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sharpy2010

Macca83 wrote: »

It would be hilarious. But I can't see it happening.

'We are not approving your application today because I took a fill of drink last night and I really cannot be bothered with the effort involved in performing back ground checks.'

Hahahahahah now that really would be a good one!

Macca83_2

'Mr Phil McCrackin I am approving your credit card application today because God knows you need the help with a name like that'

cos_2

I defaulted on a CC with AMEX in the 90s. I ended up in a trust deed whereby my creditors agreed to take a cut in what I owed them.

However, life goes on and I managed to get my finances back on an even keel over the next several years.

I applied for a card from AMEX a few years ago, trying to avail myself of their cashback offer.

Let me tell you, their reply was nothing like, "We are unable to offer you . . . ". They were very explicit about the reasons for rejecting me, and quite justifiably so

It was a humbling moment for me. Consequences, and so forth.

I think CC companies could afford to be a little stronger in their rejection letters.

sharpy2010

Oooh, can you post what they said? I'd love to know!!!

cos_2

I don't have the response anymore.

It was along the lines of:

• reminded of me of the account I used to have with them and the amount outstanding
  
• reminded me of being unable to pay and defaulting
  
• reminded me of their selling the debt to a collector at great loss to themselves
  
• asked me to consider if I really expected them to give me credit facilities ever again.

It was the last bit that hit home! You know, they were kind of saying 'put yourself in our shoes - you screwed us over so get stuffed.'

sharpy2010

cos wrote: »

I don't have the response anymore.

It was along the lines of:

• reminded of me of the account I used to have with them and the amount outstanding
• reminded me of being unable to pay and defaulting
• reminded me of their selling the debt to a collector at great loss to themselves
• asked me to consider if I really expected them to give me credit facilities ever again.

It was the last bit that hit home! You know, they were kind of saying 'put yourself in our shoes - you screwed us over so get stuffed.'

At least they are honest! I think thats a great reply from them. Almost worth framing and putting on the wall!

cos_2

You're right!

Bearing in mind something like 10 years had passed since I'd paid off the trust deed (think it was about 70% of the debt, interest frozen, over 4 years) and I'd had cards from many CC co's, I'd become very used to being accepted. Steady work, address and good income made me feel pretty much in control of whom I'd pick as my lender!

Arrogant sod, eh? AMEX put me back in my place and no mistake!

P.S. AMEX probably didn't get back 70% because they'd already sold the debt to a collector, as far as I know.

sharpy2010

I wonder how long it will take other lenders to come around to that type of thinking? I'm pretty sure that eventually they'll all tire of using the airy fairy "oh, we are unable to offer you blah blah..." and start saying similar to what Amex did.

They're supposed to keep financial data for 6 years (in fact the legislation says "a reasonable amount of time"). It does make you wonder what they term reasonable.

I think if I owned a bank (which will never happen lol), then I'd term reasonable as "forever" since I could avoid being ripped off by the same person twice, if I still had the data from the first time they did it!!!

Not aiming that at you by the way, I'm just saying in general

cos_2

AMEX were completely in the right. They can hold and use financial data as long as they wish, and in my case it led to a refusal. And a good one at that!

Other lenders (ones I've not dealt with) can see only the CRA info, which is generally restricted to six years. I suppose the 'clever people' decided this is enough of a time period to make a realistic judgment of creditworthiness.

But I agree with you - I'd use all the information I have to help me decide if someone's a good customer, and be honest in my reply if I think they're not.

Guess I'll never be a PR person for Barclaycard now :rotfl:

sharpy2010

Nor me, refreshing to see someone thinks the same way as I do though!