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My wife is a recent immigrant to this country, so we've been looking for
an opportunity for her to begin establishing a credit history. She's in
the process of having some fairly expensive dental work done, and the
dentist's office told her about a "Care Credit" card from G.E. that
offers 0% interest if the charges are paid off within 12 months. We
decided to apply jointly for the card.
We recently refinanced our mortgage, so I know that I have a squeaky
clean credit history and a high FICO score; my wife, or course, is a
blank slate. Our debt-to-income ratio is less than 15%. Needless to
say, I was surprise to be turned down for a $1,000 account, and I've
been waiting with some curiosity for them to send us their reason for
not approving the application.
It came today: "unable to qualify both applicants"
In other words, no reason given at all. I'm wondering if the FCRA,
which I believe is the relevant law, says anything about whether the
reason given has to be meaningful.
I'm also curious as to whether a financial institution can deny a
credit application because an applicant's financial situation is "too
good". In other words could they legally deny our application because
our financial situation makes it obvious that we actually will pay off
the account during the 0% interest period, which is obviously not what
they want.
Thanks!
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Ian Pilcher i.pilcher@comcast.net
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