I logged into my on-line banking which had a notification that i am approved for a credit card limit increase if a certain amount. I then contacted my banker to take up the offer and use that to consolidate my debt. The application was declined based on affordability.
so no one takes into account that upon consolidation, i would have no loan repayments as the cc would be used to settle the loan, thus in the affordability calculation, the current to be settled repayments are used to determine ability to repay the credit card.
there should be a brain behind the system for the most innovative bank of the year. also, how was I approved for the limit increase then if the application is declined, was i even ever approved or is it one of those misleading sales tactics to give the bank a call so they can sell you something you dont need.
I still believe i should qualify for the increase, all that is required is a logical banker to see that affordability is not an issue in this case.
0 comments