Yep, you read correctly. Some consumers could be denied credit cards because their credit scores are…too high.

Gander Mountain, a Minnesota-based outdoors retailer, launched a federal lawsuit against World Financial Network National Bank of Columbus, Ohio, the company that co-brands its store credit cards, claiming it wants to turn away its most creditworthy customers.

The bank apparently wants to deny new credit card applications for roughly 25 percent of Gander Mountain’s customers, namely those with the highest credit scores.

And the sporting goods store is seeking a court order to block the practice, which seems to be nothing more than a numbers game for the bank.

If you think about it, why can’t credit card issuers adjust for risk and reward in both directions – credit isn’t really a right so much as it is a privilege.

Although World Financial didn’t comment on the lawsuit, it’s clear that top-tier card holders aren’t of much value to some companies because they generally steer clear of fees and pay down their balances without accruing interest.

But industry experts say they’ve never heard of card issuers denying potential customers for having excellent credit scores, especially at a time when most companies are only approving the lowest credit risks.

I’ve heard of credit card issuers denying serial balance transfer artists with good credit scores, but this is something entirely different.

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