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| *Ostroff, Fair and Company>>>Credit |
Have you ever heard of this reason for being rejected? |
I live by balance transfers and the 0% interest promotions. I haven't paid interest on my credit cards for a few years by doing this. I currently have 2 cards, one is a $6000 limit, with $1000 balance, the other is a $20,000 limit with $2,000 on it. Both are 0 interest, but that will change in a month. My credit score is in the low 700s, and has been for some time. I signed up for a credit card with 0% interest on balance transfers for 14 months. The first time I was rejected, the second time I got the card and transferred my balances. The rejection letter I got for the first application states: "After careful review, we are unable to approve your request because you have sufficient credit available." WHY would they reject someone for having sufficient credit? They picked the wrong 'boiler plate'. ~ it's a typo. "insufficient" is the right word probably because you've been 'card hopping' because they cant handle a person with ur caliber in financials.......basically they not trying to give u a limit as high as the ones you have What that means is, for your income, you have a good amount of credit available for your use, and you don't need anymore. It is a DUMB reason to be declined, I agree... They are saying that you have enough available credit available to you and they do not believe you needed additional. If you have 26 k available to you and you suddenly decide to rack up 26 k in debt what are their chances you would be able to pay off additional credit given to you. The amount of available credit you have in your reach is money which can technically be spent, and in their opinion, you had enough. The second time around the system may not have kicked you out for the same reason. It isn't a bad denial, just someone saying hmmmmm...is enough enough. Yes, people like you the bank call "rate surfer". All banks have record of everyone who are rate surfer. The bank are there to make money. If we all transfer balances to a zero interest, none of us will ever pay to borrow money. The bank already borrows money from other banks and the Fed at 5.5% interest to loan to customers at 0%. They hope that you won't be able to pay off the loan by the time the promotional rate runs out. Rate surfer after one or two times transfer will never get a 0%. Trust me, I work at the bank so I know. When they said you have sufficient credit, that means you have enough exposure credit and another nice way to say that you're a rate surfer regardless how high your credit score is. You'r NOT profitable to the bank. I used to laugh when the customer tells me that he/she has good credit. When I check her record, it shows that she/he is a rate surfer. The only rate we can offer is 3.99% for 6 months. If they don't take it, other bank would offer the same so it doesn't matter if the customer doesn't want to take the rate that weoffer. We know that they can't get anywhere else unless one bank hasn't updated their record yet. I do not 0% because I never transfered a balance or rarely use credit cards. I'm not profitable to the bank. I work at the bank. I know how it works You are lucky that you're doing it for a few years and now it just catching up to you. |
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