I churned through about 7 or 8 cards last year, and now my last two applications have been declined.
Last decline was the AMEX card at the end of January. I've stopped applying now, but just wanted to gauge when I can start again.
Has anyone else been in this position?
I guess he couldn't read the T & C's?
Jeez ouch. See you all in 5 years then
Banks don't see refusals on your report.
Not sure why the negs, but this is 100% correct. They don’t see whether the application was approved or declined but they can infer based on whether an account was opened shortly after an application. But just because a loan isn’t opened after an application, doesn’t mean it was declined as someone can just withdraw the application
They will see an inquiry and that an account was not opened, so will infer that they were declined, no?
That's not how automated credit decisioning works. Do you really think someone is sitting there inferring things about your report? There are plenty of reasons people don't move forward with credit or decline terms / limits offered.
Correct.
Banks can literally see how many enquiries your credit file has had and if there's too many within a short period, they are as you say, red flags.
Yes, you can get away with a plausible explanation IF they even allow you to explain yourself. Generally they do for personal and car loans.
:D
How long between the 2 declined?
Someone in the citi bank thread commented that they got declined, called up the bank and said wait 3 months before applying again.
Declined 05/01 and then again 28/01 lol. I thought the first one might have been an outlier, so I tried again shortly after.
But thanks for that. I'll call up some banks in like, 6 months, and see what they say. Although a lot of the time they're just like "don't know. read your credit report"
Eek. My worst nightmare as I like to churn. How much did your credit score take a hit btw?
Curious to know. Don’t need your actual score. Just the difference if you’re concerned with someone knowing it.
I dont remember exact numbers but it went from Excellent to Very Good on equifax
Ok not as bad as I expected.
At least you’ll have fancy seats for your flights. Hope they take cash at the hotel.
OP went for the whipped cream, ended up with butter.
OP went for the steak, got the mince.
OP went for ozbargain, ended up with whirlpool.
yikes….go on someone's supplementary card for now if you need a card for convenience's sake.
Reapply after 6 months I reckon.
Can't see why they couldn't use the card(s) they have. 8 in a year.
I struggle to find enough good value sign up deals these days that i run through way less cards than years past.
Use a HSBC Debit card, get 2% back, no annual fee, no impact on credit score. horrifying bank but hey, 2%. I'm up to ~$750 cash back over the time I've had the card. use health fund gift cards for 4% off at Coles and Woollies. Watch OzB like a Hawk for other deals that will save you money.
either you are doing exactly what I am doing or you have had a surveillance camera on me lol
"Watch OzB like a Hawk for other deals that will save you money."
Don't you really mean watch OzB like a hawk for deals that you don't really need but FOMO?
Username checks out
Yeah that's probably pushing the upper limit.
I had a period after about 7 that lasted roughly 4 months before being accepted.
Also only had a problem with St George declining during that time.
All other banks i was locked out of due to the cool down period.
I have churned through more cards than you, (pretty much every single card deal) and I still get approved every time.
What is your income, reported expenses, and limit that you're applying for?
Same, have done 10+ in the last 2-3 years and been approved for all of them.
Looks like I can't count. Just went through my spreadsheet- I did 10 last year. I usually go through 4 in a year, but just kept pushing it.
I def think it's the churning- I've been approved for much more with less assets.
They're not looking at your assets, they're looking at your borrowing power. I'm assuming you've closed off all of the other cards though so that leave the hits to your credit report as the most likely reason for the decline.
Churning does not lead to declines. It's income vs expenses/debts that is the main reason. Are you underreporting your expenses?
Username checks out, should check the T&Cs, some stiff penalties for churners :/
5-7 years
From their point of view I can't see a reason they would want you as a customer.
Card churning game is dead in Australia after the banking royal commission. I only value the Amex Plat charge card and it is the only one main card I am using right now, I cancelled most of my old visa and master cards, it isn’t worth to keep them opened and paying annual fee.
I'm in very similar boat - had 2 rejections late last year but then an approval in January.
Last card I applied for this month was rejected - but not automatically as it went to review.
I've decided I'll keep the one card I have open from January and stop the churn for about 6 months then see how I go.
I wasn't as hard on the churn as OP but have been doing it for a decade (maybe 3-4 per year)
Ive had the same credit card for last 25 years approx. Rarely use that much either.
Amex specifically stated
'Multiple applications received in a short duration'
- what's short? got declined too.
Jan23, 22 sept aug, jul…
5-6 in 12mth period for cc. not that much surely…
Excellent credit score.
For anyone interested, I have been approved for a westpac card. Back to churns yaaas
Which card, did you have it before? Would be keen to hear how you managed to get out of that situation?
no idea, just applied and they took me.
i closed everything off and didn't bother doing any apps for 7 months. applied for a westpac card which i did have previously.
5 years. Those 2 declines pushed you over the edge.
In the eyes of credit providers, those applications and the 2 refusals are big red flags.
I'll be surprised if you will even be able to get a new post-paid phone contract in the next 2 years.