Recently applied for a Citibank CC after getting an offer for points etc. Had a Citibank CC which I only cancelled last year so thought would be easy.
I dont have any debts other than mortgage, but have a lot of equity. Reasonable income and no loans etc. Have the usual ozbargainer 28 degrees card and a CC from the bank with the mortgage (both paid off monthly).
My application got rejected almost immediately. When I rang I was told that it was nothing to do with my income, assets or expenditure, but was that the credit rating company had some sort of arbitrary limit on credit and the minimum limit for this card was above what they said was my limit. I checked my credit rating which is excellent and the person I spoke to at the company had no idea what I was talking about when I mentioned this limit (though this was a Philippines call center and I was asking something not on the script). I rang the ombudsman who had not heard of this either.
Again, I note that they were happy to give me a CC 2 years ago and my financial situation is the same (if not better).
I dont care about the credit card but I want to know what this limit is and how it is calculated. I am also concerned that I now have a rejection for credit on my record which may effect any future applications.
Has anyone ever heard of this before.
Credit Score Credit Limit