Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this6:23 pm
August 18, 2017
Offline
Tangerine keeps saying they need someone to review my application. They said that on August 3rd - they sent me to a page that said "Thank you for applying" - no confirmation email was sent, nothing appeared in my applications tab and the You are pre-approved banner continued to appear on my login screen. I was so confused I applied again on the 4th, the same thing happened. Nobody contacted me within 10 business days that was promised - I called - no record of the application. I applied with the lady on the phone - they sent it in for a credit check - and instead of being approved the woman at first saw no indication any application had been made. When she cross checked she said it needed further review and I would get a call within 10 business days. She said it didn't have a record of my application in the usual place either. Their application relating to the pre-approval said: "
To qualify for this Card, you need to be:
Of the age of majority in your province or territory
A Canadian resident
Clear of any bankruptcies for the past 7 years"
- I'm 3 for 3. It said nothing about approval being based on income. I think I'm being pushed into a never never category so that Scotia/Tangerine doesn't have to admit - and - pardon my french - they're writing cheques their butts won't cash(to paraphrase chief Wiggum). Anybody else have this problem? I saved the page they sent me on the 4th - pointed out the lack of application appearing anywhere/pre-approval banner still existing in an email on the 4th, and have recorded the time and length of my call today, as well as this woman's name and her supervisor - does anybody have any suggestions for my next move to make Tangerine honour their word?
6:52 am
December 12, 2015
Offline
Sounds like there may be something fishy with your credit check. Have you verified your history with Equifax or Transunion to look for errors? Of course credit card approvals are based on income or your current holdings; they want to know you can pay your bills!
6:29 pm
August 18, 2017
Offline
I was in rural minnesota the last week with zero internet access and no access to my paper records - so I apologize for the delay. Interestingly enough I had gotten my credit report the day before I got the preapproval offer and was just waiting for a convenient time to copy my ID(I have no scanner at home) to get my equifax records. Anyway flawless payment history on both, my transunion score is over 800 - equifax, which doesn't keep records past 6 years of last activity on an account has stricken my student loans from its records, so my credit score is in the mid 700s range. Still above the national average of 745. No I suspect the fact that they preapproved me for over 60% of my annual income before they knew my annual income is where the problem is coming from(incidentally they pulled my credit record from trans union less than a month before preapproving me). I suspect they don't want to admit that they lied about the terms of approval so they just sequester my application for 'review' and drop any record of it. I'm not saying it would be sensible to approve me for 60% of my annual income - but they knew I was on disability(though not my income) when they made the offer, and they knew equally well that I was on disability when they stated what conditions applied. I feel the entire process was very dishonest - I would not have bothered applying at all if they said confirming my prepparoval was conditional upon my income. I thought I was offered based off of my credit history and decade long relationship with ING/Tangerine - and the conditions would be what they said they were - silly me.
6:54 pm
April 6, 2013
Offline
The preapprovals I've received for new credit cards and new lines of credit have all been conditional.
I just put one in the shredder earlier today. I was apparently preapproved for a line of credit. Amount and interest rate were given. Small print said it was conditional on verification of income and employment history.
There's no income information in Canadian credit bureau reports. Employment history is only updated there when one applies for credit.
I think financial institutions are required to notify applicants when they are declined. I don't think Tangerine has declined your application. Tangerine may have reduced staffing this month from people taking vacations before school starts next month. Your application may be waiting in a backlog for a person to review.
There is an art to deciding credit limits. Take Warren Buffet. He is worth around US$70 billion. But, his salary is only around US$100,000 a year. If the financial institution is too rule bound, then it will decline his application for a US$100,000 line of credit. 
6:25 pm
August 18, 2017
Offline
Well I just got off the phone with Tangerine - they told me the problem was that I had applied as unemployed(actually it was unemployed/disability). Since I am starting as a Student in September I tried student. They then approved me for a credit limit of $1000. Since the primary use I would have put my new card to is rent and I only wanted to pay once a month I needed a card that my rent could hit once during the statement period and once during the grace period I asked if they could raise it to $2000( My rent is more than $500), Since they had preapproved me for considerably more than $2000. They said I could apply in 60 days. They insisted it was because of the results of their credit check(including my "debt ratio" - my existing credit cards have statement balances of less than 15% of their credit limits). Once again: they knew I was on unemployment/disability when they preapproved me for $9000. They knew what was on my credit record in July. See above my credit score is excellent. They will not grant credit cards to people on disability and will not honour their commitments to people who are not on disability. I have withdrawn all funds from my 10+ year account and cancelled my automatic withdraw program. I am extremely unimpressed. My current feelings can be summed up as follows: "go tell it on the mountain, over the hill and everywhere"
11:45 am
April 6, 2013
Offline
I don't think Tangerine knew. I think it high risk for a lender to give an unsecured $9,000 spending limit to someone unemployed.
Credit histories reflect the past. People's circumstances can change and no lender wants to be first one the person defaults on. It is not just unemployment. Self-employment will do the same thing.
People with pristine credit history find that they can no longer get mortgages, car loans, or lease cars the first few years after they start their own business and become self-employed. It doesn't matter that they are now earning 50% to 100% more than they were at their previous job.
The newly self-employed are lumped into the new small business category. Lenders know that half of the small businesses will fail to make it past their 5 year mark.
I would accept the $1,000 initial credit limit, use the card responsibly, and build a positive credit history with Tangerine.
Don't take the credit scores from Equifax and TransUnion too seriously. There's many different scoring models. If one looks at the fine print, the scores usually offered to consumers, like the Equifax Credit Score, are for "educational" use. It is not the score used by lenders, like the FICO score.
Also, lenders don't always use the scores from the credit bureaus. Lenders can take the info from Equifax and TransUnion and calculate their own instead of paying for the FICO score.
Please write your comments in the forum.