Consumer complaint received 2018-09-02
Company: BB&T CORPORATION
State: VA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
Dear Madam or Sir, In XXXX, I met with my branch banker XXXX XXXX at the XXXX XXXX XXXX XXXX branch. I explained my cash flow issues due to spotty income from business. I had delay in XXXX mortgage payment for extraneous reasons - I then paid the next 3 months of mortgage payment in advance. 

XXXX offered a pre-approved ( subject to credit report ) BB & T credit card with {$5000.00} limit - Two flavors in terms of introductory interest rate vs. longer term rate. I EMPHASIZED to XXXX that in prior 2 to 5 years I had been declined for credit card AND home equity loan due to inconsistent income and high credit card balances. But I was still receiving so-called " pre-approved '' credit card offers due to my no-missed payment record for 23+ years. I told XXXX my credit score still is around 730 despite having $ XXXX in total credit card debt ; also that my annual income can range between $ 30K and $ 50K as I work on commission basis. We agreed it was worth my trying to see if I can obtain additional {$5000.00} of credit as I have new business plans currently underway to take my total income back to the six figure range where it used to be till XXXX. Note that I was receiving LTD benefits privately paid from XXXX to XXXX due to major XXXX and major XXXX for XXXX XXXX XXXX XXXX XXXX that has rendered me functionally XXXX for years. 

Within days my credit card application with BB & T was rejected. I received the attached letter stating this fact and that if I want proper explanation then I need to write to BB & T 's Credit Department requesting such detailed explanation for denial ... 

First, why should I have to write once more to the financial company that itself volunteered to process my credit card application, and then denied it? 
Why is it not mandatory for any rejecting financial company to HAVE TO provide a credit card applicant with full written explanation for denial? 
- I mean, financial institutions are making/mailing 'pre-approved ' offers, getting the consumer 's hopes up only to eventually deny in many cases. BB & T has the right to deny me but then why not extend the courtesy of written justification? 
Please note, I am not angry or frustrated at being denied as I myself forewarned XXXX ( who initially was being helpful ) that my debt to current income ratio could be too high. 

Second, can the CFPB kindly look into this macro-aspect of financial institutions pitching such pre-approval offers and then denying presumably in my case based my high debt-to-income ratio and my relatively lower income? 

- Can we not have a fairer process for consumer whereby the institutions will be REQUIRED to also initially query the credit card offeree 's most recent income level, debt level and anything else that can easily be entered into a basic calculation engine, such that NO HARD CREDIT REPORT PULL will be necessitated? 
- All that happened aside was a multi-point drop to my credit score from BB & T 's pre-approval query. So why not take steps upfront to avoid having to check credit report itself? Surely the bankers can take additional inputs from applicant and tell us on the spot whether our debt to income ratios will let us qualify for new credit card, a high credit score notwithstanding? 

To me, THERE HAS GOT TO BE A WAY TO COMPEL FINANCIAL INSTITUTIONS TO QUERY MORE CONSUMER INCOME AND DEBT PARAMETERS AT THE VERY START THAN MERELY GO BY A HIGHER CREDIT SCORE SUCH AS MINE, BEFORE THEY OFFER A PRE-APPROVAL OF CREDIT CARD.

What does CFPB think of my suggestion here?

Third and last, I was disappointed that my " branch banker '' Mr. XXXX XXXX blew off my two emails to him that clearly asked him to forward my request for written statement from BB & T credit department RATHER than my have to write to them. I emailed XXXX in XXXX and again on XX/XX/XXXX. Never heard back. 
BB & T 's credit department does not allow a rejected applicant to get on the phone even with any of their customer representatives. What kind of consumer deal and discourse is this?! When I called their toll free number in attached letter it is a voice greeting with one-way instructions only! 

I sincerely hope improvements will be made in this arena so that honest, trusting consumers with disqualifying debt-income issues will not have to expend points on their credit score and time in applying in false hope for credit cards that the offererors can easily deny upfront by requesting a little more information from those offerees! 

Thanks, sincerely, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation