Not Giving Credit Where Credit’s Due

One of the nation’s wealthiest men wanted a new Visa credit card--but Visa wouldn’t give it to him.

James L. Clayton, whom Forbes magazine has named No. 399 in its annual list of the nation’s 400 wealthiest people, applied for a Bank One Visa card offered through the American Assn. of Retired Persons.

He was notified last week that the application had been rejected.

“I have been reading that banks are being very conservative these days when it comes to extending credit,” said Clayton. “Now I believe it.”

Clayton is chairman, president and chief executive of Clayton Homes Inc. Forbes magazine listed his personal net worth at $265 million.

Clayton’s unsigned rejection letter cited frequent requests for information about his credit as one reason for the rejection.

Clayton said he plans to appeal.

“I do not, by any stretch of the imagination, have excessive debt,” Clayton said, adding that he pays his credit card bills in full every month.

Clayton said he had planned to use the AARP Visa card to replace a Visa card he has held more than 20 years.