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This is why you might not get approved for a new credit card right now

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For one Wisconsin man, who asked to remain anonymous to avoid any repercussions on future credit card applications

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28 minutes ago, cv91915 said:

For one Wisconsin man, who asked to remain anonymous to avoid any repercussions on future credit card applications

 

:)

 

What I find more interesting is what follows that statement:

 

Quote

“I’m not a credit analyst, so I don’t know what’s normal procedure and whatnot,” he tells CNBC Make It. He submitted the requested documents and was told he’d hear back in seven to 10 days. In the interim, he’s crossing his fingers. Chase did not immediately respond for comment. 

“It’s more than likely I’ll be denied, but that won’t be a surprise due to the current state of the economy. Now looking back, it was probably a mistake applying for a credit card right now,” he says.

 

This betrays what's wrong with this article:  Almost everything set forth after an initial accurate premise (that banks tighten when the economy gets tight) is merely speculative -- there isn't a teaspoon of established fact to be found.   The article reads as little more authoritative than general "fortune cookie wisdom".

 

In the case of this gentlemen, I look for most here to agree that if it was "more than likely that <he'd> be denied", they wouldn't bother asking for the documents.  A request for documents to confirm ID isn't "to qualify them for a certain credit limit or product offering" (as the article goes on to speculate).  It's specifically in response to a growing tide of fraudulent ID-based applications.

 

 

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Nothing new here. Creditors don't like the first guy because he's chasing sign-up offers and obviously has a bunch of new accounts. 

The thing about not releasing their identity because he's worried about repercussions is enough to make me throw-up. If he wants to maintain his privacy, fine, but creditors aren't going to take you out back and shoot you.

 

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4 hours ago, Burgerwars said:

Nothing new here. Creditors don't like the first guy because he's chasing sign-up offers and obviously has a bunch of new accounts. 

The thing about not releasing their identity because he's worried about repercussions is enough to make me throw-up. If he wants to maintain his privacy, fine, but creditors aren't going to take you out back and shoot you.

 

Pretty sure they also aren't going to google you to see whether you've talked to CNBC.

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