Credit Card Applications Denied

rocketman08
Sat, 09 Jan 2010 23:58:19 +0000

Just a theory but they likely don’t know you have a balloon mortgage since it’s likely not reported as such on your credit report. They may assume it’s a traditional loan and when they look at the current balance and the originating amount from credit data their system throws up a red flag because it looks like you have more outstanding principal than you should (which you do relative to a traditional mortgage). Again that’s just a theory, but it could at least explain how with the limited data on a credit report one could ‘conclude’ that you’ve made insufficient progress paying back your mortgage.

As for Capital One’s handling of the situation, honestly don’t waste your time. Your not their customer and they have no obligation to give you credit. From the data you posted it sounds like they should be happy to have you on their books, but if their screening algorithms don’t see it that way then it’s their loss and not yours. There’s not exactly a shortage of credit card offers out there so shop around and I’m sure you’ll find someone that can give you the product you want with the customer service you expect.