Visa Card – DENIED!15:58:18
Jun1
During my first week, I applied for a Small Business Visa card and then one week later was told it would take 10 to 14 business days until I would get a decision on my application by way of snail mail.
Well, one whole month later I got the decision letter in the mail. Guess what. I was denied. Want to know the reason? The letter said, and I quote:
We have made ever effort to approve your request; however, after careful review, we are unable to approve your request because:
Your business has not been open for a sufficient length of time.
Of all the reasons to deny a credit card application, this one seems like the dumbest. This goes right back to the bootstrapping problem. How am I supposed to get a business started if you don’t give me a credit card to make initial purchases, etc?? My business certainly won’t be around for long that way.
You don’t want to give me a credit card? Fine. I can easily find another bank that will issue me a Visa card, no problem. Guess what, when they issue me one, I will have no need to get one from you anymore. Where is the logic in this decision?
Please note, I’m not upset about being denied. I wasn’t holding my breath on a positive decision after not hearing from them for 2 or 3 weeks. I have good credit and will get a card from somebody. I’m just confused on behalf of the bank about how they get any business this way? I’m a shareholder of this bank… maybe I should reconsider…
The solution to my current plight may be easily remedied since I have a consumer Visa card I have never used that I could just re-appropriate for the purposes of my company. I don’t think the fact that it’s not specifically labeled a “business credit card” will stop anyone from accepting it.
Color me confused.
Popularity: 37% [?]
4:02 PM on June 30th, 2009
I think the whole bank crisis, has banks being more protective over their money. Its one thing that makes the most sense.