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  1. #1
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    Default Application process

    So DH and I decided to bite the bullet and apply for a credit card for when we go overseas next year for things like car rental and hotel check in. After research and asking some people he knows from work DH thinks Citibank would be best as apparently they are very good for overseas travel and fees (like I have said I know nothing about this stuff so not sure if this is right) and as it will only be used overseas because for everything else we use our MasterCard debit. Anyway yesterday afternoon DH rang and put in a application over the phone, he gave them all the info they needed and he had to listen to some recording about the terms and conditions and privacy statement and agree then he was transferred back to the person he was speaking to and they spoke and then was silent for a minute and said "ok so far it all looks great I just need you to email a copy of your license, Medicare card and 2 pay slips and this should get processed Friday" and that was it. My question is that does this mean DH has pre-approval? Is it the same as those 60 second applications that tell you yes or no? And if it is pre-approved what's the next stage like is it the credit check or would that have been done when he was on the phone? Sorry for the long post and all the questions the only finance we have ever had to get was for our car and that was done with a broker so it only took a day and I never had to think about the stages because it was quick and painless.

  2. #2
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    Ok just got a email asking to resend those things so they can verify DH's address and income. Surely if it looked like it was going to be declined they wouldn't even bother asking for that stuff right?

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    Sounds like it's all go! They are pretty happy to give out credit cards so there's a high chance you'll get it

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    loodle  (26-11-2014)

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    Quote Originally Posted by squishie View Post
    Sounds like it's all go! They are pretty happy to give out credit cards so there's a high chance you'll get it
    The one thing I am still baffled on is doing a online application the same as doing it over the phone and when you do the online application and they give their response in 60 seconds or however long they take and if it is how do they know in that 60 seconds if the answer is yes or no? I thought credit checks would take longer then 60 seconds. Once again sorry for the questions but I have been clinically diagnosed with OCD and anxiety and have a overwhelming need to know answers to things or I tend to get over anxious and the fact I was raised by a man who hated the idea of credit cards and gave us kids many warnings about them has me extra nervous about the whole thing

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    Quote Originally Posted by loodle View Post
    The one thing I am still baffled on is doing a online application the same as doing it over the phone and when you do the online application and they give their response in 60 seconds or however long they take and if it is how do they know in that 60 seconds if the answer is yes or no? I thought credit checks would take longer then 60 seconds. Once again sorry for the questions but I have been clinically diagnosed with OCD and anxiety and have a overwhelming need to know answers to things or I tend to get over anxious and the fact I was raised by a man who hated the idea of credit cards and gave us kids many warnings about them has me extra nervous about the whole thing
    They probably just go off employment and grant the pre-approval pending further info. I'm not sure maybe they can check your credit rating in that time?
    I don't know, i've had a few pre approvals over the years and have just had to supply sufficient supporting evidence afterwards and all has been good.

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    loodle  (26-11-2014)

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    Ok so this morning we got a Veda alert that there was a credit check yesterday/last night and this afternoon we logged on to see how our application was going and it says under review. Now because we haven't heard anything my anxiety level has risen mainly because I am convinced we will get rejected and will have a blemish on the credit history from having a application on there for nothing, but DH keeps trying to convince me that because they have seen everything and still haven't rejected us is a good sign. Can anyone who has been through this process (doesn't necessarily have to be Citibank experience) tell me if this is normal?

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    Yes that sounds pretty normal loodle.

    Most banks grant pre approval pending review. You then generally need to supply supporting docs showing your wage/s and they sometimes contact your employer to verify that you are employed there.

    Some banks have long queues for credit card applications so can take a few days, or a week.

    You can always contact the bank and quote your reference number to follow up and see if they require any additional information?

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    Quote Originally Posted by Tinkbug View Post
    Yes that sounds pretty normal loodle.

    Most banks grant pre approval pending review. You then generally need to supply supporting docs showing your wage/s and they sometimes contact your employer to verify that you are employed there.

    Some banks have long queues for credit card applications so can take a few days, or a week.

    You can always contact the bank and quote your reference number to follow up and see if they require any additional information?
    They asked for proof of income yesterday and last night when he got home from work DH sent his 2 most recent payslips and group certificates. So is the fact they haven't rejected straight up a good sign?

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    Absolutely. They will still take a few days to make sure everything is legit.

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    Why do you need to get a credit card to go overseas?

    I just went all over Europe and just used my debit MasterCard .

    Credit cards are such a trap. They encourage people to spend money they don't have.


 

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