Disappointed with Bank of Ireland

sodabread

Before I begin let me preface my remarks: I understand that Bank of Ireland is not obliged to provide me with a credit card.

Let me outline my story below:

I applied for a Bank of Ireland classic credit card two weeks ago. I received a decline letter this morning. I'm both amused and upset at the same time for the following reasons:


1. I have a clean credit record- no missed payments and no abuse of credit lines.


2. I have a strong savings record with a decent lump sum saved.


3. I work in in a profession that is deemed stable and I have my salary mandated into my Bank of Ireland account every month.


What I find irritating is the hassle I went to in applying. I had everything documented to back up my application. I have been with BoI for 8 years.


Further, the letter made clear that they were not obliged to and would not be stating the reason for declining the application.


I have been a good trooper for the bank over the years and always paid on time. I also have no overdraft. Perhaps the reason for for the decline lies in the fact that I'm not a good bet for late payments and thus not profitable for the bank.


My point is that they could have supplied a card with a small credit limit to limit any perceived exposure they might face.


What's more- I have always been a very happy customer and would gladly recommend the bank. Unfortunately I'll now have to apply elsewhere.


If bank of Ireland is not open for business they should be up front and honest instead of wasting customer's time and leaving footprints on their credit history.


Thanks

Bank of Ireland: Graham

Hi sodabread,

Thanks for getting in touch. We are very much open for business, however, there are a range of factors taken into consideration for each application and we can't comment on individual cases. You can write a letter of appeal to New Business, 2nd Floor, Operations Centre, Cabinteely, Dublin 18.

Thanks again for posting,
Graham

cookie1977

Have you ever had bank loans? If not sometimes having no record of credit can worry the banks. Especially in this climate

Paddy001

Hi sodabread,

I had the same issue as yourself recently, dealing with BOI online or on the phone is like talking to a wall, you just get a bunch of minions with a computer says no approach and you will get nowhere. Go into your branch, tell them what you want and why and they'll tell you exactly what you need to be successful. It's much easier than trying to get answers from anyone on here, over the phone or via e-mail!

FruitLover

sodabread wrote: »

I also have no overdraft

There's your problem (or at least part of it) - you have no real credit history. Believe it or not, a bank will prefer someone who has taken out some kind of loan and proven they can pay it back over someone who has never had to apply for any kind of credit.

I was refused a credit card by my bank several times until I took out a small personal loan and started to pay it off. Within a couple of months of taking out the loan, I re-applied for and was granted a credit card.

Try applying for an overdraft first, then reapplying for the CC. If this fails, see about a small personal loan. It might sound counterintuitive, but you need to borrow money (and establish a credit history) before you're likely to be granted a credit card.

avalon68

FruitLover wrote: »

There's your problem (or at least part of it) - you have no real credit history. Believe it or not, a bank will prefer someone who has taken out some kind of loan and proven they can pay it back over someone who has never had to apply for any kind of credit.

I was refused a credit card by my bank several times until I took out a small personal loan and started to pay it off. Within a couple of months of taking out the loan, I re-applied for and was granted a credit card.

Try applying for an overdraft first, then reapplying for the CC. If this fails, see about a small personal loan. It might sound counterintuitive, but you need to borrow money (and establish a credit history) before you're likely to be granted a credit card.

Then the bank should provide a secured credit card option if this is their concern. They do it that way in the states....you deposit say 500 into the credit card and use it, paying it back every month. At the end of a trial period, the money is refunded to your account and the credit card becomes a real credit card. Seems silly to have to take out a loan you don't need to get a credit card.