Adding CC to Existing Home Loan - Credit Check?

Discussion in 'Loans & Mortgage Brokers' started by loaner, 2nd Sep, 2017.

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  1. loaner

    loaner Member

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    Hi all,

    I've got a home loan with St George and am currently paying the $395 Advantage Package which includes the home loan, transaction accounts, credit cards and a discount on the Standard Variable Rate. At the time I applied for the loan, I wasn't too phased in getting another credit card so I just took out the home loan without the credit card. Fast forward to today we all know that the interchange regulations have kicked in and the major players have changed the points scheme. I thought that given I'm currently paying the package fee anyway, it wouldn't be a bad idea to have a credit card with St George that could earn points.

    Does anyone know whether St George performs an external credit check on existing home loan customers when applying for a credit card (particularly those who technically have paid the fee with the credit card a benefit)? Nothing wrong with my credit file, just prefer to maintain as minimal credit inquiries as possible and given the credit card is not a 'must', I'd prefer to avoid anything impacting it.
     
    loaner, 2nd Sep, 2017
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Prob will
     
    Terry_w, 2nd Sep, 2017
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Is there an issue to minimise the craa enquiries on your file ?

    Typically for an 80 lend with reasonable job and resi stability one extra enquiry isn't an issue unless you are already busy
    Above 80 it's not that clear cut

    Ta

    Rolf
     
    Rolf Latham, 2nd Sep, 2017
    #3
  4. Marg4000

    Marg4000 Well-Known Member

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    Check what your package covers.

    Many Cards have an annual fee plus a rewards fee. Some packages only cover the annual fee.
    Marg
     
    Marg4000, 2nd Sep, 2017
    #4
  5. dabbler

    dabbler Well-Known Member

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    If you have no card and you get a card, will be a credit check, but so what ?
     
    dabbler, 2nd Sep, 2017
    #5
  6. albanga

    albanga Well-Known Member

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    Yes you will be definitely get an enquiry but why are you concerned about that?
     
    albanga, 4th Sep, 2017
    #6
  7. Corey Batt

    Corey Batt Well-Known Member

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    Yes it would - it's a new credit enquiry so you will receive a hit. The fact you're on a package doesn't change that you're applying for a new facility.
     
    Corey Batt, 4th Sep, 2017
    #7
  8. Redom

    Redom Mortgage Broker Business Plus Member

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    As others have said, likely to be listed as an enquiry. Unlikely to matter much though.
     
    Redom, 4th Sep, 2017
    #8
  9. loaner

    loaner Member

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    Noted on the credit check. My broker assisted me in getting my mortgage and at the time a credit card wasn't a necessity (already had a few cards). Should I go through my broker to add on the credit card? I'm personally indifferent and find it easier to do myself via Online Banking but if the broker has a relationship that I can leverage that might be worth exploring. Also conscious that if I go through online banking the bank may not see a direct link to my mortgage and see it as a standalone application and charge an annual fee? Perhaps I'm overthinking this...
     
    loaner, 1st May, 2018
    #9
  10. hobartchic

    hobartchic Well-Known Member

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    If you already have other credit cards, maybe just keep those?
     
    hobartchic, 1st May, 2018
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    :)

    ta
    rolf
     
    Rolf Latham, 2nd May, 2018
    #11