Hi Guys,
to make a long story short..
LJ Hooker, are currently offering a promotion of 20,000 Frequent flyer points (either via, frequent flyer or ANZ Telstra – Frequent Flyer Rewards Cards)
to be eligible for your 20,000 points, you sell your property with LJ Hooker exclusively..
upon this promotion… instead of wanting to use my frequent flyer card, i rather just apply for their credit card..
i put an application in, about 2 days ago, for a $1000 maximum limit credit card (telstra – frequent flyer specifically)
And they have declinded it..
so i have complained, i have called there head assessor in credit application, and with proof of all financials, they still will not give me that dam credit card with just a small of any amount (which in all honest i dont care)
but the principle is.. that i want my 20,000 frequent flyer points..
yet, with my financials and being in a good position, they do not want to give me it..
****
As far as im concerned… i will never deal with ANZ ever again, but due to my company account and margin trading account, i have just gone in and closed them today..
the credit assesor, i do hope is worried, as ive taken away a huge portion, of business that i was dealing with them… and funny enough all this just for a $1000 maximal credit card limit..
im still able to get my 20,000 points, (via frequent flyer) but for some reason, i dont understand what there inital problem was.. and for having some problem with me..
i rather not do business with a bank.. who will not give me a specific credit card.. when they are doing a promotion with a well know organisation, yet have dam good excuses on why they cant give me that card… or just continue to palm me off to other credit card assesors within ANZ organisation..
Never to Deal with ANZ ever again, but they are definetly off my list to ever seek loans or other financial products.. and on my list.. to advise friends or people, who i should seek in borrowing money from.. or using what everso products ANZ offer..
Pissed off and Angry,
sisWhy don’t you also send something in writing to the credit department and to the ANZ complaints section so they know why you have left.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Did they not give you a reason for the decline?
Maybe it was too many enquiries or a default you don’t know about. Credit Card assessment uses a scoring system that does not discriminate for any a reason. It is just a checklist type assessment.
I would ask their reasons for the decline.
Robert Bou-Hamdan
Mortgage Advisersis,
Procedural fairness in decision-making requires that you be provided with a reason for decision. Ask for the reason to be sent to you in writing or you’ll sick the Banking Ombudsman onto them. With most policies, there are also appeal mechanisms if you feel like you’ve been dealt with unfairly or a decision was made that was factually or procedurally incorrect.
sis, really, I am not sure any bank would care if a client left them or not- you’d cause yourself lots of expense in changing over loans etc, and it seems like “cutting off your nose to spite your face”. Anyhoo, I thought you had your loans through the Commonwealth Bank.
kay henry
I know where you are coming from.
I built my company over 18 months of hard work.I am still building it.Turnover is good.In the first 2 months of the year $218,000.00 went through the account.I have never bounced a cheque nor gone over not even for 5 cents.
I have no property but thought surely the bank would give me a hearing.last night I was told that unless I as a director have property they will not lend to me.So i rang this morning and the anz business bloke said and I quote,”I have spoken to you before about 6 monhs ago.I have been watching your account and I can tell you that you have an excellent credit rating with this bank.”So i said “so a loan will be no problem?” And he replied”no we cannot lend you money because you have no property as security.”Now 2 things.Firstly why did he think I should not change banks?He says that I will need to rebuild my credit rating with a new bank.But what good is a credit rating if I cant get credit?secondly why are the banks all selling their own properties and leasing them back if property is so important for collateral?
It isnt just the anz.It is every financial institution in Australia.
In a way they are doing me a favour as they dont own me because I owe them nothing.gf
gf, I don’t think you realise that it takes more than 18 months to demonstrate to anyone considering lending you any unsecured funds that you are eligible after just recently coming out of bankruptcy.
Most first tier lenders will not lend to anyone who has been bankrupt in the last seven years and sometimes will not lend to them if they have ever been bankrupt. It is a very serious blemish.
Robert Bou-Hamdan
Mortgage AdviserRobert I am not asking to borrow money.The company is.The company has a AAA+ credit rating according to ANZ.The company is an independant legal entity.It is cashflow positive and has nil debt with increasing turnover.
I have argued black and blue with banks and now you.I no longer want or need bank credit.
A friend of mine has repeatedly told me not to get money from banks and to get it from him if I need it.I did not like that idea as I wanted to be independant.He today told me again that I should forget the banks and offered me what I want.
I said I would only take it if he accepted half the profit I make from it.His reply?”I just paid my tax have you ever seen a bill that big?I dont want a bigger one next year.
So I will get it from him instead.
Thanks for all your help.gf
ANZ do not give ratings to companies. A small and relatively new company is only as strong as the Directors behind it. You need at least two years full company tax returns showing healthy profits to be able to borrow solely on the company figures.
I am not arguing with you. I am just trying to set you straight as to why you are being declined or being offered expensive finance. Just because I am saying something you do not want to hear or accept does not mean I am arguing with you.
Another tip: Try providing the lender what they ask for instead of “arguing black and blue” with them. It really gets you nowhere.
Robert Bou-Hamdan
Mortgage Advisersis,
Seems a bit dramatic over a couple of FF points.
I lost over 80,000 of ’em when Ansett went belly up, I think the Administrators said they were worth about 8c in their eyes….
I quite enjoy saying to the Coles check out chick every week that I most definitely do not have any fly buys.
Lotsa grief for very little reward…from where I’m sitting of course.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
ANZ do not give ratings to companies. A small and relatively new company is only as strong as the Directors behind it. You need at least two years full company tax returns showing healthy profits to be able to borrow solely on the company figures.
