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Capital One sites Worsening Economic Conditions for Refusing Credit Cards

Personal_Finance / Credit Cards & Scoring May 05, 2009 - 04:28 PM GMT

By: Mike_Shedlock

Personal_Finance

Here is an interesting email from "Scott" who was denied a credit card from Capital One, on the basis of "worsening economic conditions" in his area. "Scott" says he has a FICO score of 800. From Scott .....


Hey Mike,

I attempted to sign up for a new rewards style card from Capitol One. A few days prior I got my FICO score which is 800, with no balances. Capitol One denied me online, and said they'd send a mail as to why.

A few days back I got their response:

"Based on the application information for Scott E*******, there are worsening economic conditions in your area."

They also state that, "We did not request a copy of your credit file and therefore no inquiry will be placed on your credit report."

There you have it, a credit worthy borrower denied credit just because I live in Tampa.

Scott

Scan of Letter


One case does not a trend make, but redlining appears to be back in vogue. We have gone from redlining to reverse redlining (seeking out the worst possible credit risks after the Bankruptcy Reform Act of 2005), back to redlining in front of new card rule changes from Congress.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2009 Mike Shedlock, All Rights Reserved

Mike Shedlock Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Mark G
19 May 09, 15:41
Capital One sites Worsening Economic Conditions for Refusing Credit Cards

Mike,

I got the same exact letter from Capital One dated 4-18-09. My FICO is 790 and even have an existing credit card with them! Can a good lawyer sue them for discriminating against a person just because of where one lives? I live in Miami, FL. As a tax payer in the 35% bracket, my taxes are supporting a bailout for these folks while they are dening a card to the people who feed them?? This is BS!


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