- September 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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I am genuinely taken aback by the fact that my application for a $10k credit card was declined. I cannot fathom why this decision has been made. Can you shed any light on the matter?
Personal Background:
Let me provide you with an overview of my personal situation to help you understand why I find this rejection surprising. I have an annual income of $90k, derived from my employment. In addition to that, I also receive a share in the rental income of $53k. I own an investment house worth $700k, with $400k still owed on it. This property is currently being rented out for $340 per week. Furthermore, I possess a car valued at $20k, and there are no outstanding debts against it. For the past seven years, I have been self-employed as a fencing contractor. I take pride in maintaining a flawless Equifax credit score of 1000. Apart from a recently received $1500 tax bill and the mortgage on my investment house, I have absolutely zero debt. Additionally, I have $30k in cash savings.
Communication from the Credit Card Provider:
Upon receiving the news of my credit card application being declined, I received the following message:
“WeÔÇÖre sorry to say that we’re unable to move forward with your recent application for a Bankwest Breeze Platinum Mastercard. We hope you understand that we donÔÇÖt take these decisions lightly. When viewing your application, we considered several things, including your stability of employment, and your ability to meet repayments on any money we lend. With these things in mind, unfortunately this time around your application doesnÔÇÖt meet our guidelines for approval.”
AI Legalese Decoder’s Role in the Situation:
Given the detailed information I have just provided regarding my stable income, minimal debt, respectable credit score, and substantial assets, it is indeed baffling to receive a rejection for a credit card. This is where the AI Legalese Decoder can be of great assistance. By utilizing this cutting-edge technology, it becomes possible to decipher the exact reasoning behind the credit card provider’s decision. The AI Legalese Decoder can analyze the guidelines used by the provider to assess credit card applications, compare them with my financial profile, and identify any discrepancies or possible reasons for the denial. Its advanced algorithms can delve deep into the fine print of the terms and conditions to uncover any hidden factors that might have influenced the decision. By doing so, the AI Legalese Decoder could potentially shed light on the situation and help me understand why my application failed to meet their guidelines for approval. In turn, this valuable information will enable me to reevaluate my financial situation and take appropriate steps to rectify any issues that may have played a role in the decision. Overall, the AI Legalese Decoder can play a vital role in demystifying the credit card application process and providing crucial insights for individuals in similar situations.
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****** just grabbed a
You’re renting and have a mortgage on 90k self employed.
At a glance I would say capacity. $340/wk wouldn’t cover the mortgage payments, so you are out of pocket there, some lenders won’t touch a SE person with a tax debt. Did you have to provide your Notice of Assessment or your Individiual Tax Return. Some lenders will only work off the income stated on your Notice of Assessment, and regardless of how actual money you take home per week, as a SE person, I’m willing to bet your Accountant has worked hard for you in keeping your taxable income low. In saying that, I suggest you call their customer service line tomorrow and ask for a review. If you only provided your Notice of Assessment, ask them if they can consider your Individual Tax Return instead as there is the possibility of add backs. Be prepared for them to double down on the decline though, quite often SE persons can have trouble accessing finance of all types.
Your take home income is around $7k a month including rent give or take after taxes. After mortgage payments at current rates that comes down to $4.4K a month or $1000 a week. You state $340 a week in rent that is about 1/3 of your remaining income leaving you $660 a week for all other cost of living expenses. That is not a lot considering you also need to cover expenses such as rates, insurance and maintenance on your investment. It is not surprising the bank is unwilling to let you take out more debt that could result in your $600 a week disposable income being reduced by another $200 if you max the card and attempt to repay it in 12 months.
“I’m leveraged up to my eyes in debt with only a modest income – why won’t they give me more debt?!”
Absolutely zero debt.. has 400k loan
ThatÔÇÖs more than zero.
I worked for a bank on credit cards for a while. Typically this happens when they have automation that declines people with irregular cash flow. Being self employed can sometimes set this off – met someone making $2m a year on their privately owned business but they were initially declined for a credit card.
