Sorry, You Don't Qualify!

What is it with these credit card companies? Almost every week, my wife or I get credit card applications in the mail offering high credit limits, low introductory interest rates on balance transfers, and (usually) no annual fees. All you have to do is provide every possible form of contact information, some personal information for security purposes, employment information, and financial information. Then sign it, attach the special sticker, and send it off. Sounds like a shoe-in, right?

Guess again! Invariably you will receive a letter telling you, sorry, but you do not qualify for their credit card offer. If you follow this up with a phone call to find out why, you will be told that you already have too many credit cards, or that your combined available credit exceeds your current income, etc., etc., etc. In fact, it soon becomes clear that the credit card company has more information about your financial history and situation than you do! (and you've just given them a whole lot more personal information for their database, free of charge!)

So tell me, why do they bother to send you an application in the first place?!!! Credit card companies, do your homework first and quit wasting our valuable time! Only once did I get an application that was pre-approved. That company had obviously done it's homework and wrote to tell me that I qualified for their offer. All I had to do was sign and send in my acceptance form. Do that, and you've got a customer. Everything else will be going straight into the shredder!