NSW Low credit rating credit card

[Joe Black]

Hi,
I am in a bit a situation where I have a good job, no debt, no mortgage and very low outgoings and an 85% repayment rate according to Equifax.
several years ago I did have a mortgage but that was paid out.
For the past couple of years I have not had a bank account as everything was in my wifes name (just convenient)
I attempted to get a credit card from the bank that I have previously had a mortgage with and they turned me down due to low credit score.
The question is how can I improve my credit score if I cant get credit?
I already have netflix and a mobile phone in my name.

 

[Tim W]

The bank is quite within its rights to refuse to provide credit.
And they have no obligation to do it again, just because they've done it before.

Why don't you shop around a few other banks?
Or apply for a card with a lower limit?

 

[Docupedia]

Another option is to open an account with the bank, make some deposits and show some use, and then ask them for a credit card. If you can show sufficient funds flowing through/into the account to offset the limit of the credit card you want, their opinion will likely change significantly.

 

[Joe Black]

Hi Docupedia, that was my intention, but nope, nil card.
My concern is that if I keep applying for cards and getting knocked back, it will be recorded on my file.

 

[Docupedia]

Hi Docupedia, that was my intention, but nope, nil card.
My concern is that if I keep applying for cards and getting knocked back, it will be recorded on my file.

I guess the old adage of 'you need to prove you don't need a loan in order to get a loan' doesn't apply anymore.
Your second point is correct: Applications will be recorded on your file if the lender does a credit history search (almost all will to my knowledge). Multiple applications, especially for similar products and in a short time frame, is generally considered a bad thing. Applications remain on your credit history file for five years.

 

[EduardBakers]

I feel you, mate. Having a low credit score can be a real pain, especially when you need credit but can't seem to get it.