Robert I can only say what the ANZ business lending person said to me and that is what he said,that the company,(whose account it is) had a AAA+ credit rating with them.Another tip: Try providing the lender what they ask for instead of “arguing black and blue” with them. It really gets you nowhere.
I went and saw a friend of mine and told him how they were still going on and on.He said”How can banks hold property so dear as collateral when they are selling their own.They want turnover and cash not property.How can a good credit rating be ana asset if you can not use it to borrow.
Lastly why would I want to borrow off banks and pay interest if he will give it to interest free.
I have not wanted to accept it from a friend but have come to an agreement that I will take $50000-100,000 off him and half the profit I will give to his daughter.So all around it looks like working out.gf
I think you are missing the point. Your company is ‘legally’ a seperate entity but it is still ‘you’ that runs it. I would assume their concerns lie with ‘you’. Have you tried changing the director and re-applying?
Regarding banks selling their properties, I believe they are doing this because they make more money and obtain greater deductions by leasing their offices. It also provides them with a lot more flexibility regarding restructuring (ie: branch closures and new branches, etc). After all, they are not in the property management business should they close a lot of branches.
Robert Bou-Hamdan
Mortgage AdviserYes Robert but I am not in the property management business either.
As I said it is now irrelevant what the banks require.My company cannot do business with banks.
gf
ok so what i know is this…..BANKS ARE NOT STUPID, NOR IS ANZ
so I have a strong inclination that neither SIS nor upandcoming are giving a full account of why they feel they have been treated unfairly.
neither of their stories makes sense as is, and so to rubish the banks without putting up all facts just goes to the issue of credibility or lack of it.
banks are not that stupid!!
Hi Guys,
the reason why i cant get a credit card with them, (and particuly i dont care and want to borrow their money) is that ive had to many inquires on my credit report, for borrowing money, (just for every new loan application, its a new hit on my credit report)
i showed them full financials and all, its just with there credit card department they cant and wont give me one, yet if i want a loan, i have absoloutely no problem in getting one off them (yet not the loan product i would want or need)
ANZ has just got a problem with people with to many hits on there credit file, even if they have been using every single loan application, to purchase more and more properties each time..
not only that i broght in every loan documentation for each property, rental statements, council rates and financials, yet they still wont give me that credit card…
***
though, i still can get my points, via the qantas FF card service..
not only this.. but a smiliar story a few years ago, i applied for a NAB student loan, which is about $10k – $20k, unfortuanetly NAB would not lend me that student loan, and back then i was working full time (7 days a week – in the one job, on top of my study) yet they just could not lend me the money for some reason, yet even if i had more than an average wage income they couldnt.. so i guess its another lesson ive learnt..
but.. at the same time, i went into westpac, i didnt apply for there student loan, but i did for there student credit card, and to be honest they gave me a student credit and pre-approved me on the spot..
i still have that credit card today, its only a $500 limit, but, i honestly had no problems in getting a card from them…
i will never deal with ANZ ever again, though, with NAB if i did apply for corporate lending, one of my best friends from high school, his father is the loan assesor manager, for NAB, corporate lending, sounds sus.. but he keeps saying to me.. i should refinance all my loans over.. and he would be happy to give me a much better rate, and service..
the problem again.. i dont mix friends with busines… (im not going to lose good friends over, simple business ideas or long term ventures..)
but then again, in some banking criteria, its who you know, and not what you know.. if someone can and has the ability to directly deal with the banks.. (main application assesor..)
Cheers,
sisLenders also have exposure limits that can be restrictive regardless of how good your serviceability.
I find that for people who are always wheeling and dealing with their finances and compulsively applying for credit for whatever reason tend to have a lot of problems. It does not show any type of loyalty to a lender so they respond in kind.
Most lenders do not make any money from a loan in the first year or two so they do look at whether you will most likely be with them for at least that period of time.
Back to credit cards, I thought it would be the too many enquiries excuse. Credit card providers really hate this as it increases their perceived risk of default exponentially.
I personally do not see the benefit of going to all the hassle for 20,000 rewards points that might equate to $50 worth of products especially when you already have a card to take this benefit. How much money and how many hours have you spent on this and how much is your time worth?
Robert Bou-Hamdan
Mortgage AdviserBigJobs
Still finding my forum feet [18 posts]
Posted 15/05/2005, 09:59:24
Big Jobs your inclination is incorrect as far as I am concerned.My company owns no property and neither do I.Turnover is increasing,I have never bounced a cheque nor gone over the limit.My assets are the goods in stock,invoiced customers and the way I operate the company.It is not enough for the bank who told me that an unsecured overdraft must be guaranteed by the director with property.They have a different idea of unsecured than I do and yet tonight imagine my dismay when i find they are giving $100,000 to the winner of my restuarant rules.Loyalty begets loyalty.I have been loyal but they are not loyal.I have got my own cash plus private finance and the 18 months I have been with anz has been wasted.They tell me I have a great credit rating with them but that is worthless also.So this week i will change banks.The next bank will be no different but I cannot do business with anz so I may as well change.gf
I think you guys are missing the point of unsecured. The loan to the company is unsecured. The guarantee they seek is secured.
I notice you made no mention of cash in the bank increasing. Turnover does not qualify you to service the loan. If you ceased business today and it was a tough market, how much money would you have left? That would give you a better indication of why you can’t borrow the way you want.
It would be totally irresponsible for a bank to lend money to someone just because they had a bank account with them for 18 months. I certainly would not buy shares in that bank.
Robert Bou-Hamdan
Mortgage Adviser
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