What happens to the credit card application after the bank accepts it from the applicant? I have heard that they are bundled together wth other credit card applications and sold off to invetors in the secondary market as financial assets (securities). Is this true? Is this why I can't get it back?
Answer:
They archive them for up to 5 years. They don't sell your actual application but some companies do sell your information to second parties to sell you goods.
Hmm.I don't know.
no. they review your credit history and decide whether or not to issue you a card. where did you hear that securuties nonsense?
No, they're kept on file. It's a legal contract to prove you applied for the card.
My guess is your info gets typed into a computer and the form gets trashed
The answer may be here.
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