My partner and I are looking to build up a big points total using Velocity. We have 230,000 Velocity points at present and were able to both get approved for the AMEX Velocity Platinum cards (100,000 bonus per person after minimum spend within the first three months). We also got a tidy little bonus of 30,000 points as I was the one that referred her to sign up. This takes us to approximately 430,000.
I was under the impression that I could just do the rounds with each bank and get approval to claim sign up bonuses, however I was knocked back by ANZ last night for their Rewards Black (I was hoping to get this as it has no annual fee - we were able to justify the AMEX annual fee given the great amount of inclusions in addition to the bonus points). I had to enter a lot of information with the ANZ application (far more than with AMEX!) and part of that related to my other credit cards, which includes the AMEX with a $23,000 and another card through NAB with a $10,000 limit. Both of these cards are currently payed off however and we have no money owing.
Does anyone have any suggestions as to why they would have declined my application? I won’t know from the bank until later this week. And are there any suggestions for how I can continue to build points primarily using sign up bonuses? Is it a matter of canceling one card before signing up for the next so that I can put on the application that I have no other credit?
Any help would be greatly appreciated!