Declining credit card application
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I've applied to a couple of banks which give 60 second responses for credit cards but I've been declined both times. From what I understand the banks look at your credit file to see whether you are credit worthy. I'm assuming that they can't check my credit file in that 60 seconds so how is it that it automatically declines my application? Is it possible that I have been blacklisted by these banks?
Thanks
The bank can, in theory, check your credit history via a credit reporting agency in that time. Of course, it would all be automated -- their software would query the credit reporting agency's servers and request the information, then use a formula to calculate your credit worthiness based upon the number of enquiries, defaults etc on your file.
This credit agency score would likely form part of a larger calculation, taking into consideration the other information you've provided, such as income, assets, liabilities etc.
If you've been a customer of these banks in the past, it's possible they also use some internal data (such as your repayment behaviour) to inform the decision.
It's unlikely you've been 'blacklisted', unless you have a strong history of defaults with that particular financial institution.
You may have better luck contacting the bank and applying over the phone or in-person at a branch where you can discuss your application with a representative.
Hope this helps. Best of luck.
Cameron.
This credit agency score would likely form part of a larger calculation, taking into consideration the other information you've provided, such as income, assets, liabilities etc.
If you've been a customer of these banks in the past, it's possible they also use some internal data (such as your repayment behaviour) to inform the decision.
It's unlikely you've been 'blacklisted', unless you have a strong history of defaults with that particular financial institution.
You may have better luck contacting the bank and applying over the phone or in-person at a branch where you can discuss your application with a representative.
Hope this helps. Best of luck.
Cameron.
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