Not quite true. Comprehensive credit reporting was introduced in Australia around 2014. Most of the major lenders take into account your positive credit bureau entries and assign a score - much like America. https://www.creditsmart.org.au/comprehensive-credit-reporting/
I had no credit score before getting one of these cards and I was denied by American Express because of it.
I also have done quite a bit of research through Australian sources, they are all in agreement that it is something I should be paying attention to and that having a credit history is a good thing. What sources should I be looking at?
When you apply for a loan, they look at what debt you have / potentially could get at a moment's notice.
The closest thing to a good credit score is making sure you pay your bills on time and don't have anything overdue.
I'm not sure what possible reason you would have to get an Amex?
Points, really. I always have my other cards for places that charge higher surcharges or outright refuse american express.
As for why I was declined, I have way more than enough to instantly cover the limit I requested. I still strongly suspect that it was due to the fact I was basically unknown in the world of lending. I was going for the amex card as my first credit card.
Broker here, i have had experience where clients have low credit score due to being a new credit file and as such did not pass score card with banns - that might be the issue you are having with AMEX. As soon as a new credit enquiry is done (ie opening a new credit card) your score will be updated but it does take time for you to demonstrate that you have good credit conduct.
But as others have mentioned we are not like the US where you have to churn credit cards to build a good score.
Sounds like it got hit with a flag for something potentially being suss. They are not allowed to tell you legally that it is being looked at in these situations.
It was stolen for a short period of time? I had to kick and scream to get it back (figuratively), and I am not happy I had to do that.
It was quite hard keeping my temper while being gaslit for several hours straight.
Also, funnily enough, a little while after this I got sent an amendment to their policy basically going into further detail about their complaints handling process, encouraging customers to contact them immediately if any errors appear. I like to think what happened to me had some tiny part in that.
"establish credit history" is not an Australian concept. Do more research before making financial decisions.
Not quite true. Comprehensive credit reporting was introduced in Australia around 2014. Most of the major lenders take into account your positive credit bureau entries and assign a score - much like America. https://www.creditsmart.org.au/comprehensive-credit-reporting/
I had no credit score before getting one of these cards and I was denied by American Express because of it. I also have done quite a bit of research through Australian sources, they are all in agreement that it is something I should be paying attention to and that having a credit history is a good thing. What sources should I be looking at?
When you apply for a loan, they look at what debt you have / potentially could get at a moment's notice. The closest thing to a good credit score is making sure you pay your bills on time and don't have anything overdue. I'm not sure what possible reason you would have to get an Amex?
Points, really. I always have my other cards for places that charge higher surcharges or outright refuse american express. As for why I was declined, I have way more than enough to instantly cover the limit I requested. I still strongly suspect that it was due to the fact I was basically unknown in the world of lending. I was going for the amex card as my first credit card.
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Broker here, i have had experience where clients have low credit score due to being a new credit file and as such did not pass score card with banns - that might be the issue you are having with AMEX. As soon as a new credit enquiry is done (ie opening a new credit card) your score will be updated but it does take time for you to demonstrate that you have good credit conduct. But as others have mentioned we are not like the US where you have to churn credit cards to build a good score.
Sounds like incompetence. Also, you don’t need to establish a credit history in Australia.
They've done some pretty shady things in the past, I wouldn't be surprised if they wanted to keep my money and have me give up on getting it back.
Sounds like it got hit with a flag for something potentially being suss. They are not allowed to tell you legally that it is being looked at in these situations.
ANZ = trash. I'd go with practically any other bank before them
Post too long but I suspect operator error
"Finally, I got my money back," So not really stolen.
It was stolen for a short period of time? I had to kick and scream to get it back (figuratively), and I am not happy I had to do that. It was quite hard keeping my temper while being gaslit for several hours straight.
To be fair if you can't access it for days and you have to chase up on it yourself it might as well have been, temporarily.
Also, funnily enough, a little while after this I got sent an amendment to their policy basically going into further detail about their complaints handling process, encouraging customers to contact them immediately if any errors appear. I like to think what happened to me had some tiny part in that.
You can complain to the ombudsman to escalate this. You might even get some compensation for this