Should I Apply for a Credit Card?

StonedWizard on 18/09/2019 - 18:39
Last edited 18/09/2019 - 18:41

Income: $80k with an okay amount of savings.
All cards apart from AMEX asked me my savings, so I assume this worked in my favour.

Credit savvy says my credit score is 750

Timeline:
May 2019 - Approved for 28 degrees card.

June 2019 - Closed Westpac card (held for 11 months)
June 2019 - Approved Bankwest card $3k limit

August 2019 - Closed 28 degrees card.
August 2019 - Approved for St George card $6k limit.

September 2019 - Declined by AMEX - $3k limit.
I was today told by AMEX over the phone my credit application was declined, even after being conditionally approved by their online system.

For the churners, is taking a gamble and applying for a card with another provider?

Financial Credit Card

Comments

  • Nutrino on 18/09/2019 - 18:41
    +2

    "I'm just looking to churn through cards". Well played… Well played…

    • StonedWizard on 18/09/2019 - 18:42

      @Nutrino - Sadly AMEX got the better off me.

  • AustriaBargain on 18/09/2019 - 18:52

    How much are you actually putting on the cards. What's the point of churning anyway, and are these denied applications hurting your credit score in any way?

    • arkie0 on 18/09/2019 - 18:57

      Churn for bonus points, you can do about 3 cards a year for approx 200k points = $2000

    • StonedWizard on 18/09/2019 - 19:06

      @AustriaBargain as arkie0 mentioned I was churning for bonus points, and also as I needed a card.

      I thought I may as well get something out of my expenses.

  • SnoozeAndLose on 18/09/2019 - 18:55

    3 cards in 3 months? And you want more?

    Wait for at least 6 months then apply again.

    Saving is not an advantage as it can be withdrawn any time.

    • StonedWizard on 18/09/2019 - 19:07

      Currently only have 2, but I thought about having another to take advantage of bonus offers since I have to buy a new phone soon.

      I’m fine to wait a few months for things to settle.

      • SnoozeAndLose on 18/09/2019 - 20:07

        It is the number of card you have applied as well as the credit cards you currently had

  • spiff on 18/09/2019 - 18:57
    +2

    Purely anecdotal but I thought that Amex accepted applications more freely than others, so a rejection from them doesn't look great.

    • StonedWizard on 18/09/2019 - 19:08

      @spiff - I thought the same, but there’s a lot more knowledgeable people here than me.

  • TheMindsetTraveller on 18/09/2019 - 18:58
    +1

    Whats 'hurting' your chances of getting future approvals is the quickness of applications. We churn but usuauly 3-4 cards per year and the cards we have, we keep them for a good 11 months (just before any annual fees become payable). Lenders like to 'believe' that their cards are being used for a good period rather than the lenders just being 'used' for their sign up bonus.

    • HighAndDry on 18/09/2019 - 19:27

      Hahaha, credit card providers are like girlfriends? Like to think they're being committed to long term, rather than just used and dumped…..

  • arkie0 on 18/09/2019 - 18:59

    Normally do one after another, 3 or 4 over a year but 4 in 5 months is overkill

  • Pudina Chutney on 18/09/2019 - 21:55

    Need you even ask? Your intentions are quite evident with your application history.

    • StonedWizard on 19/09/2019 - 17:41

      @kerfuffle - Only 1 application as ANZ had them all removed since it was an error on their part. Took ages to sort out, but it was eventually fixed.

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