lee2 Posted December 9, 2020 Share Posted December 9, 2020 Hi folks, I moved to Australia not long ago and am looking at getting a credit card from my usual bank here. My concern is, if the credit reporting agencies draw a blank due to 'not being on their database', would this be an issue to the Big 4 banks, i.e. how much do they rely on a credit report in making their decision whether to grant a credit card? When I phoned up one of these agencies, I was asked to scan and send in my ID, ostensibly to verify my identity. Having read the reviews on these credit reporting agencies on ProductReview, I am rather put off by the idea of sending my ID to them and giving them more personal information. From reading the reviews, it seems there are often lots of errors in the credit reports. I am wondering if others have had any problems getting a credit card several months after landing? Do you request a credit report beforehand to check for errors or to 'get yourself verified on their database' so that they can produce a credit file? Â Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted December 9, 2020 Share Posted December 9, 2020 5 hours ago, lee2 said: Hi folks, I moved to Australia not long ago and am looking at getting a credit card from my usual bank here. My concern is, if the credit reporting agencies draw a blank due to 'not being on their database', would this be an issue to the Big 4 banks, i.e. how much do they rely on a credit report in making their decision whether to grant a credit card? When I phoned up one of these agencies, I was asked to scan and send in my ID, ostensibly to verify my identity. Having read the reviews on these credit reporting agencies on ProductReview, I am rather put off by the idea of sending my ID to them and giving them more personal information. From reading the reviews, it seems there are often lots of errors in the credit reports. I am wondering if others have had any problems getting a credit card several months after landing? Do you request a credit report beforehand to check for errors or to 'get yourself verified on their database' so that they can produce a credit file?  Can’t you just do an application for one with your bank? You’ll soon know the answer then. Surely you can just apply on your mobile app/internet banking in minutes. It’s either a yes or a no. Why mess about with credit reports. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted December 9, 2020 Share Posted December 9, 2020  Credit scores are not nearly as important in Australia as in the UK. Don’t worry about it. Just apply for the credit card and see what happens 1 Quote Link to comment Share on other sites More sharing options...
Wanderer Returns Posted December 10, 2020 Share Posted December 10, 2020 13 hours ago, lee2 said: I am wondering if others have had any problems getting a credit card several months after landing? None whatsoever - they can't wait to throw money at you over here! But beware of those amazing introductory offers. There's usually a hefty annual fee unless you cancel the card before the renewal date. Quote Link to comment Share on other sites More sharing options...
lee2 Posted December 10, 2020 Author Share Posted December 10, 2020 5 hours ago, Wanderer Returns said: None whatsoever - they can't wait to throw money at you over here! But beware of those amazing introductory offers. There's usually a hefty annual fee unless you cancel the card before the renewal date. Thanks for all the replies...how many months after arriving in Australia would people recommend waiting before applying for a credit card? Or doesn't really matter at all? Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted December 10, 2020 Share Posted December 10, 2020 8 minutes ago, lee2 said: Thanks for all the replies...how many months after arriving in Australia would people recommend waiting before applying for a credit card? Or doesn't really matter at all? Just apply for a credit card, there’s no magic timeframe. If you’re in employment it’s quite likely you’ll get offered one. If you don’t it’s hardly a life changing disaster. The fact that you are putting so much on this tells me perhaps you have some credit issues going on/or in the past. Either way the answer as to whether you get one will only be known when you click that submit button on an application so why wait. 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted December 11, 2020 Share Posted December 11, 2020 Australian credit ratings are almost entirely concentrated on the negative aspects of your credit history - missed payments, making lots of applications for credit etc. Not having a history can therefore be an advantage. 1 Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted December 11, 2020 Share Posted December 11, 2020 13 hours ago, Ken said: Australian credit ratings are almost entirely concentrated on the negative aspects of your credit history - missed payments, making lots of applications for credit etc. Not having a history can therefore be an advantage. I agree with @Ken it is a myth that you need to apply for credit to get a better rating. Quote Link to comment Share on other sites More sharing options...
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