BBVA Compass Bank They are trolling for personal information so they can resell it Birmingham Alabama

"We are unable to offer you a card due to Fraud Indicators”

You have your own answer when you stated.
I went online and completed it, twice over about three weeks,

Why would you apply twice in this period of time?  That would indicate to many banks that something may not be right.

Since there’s no fraud reported on my credit file
- Fraud is not something that is listed on credit reports. The only thing dealing with Fraud is if you put a fraud alert or freeze on your file. In that case you would have had to removed the alert before you applied. If you didn't do that then any request to pull your credit would be denied and show up to a bank as a fraud risk.

A Fraud indicator could also be something as simple as you entered in an address that doesn't match what they had listed. If you were asked to provide previous residence information that may not match. It could even be something as simple as you have an address that includes "Apt. 5" and they have it as "Unit 5".

They seem to have no intention of issuing a card and are trolling for personal information so they can sell it to others.
- Of all of the consipricy theories we hear, this I have to say is probably one of the funniest. Credit Cards have very high interest rates, the money they make off of one person with even a small balance would pay them more than selling 10's of thousands of people's information.

They don't make money on just gathering information...they make money by people using their credit card.  They just want to make sure that the people they issue a card to will pay them back.

Of course one has to ask just how do you think they got your information? Do you really think that they just randomly picked your name out of mid-air?  No you were "Pre-Approved" because they gave the Credit Reporting Agencies a very wide range of criteria to buy a list of people.  It could be people in a specific city, it could be with people who don't have any late payments in the last 6 months.  It could be people who have no other credit cards.  So they then BOUGHT your name along with thousands of others. So for your theory to work they pay money to get your information, hope that you apply for their credit card, have no intention of giving you one, then turn around and sell that information to someone else?

By the way exactly who are they going to sell your information to?