A few months ago I decided that we need to get a rewards card to recoup at least some of the money we spend in everyday life. As a result, I investigated different cards and found one that I felt matched our needs the best. I figured we would make most of our bill payments and purchases on the card and just pay it off every month. Reasonable strategy, I think.
It appears the credit card company figured out my strategy. I recently received a letter stating that because I don't have any revolving accounts with a balance my request for credit has been rejected. This is the first time I have ever been rejected for credit. I wouldn't apply for a card that I didn't plan to use, so I have to assume the problem is that the evidence suggests that I will be paying my balance in full every month.
I actually understand this to some degree, so I am not really complaining so much. If this is a standard policy for all banks, though, I may have trouble getting a good rewards card.
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2 comments:
That is amazing. Achtungbb and I always pay off our cards right away. We didn't know that the credit card companys view that as a bad thing. We thought they'd be happy they were getting paid on time. Very interesting.
Yeah, they want you to pay late and not pay off your credit so they get the full advantage of sticking you with high credit and late fees. We've learned a lot about credit cards with dash working at citibank...well their collection policies anyway.
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