Credit card application failing despite personal wealth

deemy2004

I don't agree with the 3 months salary debt target or trap.

The card companies basically want people who have demonstrated their ability to manage their debt, and the likely amount they key into their puters as optimum total card debt figures are nearer 100% of salary rather than 25% of salary.

More probably the % of salary varies indivudally depending on the quality of their record and existing debt as a % of total available credit limits.

P.S. Most experienced stoozers have well in excess of 100% of their salary stoozed

magnum9

loan8r wrote:

I think you have just hit the nail on the head, of course CC companys dont want the likes of you (no offence intended ) because you dont make them any money! it's only people that are in the s**t that they are interested in I found this on the forum it may be of interest to you..

I think you are "spot on" with this comment - however, visa's new marketing ploy is trying to get people to use their c/c more - even small cash items etc - as they make money from the retailer every time I or anyone else spends.

So, from my standpoint, I think I do make money for the c/c company as they earn commission from retailers on my spend.

Unbelievable_2

I do not have a salary - all my income is from savings interest and dividends. I have always entered this as income on credit card applications and have so far not had any problems obtaining cards. I am currently using Amex and Egg blue for spending with cashback and it's working fine so far.

magnum9

Unbelievable wrote:

I do not have a salary - all my income is from savings interest and dividends. I have always entered this as income on credit card applications and have so far not had any problems obtaining cards. I am currently using Amex and Egg blue for spending with cashback and it's working fine so far.

I was interested that you have an Amex card - I used to have Amex blue but then applied to switch this to their platinum card which suited me better - but guess what, despite a flawless record with them over 10 years I was denied the card! Having said that, I phoned them and they were very apologetic and promptly approved my application.

What do you put in the job/title field? - not being able to classify and pigeon hole individuals to jobs appears to be a stumbling block with application success.

magnum9

thanks to all those who posted advice and those who emailed me too - clearly there are a lot of people in similar circumstances facing the same problem.

I just wish that c/c companies had to honour their agreements the way customers have to - by that I mean that when I apply for a c/c with 1% cashback the cc company should have to honour that as part of the agreement and not simply alter the terms to suit their needs by removing cashback features at a later date.

If customers started to bend and change their terms of business the cc company would rightly sue us!

In fact, does anyone know of a visa or mastercard that DOES say its cashback will be honoured for the lifetime of the holder of the account?

Pink pigs may fly, but its worth asking...?

student100

Customers can end the agreement whenever you want to... you haven't signed your life to a CC company so why should they guarantee to pay you cashback for life? You could try getting them to agree to different terms and conditions but you'd have a job trying...


As for the income thing, as far as CC companies are concerned it's not just employment earnings that are considered income. Savings interest, money from investments, lottery winnings etc are all "income"...as are student loans and money from parents if you're a student.

magnum9

student100 wrote:

Customers can end the agreement whenever you want to... you haven't signed your life to a CC company so why should they guarantee to pay you cashback for life? You could try getting them to agree to different terms and conditions but you'd have a job trying...

student100, presumably, then, if you have entered an agreement to (say) rent a 2 bed flat whilst at university and return home to find the landlord has locked off one of the bedrooms then that's ok in your view?

a financial agreement is no different to a rental agreement - both parties sign up to agreed terms etc - my point simply being that many customers of credit card companies find it annoying that soon after they sign up, the benefits they were promised are withdrawn and so we all have to go on the merrygoround again and find another provider.

Goodnight zeberdee

student100

Mmm yeah, but one of the terms you agree to is that the CC company may withdraw Cashback at their own will, giving certain notice. You agreed to the possibility that they may do this when you signed the agreement.

Yes it's annoying, but you did agree to it when you signed up.
I don't think you'll find a company giving cashback that doesn't make this condition.

nh

loan8r wrote:

I think you have just hit the nail on the head, of course CC companys dont want the likes of you (no offence intended ) because you dont make them any money! It's only people that are in the s**t that they are interested in I found this on the forum it may be of interest to you..

But this just isn't true! I never have trouble getting credit cards (except when I apply for more than four at a time!) because I am never late with a payment. I have never paid interest on my cc debt but they are still happy to give me cards with big limits.

Is this anybody else's experience?

Galstonian

I think this can be continued in "discussion time" if you want, the credit card forum is not really intended to discuss the morality of lending.

Also, please do not cut and paste huge chunks of posts from the this site or others into your replies. A simple link is all that is required, it saves bandwidth, storage etc.. and avoids any problems with copyrighted material.