Hope someone can shed some light on this ?
I applied for a Coles Credit Card 3 months back, and I was declined ? Maybe because I am new here. Just 15 months.
I then applied for a Citi Simplicity Credit Card. It was approved with a Credit Limit of $27,500.
I am really confused …. why Coles refused and why Citi approved with a $27,500 limit ? Both cards applied for at the same time with same details.
In todays climate where Banks are targets for getting people into trouble by laxed credit criteria [SALES TARGET DRIVES], approval is automatic using their own guidelines. The banks lending officers will know what works and what does not works. If you applied to your bank and then coles you will have two credit searches which will/may change the end result for limit approval or otherwise.
It is worthwhile getting yearly a copy of your credit rateing. Y? New rules coming in what is recorded, ie 2 day late on payment, where you have applied. All notations may give you a different rateing which may result in higher interest rate, lower limit, less flexibility.
It is a very Americian thing which should not have been considered let alone approved here in Australia. Indeed a slippery slope as interest rates on cards are _/+ 20%. Do you think there would be a credit card war?
Rateing interest rates have applied for businesses once RBA released restrictions. This resulted in a plus or reduction to base rates.
Yes. Have heard of many others not getting Coles. GE are being strict for some reason. They're particular about the application and proof. But have seen others just trusting the income figure you give on the application.
Do Different Banks Have Different Criteria for Issuing Credit Cards ?
Yes they does.
They *do
Can I have my hook, line and sinker back ?
Same. When I first applied for Coles I got a limit of 750 bucks lol
Amex gave me 10k
BankWest gave me platinum and a limit of 10k too lol I asked for less
Not sure what the deal is but I have a Coles Card which is issued through GE money and they gave me a tiny credit limit compared to what CBA offered me. Banks tend to be more lenient with their own customers. But's i've heard that GE money (Coles MC issuer) are just generally pretty strict on their limits.