Refused Credit Card

Walker34

Hi,
what a change 2 years can bring......two years ago I got a letter from my bank saying that I had been pre-approved for a loan of €30,000 even though I had not even contacted them.......and did not even want a loan. In fact I could not contact them because if I rang my branch I was patched to a call center in NI, who would pass on a message for me, ........which never seemed to get there. (I think they were too busy grabbing those toxic sub prime assets from the US before they were all sold to Iceland)

Now I request a switch card from my other bank, where I have significant savings and owe nothing, and am refused. Is this a common trend.....are the banks not even giving out even credit cards.......what madness this? So much of the recent banking activity reminds me of Michael Moores latest film.........Capitalism A love story.......and my nearest branch looks like its from Flint, Michigan too......i.e. CLOSED.

Lux23

I think it was Charlie Weston that did a piece there saying 60% of credit card applications will be denied, I would say they fill their monthly quota with execllent applicants and just say no to everyone else.

chris85

Lux23 wrote: »

I think it was Charlie Weston that did a piece there saying 60% of credit card applications will be denied, I would say they fill their monthly quota with execllent applicants and just say no to everyone else.

it doesnt happen like that. They have criteria and if you meet it you get accepted. their criteria are a lot stricter these days and thats all thats changed.

Walker34

I guess their criteria must be as follows

Does the client owe anything........No....REFUSE!
""" """" own their own home........yes...REFuse!
Has the client ever defaulted EVER....No...REFUSE!

Is that the kinda thinking/logic they might be following, or is there a deeper level of genius to these new wave "Go getters, trend setters".
I pity any small business trying to survive with these sailors steering the ship,....dead in the water springs to mind.

chris85

Walker34 wrote: »

I guess their criteria must be as follows

Does the client owe anything........No....REFUSE!
""" """" own their own home........yes...REFuse!
Has the client ever defaulted EVER....No...REFUSE!

Is that the kinda thinking/logic they might be following, or is there a deeper level of genius to these new wave "Go getters, trend setters".
I pity any small business trying to survive with these sailors steering the ship,....dead in the water springs to mind.

Credit is very hard to come by at moment. THe banks are running scared from past mistakes. Its gone from one extreme to the other.

Saying that i got a CC from my bank in November 08 when the economy had tanked and i was taken on. My balance gets cleard every month as it is. I did have previous loan with the bank which may have helped as they saw i paid back credit before with them.

Walker34

Seeing as you mentione that Chris, After a lot of effort and filling out a postage stamp size form in the Ulster Bank I managed to get that facility back in 2001 where my c card cleared automatically from my current account at the end of each month.

Then it changed somehow (a silent upgrade) where If I used the card on the 11th of march, it did not show on a statment untill the 10th April, and then was not cleared untill the 15thMay which was over 2.5 months after the crime.All these "balance carried forward" terms start showing up, which created a momentary immage of a poor overburdened bank official carrying a heavy box of coins about the country.

chris85

Walker34 wrote: »

Seeing as you mentione that Chris, After a lot of effort and filling out a postage stamp size form in the Ulster Bank I managed to get that facility back in 2001 where my c card cleared automatically from my current account at the end of each month.

Then it changed somehow (a silent upgrade) where If I used the card on the 11th of march, it did not show on a statment untill the 10th April, and then was not cleared untill the 15thMay which was over 2.5 months after the crime.All these "balance carried forward" terms start showing up, which created a momentary immage of a poor overburdened bank official carrying a heavy box of coins about the country.

I dont actually have facility that it clears it each month in fulll. I basically use my credit card mostly for online purchases, booking hotels, etc so as soon as it shows i just clear it on my internet banking.

Try other banks. it could be a fact that bank may just be holding off completely on credit cards. Most banks are making a loss overall on each CC whereas a few banks are making money off them, albeit very small money they are making. Try BOI afaik they are taking on people as they are in postive income on the credit card side.

Walker34

thanks for the info guys.:-)

Mr. Presentable

Remember, if you pay your outstanding in full each month without interest penalty the bank makes nothing, so you are not as attractive a proposition as, say, a homeowner who makes a partial payment every month and accrues interest penalties. Perverse, but true

chris85

nipplenuts wrote: »

Remember, if you pay your outstanding in full each month without interest penalty the bank makes nothing, so you are not as attractive a proposition as, say, a homeowner who makes a partial payment every month and accrues interest penalties. Perverse, but true

common misconception there. the bank makes a percentage on every transaction. Also interest in earned in the CC holding account where your payments takes 3 days to clear onto CC (it doenst take three days, its just earning interest for the bank)