Keep Your Credit Card Closure Letters!

gwong on 11/01/2019 - 12:27

I have just been through a process to refinance/top-up my mortgage with UBank and they asked for: 1) confirmation of closure letters for each credit card that I had last time but don't have now. 2) confirmation of closure letters for each credit card I have applied for in the last 2 years, but have closed.

I didn't have too many, but for some Ozbargainers that might be a lot of different documents to track down!

If you have the confirmations it is probably not too hard, but I've never documented those, so I had to call up the banks and get them to write something up. ANZ were quick and easy but St George were a bit harder. YMMV with this.

I presume this is due to the new responsible lending requirements, but not sure.

Financial Credit Card

Comments

  • Shadowsfury on 11/01/2019 - 13:22
    +1

    Thankfully I have most of them still, as a matter of habit I scan them and save to dropbox.

  • jjjaar on 11/01/2019 - 13:28

    Oh thanks for the heads up

  • boomramada on 11/01/2019 - 13:31

    Well that's why I scan all the bills and letters etc and keep them electronically. There are cases, I need to track back 10 years or so :)

  • bobbieb on 11/01/2019 - 13:35
    +2

    This would be the result of the new CCR reporting changes.

    When the banks do a credit check, they now receive a list of lending/credit accounts that you hold everywhere.

    If you don't tell them about an account, and/or the credit bureau data is a bit stale and they think that you still have one that you recently closed, then they'll ask you to account for the difference.

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