Every once in awhile the futility of a company policy just gets to you. While the following is meant as a joke, it has an unwelcome ring of truth to it.
Denied Joke
— Sanford P. Blank
My wife received a credit-card application in the mail that she had not requested. She didn’t want it, but I did. So I crossed off my wife’s name on the form, entered my own and returned the application.
I soon got a phone call from a woman saying my application had been rejected.
I asked her why, and she told me the card could only be issued to the person originally solicited by the offer. However, she invited me to reapply, which I did during the same telephone call.
A few days later I got another call to tell me my second application had been rejected.
Why? The woman told me their files showed that I had previously applied for a card and had been denied.
So maybe this guy was better off in the long run not doing business with this company. Sometimes we accept credit card offers we don’t need and may not even use. Having an abundance of available credit is not always a good thing. If, for instance, you are applying for a business loan; while your credit score is good, there may be some risk involved for the lender and he may not be comfortable with that available credit. If you use that credit and incur the debt it may hamper your ability to service the loan debt.
Give some thought to those credit card applications before you send them in.
• Do you really need that credit?
• How will using it affect your cash flow when it comes time to repay?
• Can you get better interest rate elsewhere?
• Are the terms good for the long haul, because you will make minimum payments, no matter what you plan for now?
Good Credit is one of the most valuable assets of a small business owner. Treat it like you would your most valuable tangible posessions, keep it under lock and key and protect it well.
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