Would you apply for a new credit card? Veda score 583 & 5 applications last 12 months

[Doctore1003]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

OP reporting back in: I decided to pull the trigger on "just one more" card and yesterday applied for the NAB premium. I did not get an immediate approval (not a great sign). I got a message stating my application was received and they will be in touch if they need anything further. I'm expecting a call or email early next week and am prepared. Will let you know how that goes!

 

[Colin 2905]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

7 wow, I have 3 and want 2 by the end of the year. I prefer the race to the bottom on this contest.

I'll be back up to seven when the ANZ FF Black arrives. Of those, only three are long term keepers, and a fourth which there's no harm in keeping but I could sacrifice if I had to. I tried to close my Virgin Money card recently, but they're waiving the annual fee and letting me claim another $129 Virgin flight voucher, so not just yet.

I'll keep the ANZ FF Black until the annual fee is due. That'll give me an Amex that's good for 1.5ppd again, since closing my NAB Platinum recently, as well as lounge access that I can make use of.

About the only offers left that I could apply for at the moment are Macquarie-backed cards, so I'd just be wasting my time. But Mrs 2905, who is self-employed, should know what her 2014/15 taxable income was soon, so it might be time to get her on this bandwagon.

 

[burmans]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I did not get an immediate approval (not a great sign). I got a message stating my application was received and they will be in touch if they need anything further. I'm expecting a call or email early next week and am prepared. Will let you know how that goes!

I would not necessarily regard this as a problem, dependent on the lender (and I don't know NAB's credit policy so this is generic rather than specific info) a fair percentage of applications can be referred rather than immediately approved or declined. But it does indicate you are in that group that needs manual review, which is I guess an indication your application is regarded as more marginal. On the positive side you did not get an automatic decline!

 

[Bazzi]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I recently got the freebie Veda report so I don't know my score - it shows only that I have an Amex card (since 2005) and enquiries for an ANZ card (2014 - 50k QFF points grab wth $1k limit which we cancelled after 10 months) and a Jetstar MC (2015 - declined, not sure why, met criteria) but does not show the other two ANZ cards which I have had for over 30 years with a combined credit limit of $60k. We carry no month to month debt on our cards.

I am considering applying for the Citibank Rewards Platinum card for the 60k bonus points and as a replacement for my partner's Virgin Velocity card now that the points earn has been downgraded as we nearly always exceed the $1500 monthly points cap so the points further downgrade - at present she wouldn't meet the 75K income criteria to upgrade to the Velocity High Flyer card.

Am I right in thinking that if there is no evidence of the 2 ANZ cards on the Veda report that they would not show up in any credit enquiry by Citibank?

 

[Doctore1003]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

OP reporting back in: I decided to pull the trigger on "just one more" card and yesterday applied for the NAB premium. I did not get an immediate approval (not a great sign). I got a message stating my application was received and they will be in touch if they need anything further. I'm expecting a call or email early next week and am prepared. Will let you know how that goes!

Update: Got a call from NAB saying I was only approved for a 3k limit and therefore they couldn't give me the premium card (which has a minimum 6k limit). They offered me a lower level card instead. I explained the reason I applied was to get the higher earning card (not actually true, but nevermind) and they said they could manually review the application, but this may result in an outright decline. I told them to go ahead, and yesterday received a text saying I've been approved - but not for what specifically! I'm guessing it's the premium card, but now must wait and see what comes in the mail.

Clearly I've maxed out my ability to get new cards ... time to give my credit file a 6-month rest!

I recently got the freebie Veda report so I don't know my score - it shows only that I have an Amex card (since 2005) and enquiries for an ANZ card (2014 - 50k QFF points grab wth $1k limit which we cancelled after 10 months) and a Jetstar MC (2015 - declined, not sure why, met criteria) but does not show the other two ANZ cards which I have had for over 30 years with a combined credit limit of $60k. We carry no month to month debt on our cards.

I am considering applying for the Citibank Rewards Platinum card for the 60k bonus points and as a replacement for my partner's Virgin Velocity card now that the points earn has been downgraded as we nearly always exceed the $1500 monthly points cap so the points further downgrade - at present she wouldn't meet the 75K income criteria to upgrade to the Velocity High Flyer card.

Am I right in thinking that if there is no evidence of the 2 ANZ cards on the Veda report that they would not show up in any credit enquiry by Citibank?

Yes that's correct. Even if an enquiry appears on your credit file it doesn't mean you still have the card and banks rely on the information you provide in your application. The exception is with card issuers that provide comprehensive reporting to Veda - like Amex now does, and this is displayed in your credit file, but most banks still don't do this (and an enquiry drops off after 5 years).

 

[Bazzi]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

'Yes that's correct. Even if an enquiry appears on your credit file it doesn't mean you still have the card and banks rely on the information you provide in your application. The exception is with card issuers that provide comprehensive reporting to Veda - like Amex now does, and this is displayed in your credit file, but most banks still don't do this (and an enquiry drops off after 5 years).'

Thanks Doctore1003

 

[exceladdict]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

'Yes that's correct. Even if an enquiry appears on your credit file it doesn't mean you still have the card and banks rely on the information you provide in your application. The exception is with card issuers that provide comprehensive reporting to Veda - like Amex now does, and this is displayed in your credit file, but most banks still don't do this (and an enquiry drops off after 5 years).'

