Guys,
Need your thoughts on this:
My Citi credit application rejected. Have woolworths cc card (credit limit 15k) and mortgage of 500k, two dependents. Balance transfer promotion is ending in couple of months on my woolworths card. So badly need a balance transfer card. Do you think applying another cc straightway is good idea?,considering citi rejection.
Thanks heaps for your views.
you could also join the heaps of other generally credit worthy people who also got rejected by citi and citi based cards. and just get over it
I too have been rejected multiple times over the years
I mean 500K mortgage, 2 dependants and a 15k existing credit card probably did you no favours.
The OP does not mention his 'personal/household income' which I think would have been a bigger factor than anything else.
Maybe pay off your existing credit card and forget about applying for another?
Op is trying to transfer existing debt onto new card & pay 0% for 12 months. Must be a large amount & can't pay immediately.
I can see what OP is trying to do, maybe OP should look at cutting his/her costs, stop using card or find an extra income source in order to repay the card.
I'm going to make an assumption that the card is close to being maxed out if its a 15k limit and OP implying that they want another card with a similar limit. This to me suggests they haven't really tried that hard over the last 12 months to pay off current card. OP should try to live within their means.
True. Such a large amount to balance transfer and then get declined.
'find an extra income source'
Haaaaahaha as if it's that easy, what planet are you living on? Just finding work in the first place is hard enough. Though I do agree that the OP is doing something wrong if they've made no progress on their credit card in 12 months.
@Illian: I was in a similar position to OP 18 months ago, I did airtasker jobs to help myself out. It's not as hard as it sounds.
doing something wrong if they've made no progress on their credit card in 12 months.
some ppl 0% BT slut their way out to save interest on HL
@dcep: I do this but from the OP I don’t think this is the situation. I’ve actually stopped for a while as I’m trying to refinance though. These low interest rates are also making doing a balance transfer and sticking on the offset less worthwhile. Still decent though.
Lower the credit limit. Must be too high for your income.
So generally speaking it seems like the Citi group is a bit stricter or has more restrictions than other card lenders. It's the only group that's rejected me for credit cards in the past, others like AMEX etc. pretty much just swipe me through.
Nevertheless, it's worth noting a lot of different credit card groups work with Citi for approval so the first step is just doing the research to avoid applying for any credit cards that are owned by that group.
The second is that it should be fine to apply for another card -> I've applied for multiple before with Citi rejecting me but others accepting me. It does affect your credit rating so be aware of that, but sounds like you're going to be hit with a large sum otherwise. I assume you're capable enough to google different card offers -> check to make sure they're not Citi group owned and then just pick whichever sounds reasonable to you.
Third is figuring out a better plan for your current balance transfer. If you haven't managed to pay it off this time, why is a new balance transfer going to solve that issue? You can keep bouncing around the debt for a while but the ideal solution is to actually set up a budget and pay it off every month in small increments so you can be free long-term and not worry about it. Otherwise, if the transfer doesn't ever pan out you're stuffed.
Take them to court.
Na, A Current Affair would love this.
Go all the way to the top. The Privy Council in the UK.
Apply for a british passport. Tell them you want to pay with citibank card. Make it the british's problem.
Citi is tough, I know people who are well above the required income, have good debt, good savings, good credit history and have been knocked back. Your best bet is to go with one of the Big 4 banks or AMEX, all of whom are pretty lax with their credit requirements and pretty much will just let you through as long as you have an income and don't have any default history.
Everything happens for a reason. Move to another provider. Amex is not my favourite, they are famous for bending rules just like they can bend one's nerves. Never heard anything bad about Citi perhaps that is why they are a bit more careful. I had a fuel card rejected only because they called me on a silent number without telling me who they were asking for my wife and I was a bit under stress after having all them fake Telstra techos ringing with a similar voice so I had been a bit rude. Ah well this is just going to cost me perhaps a cheap dinner a year so no reason to cry!
'Everything happens for a reason'
No. I'm assuming you're not a child, so maybe it's time to stop believing in fairy tales?
Can you name one event that did not happen for a reason?
If you ask your existing credit card company (ANZ, NAB etc.) nicely, they can offer you a BT as well with 12 to 18 months limits — give them a call. It may require you to payoff the full amount and then get the BT again. So not much help if you don't have spare cash.
Also notice new rules for credit cards. https://www.finder.com.au/how-the-new-credit-card-rules-will…
I got Citi rejected, same day applied for Westpac (15000 credit limit approved); next day Amex bundle card (4000 approved) but my credit score was hammered pretty bad (about 60 point drop)
So 3 dings in a matter of a week.
Conclusion: other banks may not care that you were rejected by Citi but these applications will reduce your score by 60-70 or so
Where are you getting your credit score from ?
3 different credit agencies 'credit simple'; 'savvy' and getcreditscore
pfft just keep increasing your income and use a pdf editor on your payslip or rental statements or whatever
Finally someone with sense. Upvote for you.
I know all banks have gone stricter in regards to giving out credit cards and trying to get a home loan and this is because of the recent Royal Commission on the banks. Is there any chance you could just pay this credit card off?? I know times are tough but paying a home loan and the credit card you have now is enough pressure, you might have to tighten more your purse strings and pay this credit card off. Your home loan is huge.
I have a small mortgage and no credit card, if I don’t have the money on credit to spend it’s better, I have two young dependants and on my own.
Do you specifically want another credit card, or just want to pay it off? I would consider a top up on your mortgage to absorb the credit card debt, if possible
If you actually still want the card, you can call Citi up and ask them why you were declined. You might have to transfer to a few departments (I did this recently with St George).
Also if you have been declined for credit, you get access to a free credit report even if you have already used up your free one for the year, so you can request and see if there are any credit cards or other credit facilities you may have forgotten about
Rejected Citi Credit Card. Q:What My Options?
A:forget it, don't cry, move on, nothing you can do, no need to post, no one know the real reason its bank secret, wait 6 months before applying again