Credit Cards

[raskolnikov]

I just got a letter that I have been declined for a credit card with Citibank. I have a good credit rating, in fact I just paid off a loan 2 years early, I have a highly-paid job and have no major debts. On the other hand my friend who has a bad credit rating and is in debt up to his eyeballs recently was approved for one.


WTF?? What is their criteria for approval?

 

[crudbucket]

Dude, that is seriously heavy stuff.

I work in a bank and I've met crash test dummies that have Citibank cards.

If I was you, I would be asking them for an expanded reason. There may be something on your record that you're not aware of ...and don't think mistakes don't happen at Baycorp, because they do...

 

[Ghostwriter]

Maybe its got something to do with the town you're living in.

 

[raskolnikov]

Maybe its got something to do with the town you're living in.

I don't see what the town I'm in would have anything to do with it. Except maybe the fact that there isn't a branch here so maybe they think I would be hard to contact if I forfeited my repayments.

Anyway I actually decided that I don't really need one before I got the letter. I'm not a great believer in credit cards. Why spend money you haven't got? I was just mystified as to why I was declined. I will call them on Monday and see if I can find out.

 

[Crow-mosone]

dude,

your town absolutely matters, your street matters. it might be the algorhythm that spat you out for odd reasons, incomplete address history, or some other inconsistency.

However, you have to remember often credit is to assessed on your ability to repay, but on their ability to make money from you. paying a loan off early might be something they don't like. strange but true.

it might be something like your credit history is not detailed enough, ie. not enough previous credit. your friend might have a history of packed cards, with plenty of interest being paid = what they want.

in truth, it's probably a data issue; but remember they look at these things very differently to how you think they do.