Do banks store information from credit card applications?

[Lobogris]

If a customer applies for a credit card with a bank and the application is declined, does that bank store the information provided by the applicant in their system? We hear how the leads/ applications get ‘deleted’ after a certain period. Surely, the bank would store it in some database connected to the PAN. That way if the applicant reapplies and claims a different occupation or different income level, they could cross check with the earlier data. In addition, they are bound to want to reassess whatever negative information they had that led them to decline the earlier application and make sure that it is now OK to issue a card. This is likely why people don’t easily get preapproved offers after rejection even if they open an account and keep decent funding. I would appreciate if people working in the filed could share some inside information.

 

[D₹V]

If a customer applies for a credit card with a bank and the application is declined, does that bank store the information provided by the applicant in their system? We hear how the leads/ applications get ‘deleted’ after a certain period. Surely, the bank would store it in some database connected to the PAN. That way if the applicant reapplies and claims a different occupation or different income level, they could cross check with the earlier data. In addition, they are bound to want to reassess whatever negative information they had that led them to decline the earlier application and make sure that it is now OK to issue a card. This is likely why people don’t easily get preapproved offers after rejection even if they open an account and keep decent funding. I would appreciate if people working in the filed could share some inside information.

IMO you can apply as Salaried even after 6 months later if you applied as Self Employed earlier.

Nothing wrong in this as long as you have proofs & anyone can change their employment type.

And bank stores the data.

Above points mentioned in your post are checked mostly when a super premium card is issued to a customer.

 

[RkrRkr is verified member.]

If a customer applies for a credit card with a bank and the application is declined, does that bank store the information provided by the applicant in their system? We hear how the leads/ applications get ‘deleted’ after a certain period. Surely, the bank would store it in some database connected to the PAN. That way if the applicant reapplies and claims a different occupation or different income level, they could cross check with the earlier data. In addition, they are bound to want to reassess whatever negative information they had that led them to decline the earlier application and make sure that it is now OK to issue a card. This is likely why people don’t easily get preapproved offers after rejection even if they open an account and keep decent funding. I would appreciate if people working in the filed could share some inside information.

After certain period lead gets deleted permanently. The moment you are apply afresh then they are fetching datas from Credit bureaus and conditional decisions has been taken based on the fetched data.Further based on the documents submitted ,their back end team would decide the final outcome.Thats all.

 

[aayusharyan]

After certain period lead gets deleted permanently. The moment you are apply afresh then they are fetching datas from Credit bureaus and conditional decisions has been taken based on the fetched data.Further based on the documents submitted ,their back end team would decide the final outcome.Thats all.

This depends from bank to bank, but ideally 6 months on avg for all banks to delete your lead id and take it as fresh... (However, they still keep the history of applications by the same PAN Number, or atleast SBI does, the customer care rep was able to quote applications which I made in as back as 2019).

 

[RkrRkr is verified member.]

This depends from bank to bank, but ideally 6 months on avg for all banks to delete your lead id and take it as fresh... (However, they still keep the history of applications by the same PAN Number, or atleast SBI does, the customer care rep was able to quote applications which I made in as back as 2019).

Credit enquiry data held with CIBIL for a period of 3 years from enquiry.Banks easily come to know by fetched cibil soft or hard enquiry data.

 

[aayusharyan]

Credit enquiry data held with CIBIL for a period of 3 years from enquiry.

Ahh with Credit Bureaus, yeah. They keep credit enquiry history for last 3 years. I think others as well, not just CIBIL.