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Originally Posted by Thomaska
Hi, I'm new to the forums.
Recently, I tried applying for a Wizard Clear Advantage MasterCard to avoid paying international fees when using the card to purchase online. After researching what seemed such a fantastic (and rare) card, I was mortified to read my mail and find I was declined! Arrgggh!?!?!
To date, I've never made a late payment. Never a defult. My only other form of credit is a single credit card with a $2K limit, nothing owing. I've been living in Melbourne for 5 months, and employed by my current employer about the same.
Does anyone know what could possibly have caused them to decline my application? Perhaps some card issuers target and accept only those with high existing debt?
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There is no way anyone can say with accuracy why you were declined without having all the information.
There are many possibilities. Send a request to Baycorp Advantage for a copy of your credit file.
Check:
- There are no credit defaults
- How many addresses are listed in your file?
- Is the latest address in the file the same as the address you applied with?
- How many credit applications in total?
- How many credit applications in the last 6 months?
Also, think about
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- How long you have lived at your address? Less than 2 years?
- How long with your employer? If less than 2 years, was your previous employer 3 years or more?
- Any history with Wizard
- Does your gross income compared with after tax income make sense (i.e. Is the difference (tax)) about right? If not, it is more likely it is made up or fudged
- How much income do you have compared with expenses (what you stated)
- If you have mortgage and/or credit cards, your stated amounts may be ignored and calculated amounts may be used
- Do you have a partner? Live with someone? Share expenses? If this question is asked, and if you answer affirmative, then your calculated expenses will be lower
It could be simply that the calculations of your income compared with living expenses (and mortgage repayments if any) don't allow for spare for more credit card payments.
Different lenders all have slightly different credit criteria. My suggestions are (a) possibly call up Wizard and try to speak to someone in the right department, and there is a small chance they may tell you why (b) Check your credit report (c) Don't apply for another credit card for at least 3 months, possibly 6 months, preferably 12 months.