I recently applied for an ICICI bank credit card, and was most surprised to see that my Application was denied. The man on the phone was most rude and told me that my "credit rating" was bad.
All my colleagues, with the same pay packages have all had their applications approved.
This is most ironic, cause, I do the same for a living. I accept/deny people loans based on my evaluation of the risk to my client (summa konjom sood :D)!
Now, thinking about a few possible reasons why my application got rejected.
I realise how idiotic I have been while applying for the card
1.) Banks routinely check for name-email matches, because many models suggest that people with the name -email matching are much liklier to be genuine.
Now my name is Ashwin Sekar, and the email id I gave them was firstname.lastname@example.org
Their matching algorithm must be pretty inane if they could not pick up the 'Sekar' common to both. But still, I could have been more careful
Another mistake I did, was I did not declare that I had a computer and a telephone connection at home. Why I did not is pretty much a mystery to me now. It would have been treated as an asset thery improving my rating.
Pretty idiotic of me..
Now I have thought about the options I have to get the credit card I desperately need.
1. I can call up the bank and tell them about the problem and try to get myself approved. But this is most likely going to make the bank think that I am a desperate Customer and make them all the more reluctant to issue the card to me.
2. This seems a better way to me, although its more of a long term plan. The strat is to apply to many banks, and once they have gone through the preliminary checks, which anyone will surely pass, call them up and tell them that you no longer need the card.
This measure is guaranteed to boost up your credit rating( you are not desperate) and banks will be falling over themselves to give cards.
3. This is the best, Insider information from citibank and HDFC suggest that their algorithm for issuing credit cards is :
1st step: Graduate ? if Y -> Engineer? if Y --> Software Professional?? y -> issue credit card
V Check salary and verify address? oK? then issue card
If No---> a plethora of checks
So the easiest way is to convince them that I am a software professional.
How I am gonna manage that is another different story altogether :D