Credit Tips: Why Did I Get Turned Down For a Credit Card

Posted On: April 1, 2006

Author: diddlydudette
Posted: Fri Aug 19, 2005 4:58 pm
Post subject: I’m just not understanding why I got turned down

I had applied for that Citi Bank Platinum Dividend Cash Back card. I thought for sure I’d have no problem getting approved and was floored they rejected me.

I’m still not understanding why they see me as a risk or not responsible. They can see from my history that I have had major credit cards and still do and have always paid in past and have never ever ever been late for even one payment. I have never overextended myself. I have owed on vehicles and paid them off…again never being late and even paying off early. I have great FICO/credit scores. They tell me I don’t have recent revolving credit. Well, that’s because I don’t like to use credit cards if I don’t have to. Why would they hold that over me and see me as a risk or as someone they wouldn’t want to have their card? Why would they prefer to give card to those who owe? It just seems logical to me that they would see my history as being responsible and always paying on time and never being late. What the heck does having recent revolving credit have to do with anything to them? I’m sorry, but I’m just not getting it.

Is there some way I can just call them and talk to someone? Would they better explain themselves to me over the phone? I’m just so curious.

I have since gone ahead and applied for an AT&T cashback card and the Chase cashback card. It’ll be interested if they turn me down also.

I had torn up all my cards but received one in the mail the other day because the other expired. It’s an AT&T Thank you card. If I get turned down by other cash back cards, I will go ahead and use this one and pay off each month just to get something active on credit report so I can get others. It seems silly and dumb to me though how this works.

It seems paying cash for things and not using cards would make me seem smart for not using cards, but they see it as risky to trust me as someone who would pay them. ????

Does anyone know if I get turned down by others also how long it would take before I should reapply after using my AT&T card?

Author: cknykid
Posted: Fri Aug 19, 2005 5:57 pm
Post subject: Why Did I Get Turned Down For a Credit Card

what cra did citibank used to pull your credit report. Whats your fico score for the cra. Your answer lies in that.

Author: diddlydudette
Posted: Fri Aug 19, 2005 6:29 pm
Post subject:

Hi cknykid,

They pulled my credit report from Equifax. I pulled my score from there about 2/3 months ago and my score then was 802. That’s why I’m confused why they declined. I know it’s not solely based on score, but just don’t understand why they see me as a risk to them.

Author: diddlydudette
Posted: Fri Aug 19, 2005 7:11 pm
Post subject: Why Did I Get Turned Down For a Credit Card

I posted my concern on another board and someone responded with this. I think it makes sense and probably true. It’s not fair. Credit card companies want to make money and do off those unable to pay bills. Wow! ….talk about taking advantage.
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The credit card company does not see you as a financial risk. They KNOW you are a financial LOSS. You are applying for a cash benefit card. You have an excellent credit history. That does not make money for the company (i.e. I think they make 2-3%/purchase from the merchant). You would get most of that back in benefits. They KNOW you will not pay late fees, interest, etc.

MSN had an article about 3 years ago. Credit Card companies preferred customers are one that have 3 voilations/year (missed payment, over limit, late payment, etc.). These are the customers that they make the most money off of.

You were denied because you have too good of credit. Welcome to the world of the financially responsible. Use a non-rewards card for about 3 months and then you can probably get approved for a rewards one (especially if you carry a balance for 1 or 2 months).

Author: Alexis Rios
Posted: Fri Aug 19, 2005 7:46 pm
Post subject: Why Did I Get Turned Down For a Credit Card

diddlydudette wrote:
I posted my concern on another board and someone responded with this. I think it makes sense and probably true. It’s not fair. Credit card companies want to make money and do off those unable to pay bills. Wow! ….talk about taking advantage.
————————————————
The credit card company does not see you as a financial risk. They KNOW you are a financial LOSS. You are applying for a cash benefit card. You have an excellent credit history. That does not make money for the company (i.e. I think they make 2-3%/purchase from the merchant). You would get most of that back in benefits. They KNOW you will not pay late fees, interest, etc.

MSN had an article about 3 years ago. Credit Card companies preferred customers are one that have 3 voilations/year (missed payment, over limit, late payment, etc.). These are the customers that they make the most money off of.

You were denied because you have too good of credit. Welcome to the world of the financially responsible. Use a non-rewards card for about 3 months and then you can probably get approved for a rewards one (especially if you carry a balance for 1 or 2 months).

Wait until you receive the notification letter. Then send back to Citi a copy of this letter with a copy of Equifax credit report. They can review again.