01-08-2013 07:02 PM - edited 01-22-2013 05:18 PM
How does one recon a credit card denial?
Also what should you do in preparation for the phone call...
01-08-2013 07:04 PM
i write everything down before i talk to CSR.....
01-08-2013 07:06 PM - edited 01-08-2013 07:07 PM
Do you know the reason for denial? Also know what is in your credit report and be prepared to explain anything on it, especially anything that they may view as negative. Eg, alot of inquiries, high debt, late payments etc.
Sell yourself as a good customer!
01-08-2013 07:25 PM - edited 01-08-2013 10:02 PM
I felt the wrath of Christmas utilization in combination with mid cycle reporting.
It caused my online app for an Amex bce to be denied.
I was sent a score of 716 and I know it would've been well over that had I not had high utilization showing. Everything currently has a zero balance except my charge card which is at roughly %3 of the most I've ever pushed through it in one month.
They also cited my vehicle loan which is a little over %25 paid (14 months in to a 60 month loan)
And lastly my aaoa is too young. My oldest card is 23 months old and I've had an Amex for 16 out of the 23 months that I've been building my credit.
I always pay everything on time and in full.
01-08-2013 08:16 PM
your credit file look more than good enough for approval.
I would call them up and explain situation.
ASk them look at your current Amex account with good payment history.
Also look at other credit card company with most on time payment. TEll them you in your way to build your credit and really love their charge card and now want their revolve rewards structure.
01-09-2013 01:42 AM
"please please please pleaseeee"
^^, all good advice here. Basically be ready to discuss anything in your report that has been seen as negative.
Point out the good things 4-5K CL, payment history, auto loan, etc.
Emphasize hpw you will/ have paid for your balances to zero.
Tell them you will be making big payments instead of the minimum.
01-09-2013 06:33 AM
01-09-2013 03:20 PM
01-14-2013 08:09 PM
01-14-2013 08:13 PM
Nice congratulation.....You should call them and ask for the limit they should able to tell u right away
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.