Hubby and I have approx. 20K each in interest free cards with interest expiring soon. We earn $120k each and have a PPOR, two IPs, good credit etc. However, some of the media reporting on the new credit assessment process concerns me. We have existing cards with Citibank so they are out. Does anyone have any suggestions or experience of applying for credit since the Jan 1 changes, especially when applying for a balance transfer card? Thanks in advance
Looking to Churn - Balance Transfer Cards - anyone got insight into the Brave New World of credit approvals?
LClaudemaude on 17/01/2019 - 21:59
Comments
No matter how much earn, how responsible you are with your assets or what assets you have, too many credit enquiries on your file are never a good thing.
Maybe keep it to one application per year, alternating each year between you and your husband. That way each of you will have one credit enquiry every two years. You'll have no issues following this plan.
We earn $120k each and have a PPOR, two IPs, good credit etc.
Then why not pay your debt off?
Would assume their property is leveraged hence why the need to manage cash flow.
Would assume they're leveraged in debt hence why the need to manage cash flow.
Fix it for you ;)
I'm guessingafter earning $240k/yr and having $40k on credit cards, they might not be the best with money ;)
Because they essentially have a free 40k offset and endless churn 0% balance transfers.
Assuming 4% interest rate, that's an extra $1600 a year / $133 a month (minus fees).
I'll be going through the same in April, please keep us updated once you go through the process.
Why not ask the bank of their current BT offers for existing customers. ANZ frequently offers 18 months 0% to their existing customers, if you ask nicely..
Refinance the 3 loans and set up a structure for your situation.
Consolidate the credit cards into the PPOR loan.If you are using interest fee cards to save money, make sure you have the buffer in your offset to pay out if you decide not to transfer to another lender.
Better to have one larger credit card than 2 smaller ones to minimise credit enquires in constantly churning.
Make sure you pay your credit cards minimum repayment every month and on time, no matter what.
$20K limit each isn't bad but hard to know the likely outcome. Just apply and cross your fingers