Write a professional-quality letter advising applicant Robert Garneau-Hadfield that his application for a Bank of Montreal Gold AIR MILES MasterCard has been declined.

Facts that are relevant to the decision are as follows:

1.            You are writing this letter on behalf of your supervisor, Bjarni Tryggvason, whose title is Manager, Credit Services. However, the recommendation to decline the application was yours.

2.            To qualify for the Gold Card the applicant must:

a.            Have at least one year of employment with the same employer;

b.            Own a home for at least six months, or rent the same home for at least one year;

c.             Have an income of at least $45,000 per year;

d.            Have a credit rating acceptable to Bank of Montreal.

3.            To qualify for the standard AIR MILES MasterCard the applicant must meet the same eligibility requirement as for the Gold Card, except that the applicant must:

a.            Have an income of at least $25,000 per year.

4.            As of the date of application, Robert has owned a home for 13 months, had an income of $42,500 in 2020, and has an acceptable credit rating.

5.            Roberta took a new job with a new employer on February 1, 2020.

6.            The Gold Card has the following benefits:

a.            Minimum credit limit of $5,000.

b.            Collision damage waiver insurance on cars rented with the card.

c.             1 AIR MILES reward mile per $20 of purchases.

d.            Annual fee of $99.

7.            The bank has another credit card with easier eligibility requirements. This standard card has the following benefits:

a.            Minimum credit limit of $1,000.

b.            1 AIR MILES reward mile per $40 of purchases with no annual fee.

c.             1 AIR MILES reward mile per $20 of purchases, if an annual fee of $40 is paid.

8.            If any other information is missing that you feel is required or necessary, feel free to make reasonable assumptions. Please state the assumptions separately from your letter, so that I know what they are when I grade your letter.