Credit Card Applications Denied

intparent
Fri, 08 Jan 2010 19:16:11 +0000

I don’t know if I could hate credit card companies (and credit bureaus) any more. I called Capital One, and after 7 calls (3 electronic “dead ends” telling me to wait for my decision letter in the mail, 2 dropped calls, and 2 different people), I managed to get a person who told me that I was denied due to “insufficient progress in paydown of my mortgage”. Huh? I have never been late on a payment. Had the mortgage since 2002. It is a fixed rate. The one odd thing is that it is a balloon mortgage (so in about 8 years I will have to refinance the remainder of it, which will be about 1/3 of the original loan amount).

Of course they can’t tell me which of the three credit score companies gave them this info. So I had to go pull all 3 credit reports. Which are… squeaky clean. No comments like this. I call Capital One back. Two people later, they confirm that they can’t tell me which company gave them the info (which I think is a violation of the Fair Credit Reporting Act), nor can I speak to the person’s supervisor (asked politely, as it is not his fault…), nor is there anyone in all of Capital One who can overrule the decision of the computer system on this credit decision and make a manual decision. Grrr…