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Discussion in 'Credit Talk' started by Cadillac408, Oct 19, 2000.
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I GUESS CITIBANK HAS A RIGHT TO REFUSE CREDIT TO ME EVEN THOUGH INCOME IS $70,000+, NO LATES, NO BK, NO CHARGE OFFS, NO OVER LIMIT.
Yes they can flat out decline your request for credit them.Why?Well it's very simple that is "You screw me once,and i'll be damed if you do it twice".To them you have committed an unpardonable sin!Completley unforgiving.It dosn't pay to screw your creditor's at all!Just my toughts on this thread.People need to get their credit under control so that this dosn't happen at all.That why it is very important to be responsible with credit.
Why don't you just call Citibank to find out the reason for your denial.
Probably just a mistake on Citi's part. Call and you'll most likely be approved over the phone.
Other people have said (IN OTHER POSTS) they were declined, but got the card any way...giving it a few extra days.
No company is obliged to extend credit to anyone. With the exception of some basic banking access codes which state that you cannot refuse to bank with someone just be cause because he or she a minority or a woman, for instance, creditors are free to pick and choose who they wish to whom they wish to extend credit. Also, remember the published qualifications are frequently only part of what creditors consider when making decisions. They are frequently the minimum qualifications. Other things that creditors may consider: job history (type of job and how long you've been there), history of residence (have you lived in the same place for awhile or do you move around a lot?), spending habits (do you use your cards a lot or only occasionally?), payment habits (pay in full every month, consistently carry balance, occasionally carry balance?). Each card is different -- there isn't one matrix that fits every card out there. The reason that companies don't publish these is a legally permissive reason; it's considered a trade secret.
The answer is in the Fair Credit Reporting Act under Regulation "B." Credit Card companies cannot deny you credit based upon internal polices and standards of their financial institution. Contact the federal government under the Fair Credit Reporting Act which is under the OCC(office of the comptroller and currency. MP$40 wrote:-------------------------------I was reading the post before mine in regards to companies using their internal records to deny credit. So my question is can credit card companies flat out deny you credit even though you have met the requirements? It's kinda like when you go to a restaurant and there's a sign up that says, "We reserve the right to refuse service to anyone". Could that be something that credit card companines could hide behind?
Why is everyone so worried about a company being able to deny you credit if you defaulted on them once? If you loan a someone some money, and they refuse to pay you back, are you gonna loan them more money if they ask? I'd venture to say no, even if they have paid all of their other friends back. I have had credit problems just like the rest of you, and I have finally got all of them paid off. But I still do not expect someone to give me credit if I already screwed them once!!!!!!!!!!!!!!