My first post here, and would really appreciate your views!
My wife applied for the Westpac Altitude Black credit card this morning, in the hope to get the 100,000 bonus points, but got rejected!
Here is her basic financial circumstances, and I couldn’t understand why she has got rejected. Her income is more than $100k before tax, her share of mortgage is around $2000 a month, other expense say $2000. No other debts. She only has one ANZ card with about $10k limit I believe, and never got rejected before for any home loan or credit cards.
She called Westpac, and was told that their surplus formula calculates a negative result, and the guy did not understand what the formula actually is. Can someone help me reconcile what is going on here? Does a rejection like thing significantly affect her credit score/
From experience Westpac is easier to get a credit card with if you already have some kind of account with them.
I know many who have been rejected, opened an account and tried few months later with the same details and it’s gone through.
Asking the bank as you have done is the best way to find out about the rejection. Members of blogs and forums are unable to give you the exact reason one bank has rejected a request for credit
Alas, it is all well and good to enquire why you have been rejected with the bank/financial institute but usually the agent doesn’t know the formula or are not able to disclose their review criteria.
Unfortunately, until positive reporting becomes mainstream in the credit rating area, any credit card applications whether it is approved or rejected will appear as a credit enquiry on one’s credit file. The credit file contains all enquiries in the past 5 years.
Best to lay low for at least another 3-6 months (minimum) before considering another credit card application as having credit enquiries to0 close together may do a lot of negative damage to your credit score.
***Please consider your own financial circumstances. I am not a qualified financial advisor.