Guest: usmsci
Credit Expert (100+ Posts)
Post subject: Credit Card Application Information VerificationPosted: Fri Jul 28, 2006 6:18 pm
[quote="Polonius"]The person calling you had your information already--so how could it be a scam? All she was doing is verifying some stuff and getting more information. She asked for your address to verify the address on your application. She HAD your business phone number!
I understand your concerns, really--but you did apply for the card. When she called, you could have said "I'd prefer to call you back at a more convenient time--what is YOUR number?' or "I'm busy now; please call me at home at 6 PM" or whatever. If you don't want to answer their questions, say that you don't want to give out such information over the phone or that you consider it private. There's nothing wrong with asking you for information; there's nothing wrong with you declining to give the information either. Up to you.
Quote:
my HELOC and she asked me what i used it for. in my mind i was thinking.."what difference does it make?"
I've been asked the same question. My understanding is that if you answer "I used my HELOC money to pay off gambling debts with loan sharks and for drugs and hookers" you tend not to get the card. If you say "I used it for substantial remodeling to improve the value of my property" you tend to get the card. Seriously, the answer matters because the credit analyst wants to get a feel for how you are handling your finances. Frivolous spending of your home equity might get you into a deep hole and bankruptcy. Emergency spending "My wife is ill and we're paying for her terminal care" is acceptable morally but not a good sign of financial stability. Answers saying you were using the money to increase your assets are good answers.
Good answers don't have to be true, of course.[/quote]
well ive NEVER had anyone call me and ask me info for an application. to make myself more clear its not that i am unhappy about them calling, its the questions they asked about my application. If you want to verify my employment and address then fine i am happy with that...but please dont ask me why i got a HELOC and what i used it for and what the circumstances are surrounding the new account. Also dont ask me why i was late on a credit card 5 1/2 years ago causing me to default on it and it went to collections. Its pretty obvious why i was late..cos i was having financial problems..which i told her.. but she wanted to know the why i also had collection accounts on an MBNA account that is so old its due to go off my CR in 3 months.
What the ***** difference does it make now 5 1/2 and 7 years later? look at all the credit cards i have gotten in the past 18 months.. a new house, a HELOC and 8 or 9 CC's totalling in total credit available of about $40,000 for the CC's. Thats what i wanted to tell her but i was at work and didnt want to yell. She also wanted to know WHY i have gotten all these new cards and account in the last 18 or so months. Whats it to her or Borders for that matter..its pretty obvious i am trying to establish a good credit history or are they too dumb to figure that out? its not like i have all my balances maxed out. my debt/owed ratio is about 10%...gimme a break.
What DIFFERENCE do all these personal questions make??? its not like i am applying for a $1,000,000 loan or anything..its a freaking Border Books credit card for heavens sake.
Please tell me that i am overeacting and that they are stupid for asking so many questions. i hung up on her and if they dont accept me then fine...i dont want to deal with a company that will be looking over your shoulders every waking moment to fine comb my report to make sure they know why and what i do with my credit. Again this is a book store credit card, not a loan for a ferrari... gimme a break.
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Jul 28, 2006 7:37 pm
My main point is that you're taking it all too personally. There's no reason to feel angry or insulted by the person calling--she's a lowly clerk whose job it is to verify some things on an application. She probably has a rulebook telling her what she has to do. It includes such things as "Get an explanation for any negatives in the credit report" or something like that--so she asks.
A search for new credit CAN be a sign of desperation or a desire to defraud. Asking about it is understandable. I could probably get a few hundred thousand dollars more in credit if I sent in a bunch of applications tomorrow. I could then take cash advances on those cards and my current ones, pocket almost a million bucks in cash, and abscond to Brazil or Fiji and stiff all the banks and live in retired splendor for the rest of my life. I may even do that some day. But today isn't the day. Again, being asked is understandable. The WHY can be important.
Offhand, I think it's better to be asked for an explanation than to have an application dismissed because the negative is there. I'd welcome a chance to explain. But that's just me.
Again, it's up to you whether to respond or how to respond to such questions. A simple "Please withdraw my application" or a hangup will stop the questions at once.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: usmsci
Credit Expert (100+ Posts)
Posted: Fri Jul 28, 2006 11:15 pm
Quote:
My main point is that you're taking it all too personally. There's no reason to feel angry or insulted by the person calling--she's a lowly clerk whose job it is to verify some things on an application. She probably has a rulebook telling her what she has to do. It includes such things as "Get an explanation for any negatives in the credit report" or something like that--so she asks.
A search for new credit CAN be a sign of desperation or a desire to defraud. Asking about it is understandable. I could probably get a few hundred thousand dollars more in credit if I sent in a bunch of applications tomorrow. I could then take cash advances on those cards and my current ones, pocket almost a million bucks in cash, and abscond to Brazil or Fiji and stiff all the banks and live in retired splendor for the rest of my life. I may even do that some day. But today isn't the day. Again, being asked is understandable. The WHY can be important.
Offhand, I think it's better to be asked for an explanation than to have an application dismissed because the negative is there. I'd welcome a chance to explain. But that's just me.
Again, it's up to you whether to respond or how to respond to such questions. A simple "Please withdraw my application" or a hangup will stop the questions at once.
if banks are so worried(and banks with more to lose than Borders) never have once called me about my spending and credit habits then why is Borders calling? Again its not that just merely called.
maybe i should point out again that after the call i understood about her asking me about my HELOC but to sit there and ask me why i got the HELOC, what was i using it for and what was the purpose for it is just too much. obviously people get HELOC's to consolidate..thats a no brainer..they should put that in their scripts but maybe they dont because they outsource all their call centers..this call wasnt made from america.
have you ever had someone call you? this is a first for me..
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Jul 29, 2006 1:43 am
When I apply for credit, I get called about once out of 5 times. I'd rather be called than get denied without a call!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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