My bank said no … and I’m happy

After announcing on here last week that I was getting another credit card, I subsequently received a letter saying I didn’t `fit the lending criteria’.

I think this is actually a good example of my bank not lending to people who really shouldn’t be getting credit cards. And, on paper at least, I probably shouldn’t be getting one. This bank also knocked me back for a personal loan when I was in my early 20s. I had wanted to buy a car that really was a little expensive for my needs, and I’ve never regretted their decision not to give me the money. Well not after the first day anyway!

In this case, the bank initiated the contact. They rang ME up and told me why I should have the card and all it’s advantages. They caught me off-guard for a start, and I should have said no to anything marketed by phone. Anyway, in the application process I only included my casual income (I didn’t mention my husband’s at all), and disclosed that I have a dependent. I also mentioned that I have a $7000 limit on my other card (though no money is owing).

I know, I really don’t need any more credit at my disposal! As regular readers will know, I only thought the card would be ok to try out these rewards programs everybody is always talking about. I wasn’t going to charge anything I couldn’t pay off the same day.

The only thing that grates on my nerves about this is the way the bank framed the letter, going on about how they were `unable to approve my request at this time’ and how they `appreciate my interest’.

Hey guys, you rang me! You told me what a great customer I was and why YOU thought I should have a shiny new card. I didn’t exactly go grovelling for it. But that is the way banks are, and always will be! In the end, I think it’s for the best. I have heard that you have to spend an awful lot of money to make rewards programs worth it.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: