This is why you might not get approved for a new credit card right now. (via CNBCMakeIt)
that with the onset of the last financial recession, consumers had less access to credit of all kinds, including loans and credit cards.
"I'm not a credit analyst, so I don't know what's normal procedure and whatnot," he tells CNBC Make It. He submitted the requested documents and was told he'd hear back in seven to 10 days. In the interim, he's crossing his fingers. Chase did not immediately respond for comment. "I thought if I got a decent credit card, I could afford a PC in that price range and then pay the balance off within the next few months," he says.
"Because credit bureaus do not score on income, not knowing whether a consumer has cash flow is a blind spot for issuers," Bharadhwaj says. For that reason, some customers may see some credit card companies requesting additional documentation to help validate an applicant's identity or to qualify them for a certain credit limit or product offering. and near-prime borrowers will take the biggest hits.
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