@MontegoMack wrote:
What does the "egyptian" reference mean??
Being an "Egyptian" is kind of a self-depricating term that we say on these boards if you get denied by a creditor for Pyramiding.
Pyramiding has a few definitions... taken on too much credit too fast - can be a concern to creditors if you happen to eventually use it all.
Also and more probably accurate is when someone pays off existing debt w/new credit and repeat it over and over again. Creditors will deny if they believe that they are seeing this kind of trend in your credit reports and worry that the creditor does not have the income to support the debt on persons file.
So we joke on the boards that we were denied for being an "Egyptian"
It does not mean its true.. its just how some of us may be perceived.
Sometimes, it takes a little explaining to the bank to be able to recon such a denial.