Sometimes if you go into branch or call they can get you a credit card or maybe explain in more detail why you were declined.
Self employed! I had the same issue
The real question is why do you need a $10k CC if you doing well??
Get a 1k card and over time increase the limit. But basically serviceability you can’t afford it the bank reckons
I would call them and ask to reassess. You might have some luck or some insight into why you were declined.
Call the bank and ask to get it manually reviewed. I was on 140k and no debt. They wouldnÔÇÖt give me one because my credit score was impacted from a new phone plan i purchased which did a credit check ƒÆÇ they gave it the next day after i called, 30k limit
Self employed would be my guess.
Nothing says Australia like I owe 400k, but i have zero debt.
You donÔÇÖt have zero debt if you have a mortgage.
Good. You don’t need one.
Whats the credit card for? I dont understand the obsession with credit cards unless you run your own business or actually use the frequent flyers
Doesn’t your mortgage come with a credit card? Mine does
To be fair, Bankwest are also a PITA when it comes to approvals. My mate who earns around double what you earn, is renting and has no mortgage or major expenses was also rejected. No reason was given (which I still think is BS).
I’ve been rejected for similar to the above at St George’s as well, but never been rejected from the major banks.
Phew! Dodged a bullet there.
ItÔÇÖs a credit card application, just lie, they donÔÇÖt care to check what you state beyond a couple of payslips
Dont worry mate I got declined one a few months back. NW $3m. Own my home outright. Household income of over $300k. Super lower monthly spend as we are stingy and my company pays for car and fuel.
It was just a little basic $15k card. The bank that declined me I have $1m in debt to…
I just got denied for Qantas card. $4k limit.
I earn $120k. Have a property, plus an investment property. No debt, no HECS. I have a small business side hustle that warns $30-50k a year. My husband earns $180k. We have one child. We have $206,000 in the offset so $395k left on the mortgage.
How on earth did I get rejected but my friend who is on minimum wage and renting, no savings and a HECS debt get approved? When I called they gave me no advice and just said no. Gave me no real reason!
I was declined for a National Bank card, and my financial circumstances are excellent. I have >$1m in easily accessible assets.
I assume it was because I answered on their application that I would pay it off each month. Not much money to be made for them.
Don’t get a credit card.
They are not a good thing to have. Get a Visa Debit if you want a card for online purchases etc. If you don’t need the credit I don’t see any value in having a credit card. And even if you need credit for something, there are better ways to buy things.
Seriously, we aren’t like America were having a Credit Card can improve your credit score.
​
And as other shave said, you have $400k debt. Not zero.
I couldnÔÇÖt get one before the mortgage. Applied with ING (our daily bank), got $3500. Applied for a virgin card got that $11k limit, about 3 months later. Canned the ING, and reduced the limit down to $6k on the virgin. $530k debt and salary $70kish. None of it makes sense. (And only went to virgin for the FF).
It’s about serviceability. Plain and simple
I got turned down by ING last year.
Reason given was I was casual at work.
And a sole trader.
Both casual & self employed were in the drop down menu.
When I phoned to find out why they emailed me me a completely different version T&C from the original offer they emailed.
Not unexpected , your sound fiscally and wont be profitable , try for a lot less and max it as needed
You donÔÇÖt earn enough with how much debt and expenses you have itÔÇÖs pretty straight forward..
its likely you put your info in wrong. i applied for a qantas world card and accidentally put 40k credit owing instead of 40k savings. they should be giving it to you, honestly, give them a call and get someone to run you through your application.
Self imployed in Australia banks won’t look twice at u it sucks
It’s your rentvesting strategy. Some lenders on paper don’t take your rental income from tenants as guaranteed as they would your employment income. It’s likely they didn’t factor that in at all. So it may look as though your expenses are more than your income. Same thing happened to me and my bank confirmed this was the reason.
They did you a huge favour. I got rid of my credit cards 20 years ago. Now I save for what I want. No debt at all.
Best. Move. Eva.