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Try Reconsideration! It works!

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Tuscani
Moderator Emeritus

Try Reconsideration! It works!

Denied a credit card, loan, ect. recently?

 

 

 

Don't Fret! Call or write asking for a reconsideration! Denials are often computer generated based strictly on score. A manual review by an underwriter can often get you the approval you are looking for. I recommend one of the following:

 

 

 

1. Call the number on your denial letter and ask for your application to be reconsidered. If possible, try and get a hold of someone in underwriting. Be prepared to explain the derogs on your report and why you feel you should be approved.

 

2. Send a reconsideration letter. There are no " sample letters" persay for recon. You need to take your denial reasons and plead for reconsideration based on you and your individual reason(s) and your explanations.

 

Here is one I used for a friend who was declined recently (the letter worked BTW):

 

----------

 


Ref: 000000000000000


 


Hello,

I am writing requesting reconsideration of the denial of my recent xxxxxx card application.

It appears I was denied after you pulled my CRA HERE report. While the letter I received did not include specific reasons as to why I was denied, I would still like to go over the potentially negative information on my report.

High Inquiries:

I do have high credit inquiries at this time. Most of these are due to a mortgage and auto lender shopping me around without my permission.

Card Utilization:

I also do indeed have high utilization reporting at this time. This was due to helping a family member in need. I recently paid off my credit cards, and I expect my report to reflect these changes within 30 days.

One Collection Account

There is one derogatory item on my Equifax report that is there in error. I have disputed this with all three credit bureaus. Transunion and Experian have already deleted, and Equifax should be removing it anytime. I expect my Equifax report to reflect these changes within 30 days. I can provide copies of my TransUnion and Experian reports for proof.

You will notice I have no other late payments, collection accounts or, general negative items on my report. I have had credit for 14 years with 22 open tradelines with perfect payment history. I appreciate you taking the time to reconsider my application. I hope my explanation clears things up so I can be another proud xxxxxx card holder and customer.

 

 

 

Sincerely, you
 
Message 1 of 25
24 REPLIES 24
Anonymous
Not applicable

Re: Try Reconsideration! It works!

I shared your suggestions with a coworker who was just denied for a cc.  Do you just send your recon letter to the address on your denial letter?
Message 2 of 25
Anonymous
Not applicable

Re: Try Reconsideration! It works!

But before you do, read through these boards! I actually had a reconsideration letter all ready to mail to Cap One. They denied me a card, despite the fact that I have an auto loan with them with never a late payment in the 18 months it's been open. Then I found out that Cap One jacks you by not reporting the high limit so you are automatically at 100% util. Now I am GRATEFUL they denied me. I tore up the reconsideration letter. Good idea though. Mine was just an odd situation. My score bumped about 80 points recently, and I look forward to laughing maniacally at the Cap One "pre-approved" offers that will start pouring in, and subsequently shredding them. They do soft pulls periodically.

Message Edited by devhip on 05-02-2007 11:43 AM
Message 3 of 25
Anonymous
Not applicable

Re: Try Reconsideration! It works!

I was denied by a credit review board. But then I wrote a letter and requested a face to face and explained my situation in person and was approved. I think the human element still holds true a lot of the time. This was through my credit union. Of course, they did see all the changes on my bureau and that I had proof letters for almost everything. So I will try this in the future but right now 10 cc 5 auto/installment loans is about all I can handle. 
Message 4 of 25
Tuscani
Moderator Emeritus

Re: Try Reconsideration! It works!

Yep! Recon works and has a pretty good success rate!
Message 5 of 25
smallfry
Senior Contributor

Re: Try Reconsideration! It works!

Periodically? They pull my report nearly monthly. I have a CC with them and I paid off a car loan in January that I had with them for 4 years. Wacko company.
Message 6 of 25
girlie
Regular Contributor

Re: Try Reconsideration! It works!

I am currently obsessed with my fico scores and this board has such great information.
 
thank you!
Message 7 of 25
Tuscani
Moderator Emeritus

Re: Try Reconsideration! It works!



girlie wrote:
I am currently obsessed with my fico scores and this board has such great information.
 
thank you!



My pleasure!
Message 8 of 25
Anonymous
Not applicable

Re: Try Reconsideration! It works!

Tuscani,
 
    I just mailed off my letter of reconsideration yesterday. I used your letter as my guide and mine ended up being two full pages.  I thought it was pretty good, and I'll let you know if it worked.  In the meantime, I am now working to get what I believe are invalid lates knocked off my CR. These are the main reason given for my refusal.  Thanks for your efforts, I for one, really appreciate them.
Message 9 of 25
Tuscani
Moderator Emeritus

Re: Try Reconsideration! It works!



KevKaos wrote:
Tuscani,
 
    I just mailed off my letter of reconsideration yesterday. I used your letter as my guide and mine ended up being two full pages.  I thought it was pretty good, and I'll let you know if it worked.  In the meantime, I am now working to get what I believe are invalid lates knocked off my CR. These are the main reason given for my refusal.  Thanks for your efforts, I for one, really appreciate them.


No problem, and good luck! I should state that I am just sharing my knowledge. I certainly did not write nor can I take full credit for this or the other letters have shared. Smiley Happy
Message 10 of 25
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