Thanks Doctore1003

Update: Got a call from NAB saying I was only approved for a 3k limit and therefore they couldn't give me the premium card (which has a minimum 6k limit). They offered me a lower level card instead. I explained the reason I applied was to get the higher earning card (not actually true, but nevermind) and they said they could manually review the application, but this may result in an outright decline. I told them to go ahead, and yesterday received a text saying I've been approved - but not for what specifically! I'm guessing it's the premium card, but now must wait and see what comes in the mail.

Clearly I've maxed out my ability to get new cards ... time to give my credit file a 6-month rest!



Yes that's correct. Even if an enquiry appears on your credit file it doesn't mean you still have the card and banks rely on the information you provide in your application. The exception is with card issuers that provide comprehensive reporting to Veda - like Amex now does, and this is displayed in your credit file, but most banks still don't do this (and an enquiry drops off after 5 years).

Also you should be honestly declaring your current cars limits and balances in the application process, if asked

 

[Doctore1003]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Also you should be honestly declaring your current cars limits and balances in the application process, if asked

I have to say I'm a bit shocked by this experience of applying for 6 cards over the past 12 months. Not once did I have to submit any proof of income - not even a single payslip! And no statements from other bank / credit accounts were requested either. Despite the high number of applications I've had, NAB this week didn't ask for any documents or explanations, even with the red flag going up in their system and them doing a "manual" review.

And yes, in relation to declaring all cards / credit limits ...

All up, it really makes you question lending standards, and how many people could be balls-deep in debt without any of their credit providers knowing!

 

[Colin 2905]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

.... and a Jetstar MC (2015 - declined, not sure why, met criteria)....

Macquarie are a bit strange, as many of us on AFF have found (they love Dr Ralph though). I was declined for the base-level Jetstar card in 2014, and declined again late last year for the Platinum Jetstar card. I've since misplaced the most recent letter (or maybe I filed it in the shredder), but the reason given didn't even have a corresponding question in the application process.

So don't feel too bad about it.

 

[Dr Ralph]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I have to say I'm a bit shocked by this experience of applying for 6 cards over the past 12 months. Not once did I have to submit any proof of income - not even a single payslip! And no statements from other bank / credit accounts were requested either. Despite the high number of applications I've had, NAB this week didn't ask for any documents or explanations, even with the red flag going up in their system and them doing a "manual" review.

And yes, in relation to declaring all cards / credit limits ...

All up, it really makes you question lending standards, and how many people could be balls-deep in debt without any of their credit providers knowing!

Not sure why you are shocked.

 

[mviy]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

My score is in the 600s (I have already applied for 3 cards this year, 5 in the last 12 months) and I think I will sit out for a while. Though if a really to good to refuse offer comes along perhaps I will be tempted. Hopefully next year there are still some good bonus points offers. These bonus points offers discourage loyalty to a credit card provider.

 

[blueythecat]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

In these situations I would always say go for it - but then again I am like that.

For those interested in this thread, you might also be interested in this thread too.

 

[get me outta here]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Disappointed that my score of 580 has not moved for about 9 months. I am sitting it out for a while, but it's annoying seeing as apart from cc apps, I am a model citizen. Plus, banks can't see which cc are open and which are closed.

 

[mviy]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I haven't got a card since the first half of 2016. Hoping to start churning again by applying for a new one later this year.

 

[donovan301]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

Disappointed that my score of 580 has not moved for about 9 months. I am sitting it out for a while, but it's annoying seeing as apart from cc apps, I am a model citizen. Plus, banks can't see which cc are open and which are closed.

Just as a point of confirmation you could sign up to wwww.creditsimple.com.au and compare apples with apples for your credit scor and report.

Free service (for ever)...
Gives your ratings, report etc...also where your score stands compared to your age, gender, your neighbours in your street and a bit more.

Far as I know you can log in whenever to see your information, unlike having to pay for Veda (if I remember correctly)

Anyways, can't hurt to compare to see if your info is the same and up to date.
Cheers, Donovan

 

[benjy]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

FWIW I applied for St George Amplify Signature card a couple nights ago, my score was 584, and was (conditionally) approved. The score is just a small value in the criteria credit companies use. If you aren't applying for home loan any time soon, apply, the worse the can say is No.

 

[Dr Ralph]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

The score is just a small value in the criteria credit companies use.

I don't agree that this is universally correct. Whilst some card providers may place only a small value on the score others place a much larger emphasis on it.

 

[theblank]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

FWIW I applied for St George Amplify Signature card a couple nights ago, my score was 584, and was (conditionally) approved. The score is just a small value in the criteria credit companies use. If you aren't applying for home loan any time soon, apply, the worse the can say is No.

its really the opposite, If you are not wanting to apply for a credit card soon, then go ahead and apply. The problem with low score and lots of credit card enquiries, is that it makes it hard to get credit cards.

When you are applying for a home loan, the major criteria is your serviceability and thats after deep analysis of your income and expenses. What they are concerned about on you your credit report is payment defaults, and any other info that doesnt match whats disclosed in your application like addresses and work history.
The worst possible thing that can happen to you is get a phone call from the bank,
" hey, you have applied for a lot of credit cards lately"
"yeah, I have been chasing the signup points, I cancelled them all later"
"good thinking, I do it to, sweet!"

and thats why the bank wants to see the your bank account statements. That may reveal repayments for credit you havent disclosed in the application.

 

[benjy]

Re: Would you apply for a new credit card? Veda score 583 & 5 applications last 12 mo

I stand corrected