wrote:
Very confused; I applied for the HSBC Premier World Elite Mastercard mid Dec through my banker. However, I believe the application was processed after the holidays and I was rejected. The letter stated that there was no spending power and too many inquiries. The account was also in overdraft at the time so I understood.
A week later, I deposited an amount to the account for my tuition and a little while after that, I receive the welcome package for the card and today, I received the same letter in the mail except saying they approved my application.
How come they reconsidered my application without my appealing and I don't think my banker did so either since I didn't heard anything?
Probably the same reason that Payday Lenders are in business... to make money. It may seem like someone was looking out for you... and perhaps that same banker followed up on your behalf.
But, my guess is that regardless of that; someone at the bank ultimately knew that they could potentially make a ton of interest income off of the type of consumers that have had a tendency to make financial mistakes.
Thusly, the initial underwriter was overruled; whether it was an automated algorithm, or a manual review... and not necessarily in earnest, but definitely in aid of making money.
