Generations Bank CL Standards

This is interesting. Right from their website:

When you apply for unsecured credit, Generations Bank limits total unsecured credit to 20% of your gross annual income. This limit is inclusive of your current obligations to other credit cards. An example would be: If you make $30,000 in annual income, your unsecured credit card debt could be $6,000. If you have no current debts and meet the underwriting guidelines, you would be approved for a $6,000 credit limit. If you currently have $5,000 in credit card balances, you would be approved for a $1,000 credit limit. If you have $8,000 in current credit card balances you would be denied due to insufficient income. We hope this helps you as you consider your request.

Besides good credit, loan underwriting at our Bank requires proof of income and identity. We normally accept a current copy of a state driver's license for proof of identity and a copy of your current pay stub, listing year to date income. If you are self-employed, you will need to send a copy of last year's Federal Income Tax form 1040. You can mail these copies to:

Loan Department
Generations Bank
P.O. Box 213520
Kansas City, MO 64121-3520

You also can fax a copy of these items to: Generations Bank
816-303-0845
These requirements will not be waived. These requirements protect you - the consumer - from identity fraud. They also allow the Bank to make a determination as to the amount of credit and the interest rate charged in the first year. Remember, our card reduces its rate 3% each year (with timely payments) until it reaches our lowest rate tier - currently 9.9%.