Declined

I was reviewing my finances for the past 2 months just to check if I am overspending for something that isn’t really a need. Sometimes, I have this attitude of buying something just to say I have something even if there’s no immediate need to have those. I remembered that I did apply for a Banco De Oro Shop More credit card and I was anxious to know the status since it’s been a month since I passed my application.

The reason for getting another credit card is not just for another card to place in my wallet (I actually resigned to the fact that credit cards shouldn’t be carried everyday unless you are to spend for something for the day so that when unfortunate incidents of having your wallet snatched, you won’t have to worry much about re-issuances of cards) but because I am eyeing a computer system for use with my small time business. Currently, I operate using my used and abused (no pun intended) laptop which is still okay sans the battery as I need to operate with AC power on always. The computer that I am eyeing is available for 0% deferred payment with BDO cards only and as such, I thought that it would be better for me to avail for a credit card, have it charged there and pay light every month. Besides, ROI is quite easy with the LOB that I am currently undertaking and I don’t have any problems paying for it anyway.

However, upon checking with the call center of BDO, they told me that my application was rejected and I can re-apply after 6 months. Not that I am shocked but I am quite curious what was the reason for my application rejection. My requirements are actually complete and our HR has confirmed that a credit investigation took place and all the while, I was expecting that I can get the card as soon as possible (OR maybe my gross monthly income is too small for them to accept my application. See how poor I am. 😛 ).

After confirming the demise of my credit application from the call center agent, I asked what was the reason supplied by the bank but the agent told me that no reason was given but I can re-apply in the future. Fine. Whatever. I might not re-apply again at all for the frikkin reason that I don’t know what was the basis of my credit card application. Where did I go wrong? Was it the requirements, the CI, the finances, but that’s something I don’t know.  I guess BDO SHOULD inform their credit card applicants, WHATEVER is the outcome of their application. They shouldn’t be too restrictive in disclosing information about an applicant’s application status as these applicants TRUSTED you too with their confidential information such as finances and other identifiable information for the sake of proving that they are indeed legitimate customers seeking for your services. And please, don’t let your bank agents doing some confirmation using a non-company e-mail. A certain agent called me in my office and re-confirmed my application information details and yet he requires me to submit copies of requirements to a non-BDO e-mail address. I am not yet insane and stupid enough to send requirements to an e-mail I don’t even know if he/she owns it. It’s quite easy to pose as someone from this company over the phone as anonymity is effortless to do over the phone.

But this incident doesn’t stop me from finding other means of securing a way to get funds for my computer set. Either that, I can use my existing credit cards to find a shop that has the same offer or get a cash loan and pay it on the same terms as if I charged it to a credit card. Who knows, the shop might give me a cheaper price as I pay it in cash.

Oh well, I thought BPI is the worst credit card when it comes to applications but I think the ease of services they offer erases all the “pains” one has to experience from getting it. At the least, BPI makes way to inform their applicants of their application status unlike BDO who just “throw” the application of rejected applicants without informing them of the reasons why it came out that way.

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2 thoughts on “Declined

  1. I guess its part of the bank’s policies to not disclose the reason why you are not approved or else, everyone would know how to fool around the strict investigations that must happen.

    Also, you must know that outsourcing happens not just in I.T. I am not sure but maybe that happened. Credit investigation is not part of the banks’ core competencies and that probably the person who did contact you is not part of the bank. I’m sure that if outsourcing happened, your finances are covered by strict procedures of non-disclosure.

  2. Oh, “strict” investigations. So in the context that you are referring to, it seems like you are saying that I was a hoax applicant. You are getting the wrong message as my identity was already confirmed and so your line of fooling with the “strict investigations” is moot.

    I know also that outsourcing is not just for IT alone HOWEVER, the person who did call me introduced himself as someone from BDO. Clear enough? And your last line is a big taboo. I don’t think that happens as stated in my other blog entries.

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