Credit card company insulted me and made me wait
by
Scott Bilker |
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Dear
Scott,
I can't figure it out, my car broke down and I had to shell out
$1,300 in cash. I applied for a card with auto service place and was
declined! My credit score is 736. Last month I had my line of credit
increased to $300,000 but only owe $70,000. Today, I had a $4000
auto increase on another card, number two. I owe zero. Credit limit
$11,000. My other credit card (number three) limit is $29,000 but
only owe $1,800. I have a history every year of paying my home off
with a zero percent credit card, every year, I transfer $20,000 to a
12-month card and pay in full. I close it and open up a new one.
Repeat every year. How could they embarrass me? The auto center made
me wait 45 minutes for approval and then deny me! But my other
credit card gave me the $4,000 increase the same day! What are they
thinking? Is it that this credit card company is the first one who
has figured out that I am going to pay it off after the zero percent
for 90 days?
Is it that they are onto my game
of getting out of debt fast and know that they won't make money off
of me? Help...before I turn gray! Thanks for reading my email.
Greg
Greg,
Thanks for writing and being a fan!
 I would be
angry too! It is
embarrassing to be declined when your credit is at the top level!
This has happened to me as well, but there's not much you can do.
Howeverl, you should get a free copy of your credit report from the
agency that provided that information to the auto service place.
It's the law that if you're denied credit, then you request a
report, the
agency must provide it. Maybe there is a mistake on your credit
report that you're not
aware of.
What was the reason they gave you for
saying no?
No matter the case, you have the best
revenge anyway which is that they're not getting your business.
You're going to use other credit cards and those cards will profit.
If that auto service credit line continues treating customers badly,
they'll soon be out of business.
I had that happen once to me. I
applied for a personal line of credit with a local bank and they
said no. Later that year they went bankrupt. They were busy lending
money to land developers that defaulted instead of lending money to
me which they would have made a profit. Serves 'em right!
Talk to you later.
Scott
PS: Gerri
Detweiler, author of many wonderful books on credit, sent me the
below note with additional advice about Greg's situation...
Hi Scott,
Your advice is correct. The consumer
should get a reason for the denial, and should check his credit
report. But there may be something else going on here that the
consumer isn't aware of. I learned about this problem from Evan
Hendrick's excellent book Credit Scores and Credit Reports.
If you have a common name, or even
relatives with a similar name, the bureaus may be erroneously
putting that wrong information into your report or score when your
credit report is requested. You probably won't find out about this
when you order your own report because the matching process is
better when consumers order their report than when the bureau does.
Remember credit reports are only assembled when requested. A
complete report isn't sitting in some file somewhere.
The consumer's description of his
situation certainly make me suspicious that this could be a
possibility.
Gerri
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