both. Even if there aren't any negative remarks yet, I presume there's nothing stopping Amex from reporting it to a credit agency if they think you're in default. So I would chase down Amex first then make sure nothing is lingering on my credit file.

 

[Gremlin]

Do you track your credit report? Every application impacts your credit, whether successful or not. Depending on the volume you're doing, you could've potentially smashed it to the floor.

 

[KingHuang]

Both. Even if there aren't any negative remarks yet, I presume there's nothing stopping Amex from reporting it to a credit agency if they think you're in default. So I would chase down Amex first then make sure nothing is lingering on my credit file.

Do you track your credit report? Every application impacts your credit, whether successful or not. Depending on the volume you're doing, you could've potentially smashed it to the floor.

Yep I do, but another member mentioned doesn’t matter as long as income, current limit - any recommendations on wait times between application?

 

[levelnine]

If your credit account is in good standing and banks are willing to extend you the minimum credit line for each card you apply for, it is very easy to get one new card every 3 months, sometimes quicker than that. 4-6 cards per year shouldn't be a problem.

 

[KingHuang]

If your credit account is in good standing and banks are willing to extend you the minimum credit line for each card you apply for, it is very easy to get one new card every 3 months, sometimes quicker than that.

Credit savvy is generally higher than equifax score right?

 

[levelnine]

Credit savvy is generally higher than equifax score right?

Credit scores don't matter in Australia.

 

[Gremlin]

Yep I do, but another member mentioned doesn’t matter as long as income, current limit - any recommendations on wait times between application?

Credit standing absolutely does matter.

EDIT: I should clarify, how Experian et al actually score you doesn't matter in the sense that if you score above xx_ you get it but if you score below you won't. But credit providers will look at the underlying credit behaviours and there will be particular things, or combinations of things, that will influence whether or not they will approve your application. It may include things like number and dollar value of applications in a particular period, any credit rejections, delinquencies, dispersion of credit, duration of credit, amongst others

 

[PrezRegan]

I churn like there's no tomorrow (i.e. I think I'm up to my 10th this year). I only ever have 2 open at once though. I don't even wait until they disappear from my credit check, as soon as I get the points I close and apply for a new one.

Only got declined for my second to last one with Bankwest because they saw I had 5 cards open because it takes time for the system to update. I spoke to a consultant and provided the closure letters and they approved it same day. When I applied for St George at the end of last month, I had the option of saying that the accounts they had listed were closed and I got approved instantaneously without having to put in proof of income etc.

I'm not sure if I'm interpreting your first post correctly, but if you apply for multiple in quick succession after getting rejected I've heard that that can be a red flag as it shows financial distress.

 

[BettyB]

Why wait?????????????

Post automatically merged: Nov 6, 2023

Credit scores don't matter in Australia.

True!

 

[KingHuang]

I churn like there's no tomorrow (i.e. I think I'm up to my 10th this year). I only ever have 2 open at once though. I don't even wait until they disappear from my credit check, as soon as I get the points I close and apply for a new one.

Only got declined for my second to last one with Bankwest because they saw I had 5 cards open because it takes time for the system to update. I spoke to a consultant and provided the closure letters and they approved it same day. When I applied for St George at the end of last month, I had the option of saying that the accounts they had listed were closed and I got approved instantaneously without having to put in proof of income etc.

I'm not sure if I'm interpreting your first post correctly, but if you apply for multiple in quick succession after getting rejected I've heard that that can be a red flag as it shows financial distress.

that makes sense, so apply 2 every 2 months or something like that?

Applied for 7 in the last 2 months (is that wayy too much), 1 got approved the coles rewards mastercard, but I want QFF haha!

 

[PrezRegan]

that makes sense, so apply 2 every 2 months or something like that?

Applied for 7 in the last 2 months (is that wayy too much), 1 got approved the coles rewards mastercard, but I want QFF haha!

Yeah there's obviously lots of variables and I can't give you financial advice but I'd say 7 in 2 months is way too much because the serviceability is considered coughulatively across your liabilities so I'd probably ease off for a little while and apply for one at a time

 

[KingHuang]

Yeah there's obviously lots of variables and I can't give you financial advice but I'd say 7 in 2 months is way too much because the serviceability is considered coughulatively across your liabilities so I'd probably ease off for a little while and apply for one at a time

Dammit, even though limit that I have right now is 6400, as recently closed a 5000 and 17500 card which are both shown as closed on the account

 

[knagelli]

Dammit, even though limit that I have right now is 6400, as recently closed a 5000 and 17500 card which are both shown as closed on the account

It's not more about the overall limit but how keen are you running after credit is what matters.

There is a reason it is called credit worthiness

YMMV

 

[MG1]

I churn like there's no tomorrow (i.e. I think I'm up to my 10th this year). I only ever have 2 open at once though. I don't even wait until they disappear from my credit check, as soon as I get the points I close and apply for a new one.

@PrezRegan, if I'm doing my maths right, are you applying for about one a month?
I thought that it wasn't the number of cards that you have open but the total credit limit that influences whether or not a financial institution will grant a new credit card?

 

[PrezRegan]

@PrezRegan, if I'm doing my maths right, are you applying for about one a month?
I thought that it wasn't the number of cards that you have open but the total credit limit that influences whether or not a financial institution will grant a new credit card?

Yeah not far off from one a month, maybe one every two.
Look I don't know for sure if it's total credit limit or cards open but given that the number of cards is normally a factor in your total credit limit I'd say there isn't much difference unless you ask for the max limit for each card you apply for

 

[MG1]

Yeah not far off from one a month, maybe one every two.
Look I don't know for sure if it's total credit limit or cards open but given that the number of cards is normally a factor in your total credit limit I'd say there isn't much difference unless you ask for the max limit for each card you apply for

Thanks for your reply @PrezRegan.

 

[yojohnny]

Some of this will be known to some here, but not all...

As a datapoint, I applied for a Suncorp (Citibank) which was "conditionally approved" and then a Kogan (Citibank) on the same night; the webpage kept timing out for the Kogan and on the third try was rejected which caused Suncorp to also then be rejected even though it probably wouldn't have been. They also told be I'd have to wait 6 (and on a separate call 3) months before applying for a Citibank credit card again.

Of course they never emailed or communicated the fact that it was rejected and it took calling them. Yes, there's risk in applying for 2 x Citibank in one night but I was successful in doing so for a Citibank credit card + Citibank loan previously but maybe they hit different departments or something. Other four applications to other banks that night were all approved. I have lodged a complaint and will go the AFCA route and see.