Declined Application for Bankwest Zero Platinum

uniboi on 27/09/2016 - 13:56
Last edited 27/09/2016 - 17:12 by 1 other user

Hi all,

I tried applying for the Bankwest Zero Platinum Mastercard as I am planning on travelling overseas.

When I did the application I was not eligible for it due to my maximum credit available being $5000. I assumed it was due to me stating on the application I will be keeping my other two credit card (Amex and Citibank).

Redid the application with the same information but stating I will be cancelling my Citibank card, however this time my application got denied completely.

Just wondering will this have a negative impact on my credit score even though it was just an only enquiry?

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Comments

  • cypher67 on 27/09/2016 - 14:09
    +1

    When banks currently do a credit check, they can only see the details of the applications you have made and not the outcome of the application. So potentially yes, you would be a higher risk client as they wont know if you have/had those cards.

  • kingmw on 27/09/2016 - 14:10
    +1

    I got denied too last year and so did my wife. I think they have very strict criteria and they told my wife that unless our home loan was with them, then they couldn't issue her with the Bankwest Zero Platinum CC.

    I'm sure it will affect your score but probably temporarily. Not a problem unless you need to obtain credit in the next few months.

  • -.- on 27/09/2016 - 14:12
    +2

    Any application for credit will impact your credit score, particularly if they've been declined. Have a look here:

    https://www.veda.com.au/yourcreditandidentity/check/credit-f…

    I wouldn't worry too much, as it becomes more concerning if you make multiple applications at different providers with multiple denials.

    Can shopping around for credit impact my credit report?

    Every time you apply for credit and a credit provider obtains a copy of your report, an enquiry is added to your credit report. This includes any loan, mortgage or utilities applications you may make. Credit providers may take a negative view of a relatively high number of enquiries made in a short space of time, which may in turn affect your ability to obtain credit.

    However, the number of enquiries recorded on your credit report is just one piece of information a lender may consider when assessing your application for credit. Lenders look at a variety of information on your application form, if you are existing customer as well as your credit report to assess your application.

    If I am refused credit, will it impact my credit report?

    If you’ve been declined for credit by one credit provider and you continue to make a number of applications, the resulting enquiries on your credit report will negatively affect your chances of obtaining credit in the future.

    From 12 March 2014 information on when an account is open and closed can be held on your credit report. This, together with your repayment history, will help lenders get a clearer picture on your credit obligations and can be taken into account in their assessment a credit application you make.

    If you’ve been refused credit, you have a right to obtain your consumer credit information free of charge within 90 days of being declined credit.

  • Colombian on 27/09/2016 - 15:44
    +1

    Happened to me too when I did the application online. Then I had a chat with them and they helped me to get it approved over the phone. This was in April-May.

  • uniboi on 27/09/2016 - 15:52

    Thanks for the reply.
    I'll probably shoot them an email to see if they can tell me what happened.

  • Jnr202 on 27/09/2016 - 15:55

    We just got another home loan with bank west and the platinum card was tied to the loan. minimum was $6000. Dont really want/need a credit card but was told it had to come with the loan. Not sure if you can apply for it on its own but i was told its a minimum of $6k

  • niiko on 27/09/2016 - 16:47

    By the way, what benefits does this card give except no currency exchenge fee comparing to credit cards with signup bonuses like ANZ Rewards Black or AE Explorer?

    • uniboi on 27/09/2016 - 18:19

      I wanted to get this card specifically for international travel because of $0 OS transaction fees

    • Faithgrrl on 01/10/2016 - 18:05

      I read on a thread somewhere it comes with travel insurance, unlike 28 degrees..

      • niiko on 02/10/2016 - 15:07

        Many cards come with travel insurance, including those with sing up bonuses

        • djkelly69 on 02/10/2016 - 22:48

          But those cards charge you the bank rate plus X% on o/s transactions, whereas BW Platinum or 28 Degrees dont (ie. they only charge the bank rate).

  • djmatt24 on 27/09/2016 - 21:25

    Citibank don't have overseas transaction fees. Check out their debit visa cards.

    • uniboi on 28/09/2016 - 07:31

      Thanks. Will do

  • burningrage on 31/01/2017 - 09:37

    In OzBs opinion here, would it be better in terms of successful application if it be made either online, by phone or in person?

    • sassypants on 09/02/2017 - 14:03
      +2

      I made my application in person at a branch and the banker 'helped' me with some tricks to get the zero platinum.
      I wasn't an existing customer so he signed me up for a regular non-platinum CC. After that was done and I was listed as being an existing customer, the zero platinum was then available to me and applied for on the spot.
      This wouldn't be possible if you apply online, and the bankers have incentives to sign people up for their products, which means they will help you where they can.

      This was my personal experience.

      • burningrage on 10/02/2017 - 09:38

        Thanks. I just need to have a CC that has no International Fee

      • Colombian on 30/03/2017 - 15:58

        True, same happened when I tried to get a card for my wife. She had to call at the end and the guy at the other end of the phone helped her getting the platinum card.

  • cheesecactus on 31/03/2017 - 18:49

    I know Amex requires you wait 90 days to reapply if you get declined. Might be something similar.

  • chumlee on 31/03/2017 - 18:57

    Your second one was probably declined as it is a duplicate. You already applied for the same card before

  • coolsteps on 17/05/2017 - 22:10

    yes depending on the bank you need to wait 90 days to 6 months to reapply if you get declined. best to ask for review on first application or wait 6months

  • samfisher5986 on 19/05/2017 - 11:42

    I had a feeling I might be declined due to another credit card etc.

    So I originally got a regular bankwest credit card, used it a few times, paid a few bills and then called up asking to raise my limit and get platinum.

    The lady asked me questions about my expenses then approved a $6000 limit after I basically explained I had plenty of spare money available to pay.

    I think once you are with a bank and have proven you will pay your bill in full they are a lot more willing to give things to you.

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