The banks have tightened their approval criteria over the past year or so, partly because of the Royal Commission and partly because of new legislation that’s come into force requiring them to be more careful before giving people credit. It might simply be that, or something different. Here’s what I’d do if I were in your situation:
First, check your credit score. I use the Get Credit Score website which also has a lot of information about how credit scores are calculated. You can also request a free credit report which might shine some light on your situation.
Second, cast your mind back over the past year … have you made any applications for credit at all? Have you bought anything on a payment plan? Taken out a new postpaid mobile phone plan? Taken out or even enquired about a new loan? Bought a car on a novated lease or other form of lease or loan? Banks have a record of any application for credit (not just credit cards) and even (as far as I can tell) enquiries about potential loans which haven’t led to actual applications. Any of the above can, and probably will, adversely effect your credit score.
I’m afraid to say that the fact that you’ve recently applied for two cards will have an adverse effect on your credit rating – banks take multiple applications for credit in quick succession as a sign of possible financial distress: even if you’re simply chasing after bonus points!
Which leads to my third piece of advice: stop applying for the time being until you get to the bottom of things, if possible. Monitor your credit score, and once it starts to climb again (which may take several months), you’ll probably be able to apply for credit again.
Hope this helps!