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Valued Member
2ndTimeAround2012
Posts: 48
Registered: ‎02-07-2012
0

JCPenney reconsideration letter

[ Edited ]

Please help. I have been trying to get a JCPenney card since I was 18 and have always been denied!!!

GE Bank doesn't like me... lol

 

I have recently read about a reconsideration letter... Something that has never crossed my mind!!! Thank God for this forum :smileyhappy:

 

Anyways, here is a sample of a reconsideration letter I'm planning on sending in.

I would very much appreciate your comments and feedback.

 

Thanks!

 

Hello,

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

It appears I was denied after you pulled my TransUnion report. I would like to go over the potentially negative information on my report.

High Ratio of revolving accounts opened last year:

This is true. My husband and I lost our jobs in 2008 and could not keep up with our payments on our credit accounts. This is the reason why I have sought new credit in 2011 as I'm now rebuilding my credit. I am now more responsible with my obligations. I have a steady job and have an emergency fund to cover my bills and expenses for 6 months if I were ever to lose my job.


High Ratio of revolving accounts:

I have recently paid my credit cards with the high balances. All my cards are now under 30% utilization. I expect my report to reflect these changes within 30 days.

 

Collection Accounts:

I have sent in payment to one of the accounts and am disputing the other as it is on my TransUnion report in error. I would expect TransUnion to update my report within 60 days. I can send copies of letters mailed.


High ration accounts 30+ days past due to accounts opened 3+ months:

I have no late payments in the last 12 months. My open accounts are all current. Like I stated before, I'm rebuilding my credit and have had all my payments current within the past 12 months. I can mail copies of my credit report as they show no late payments.

I hope my explanation clears things up so I can be another proud JCPenney card holder and customer.

 

Sincerely,

ME

Rebuilding Mode!
Frequent Contributor
cassembler
Posts: 470
Registered: ‎02-07-2011
0

Re: JCPenney reconsideration letter

Couple of things:

 

If you're determined to recon, I would recon via phone if the number is available. It's faster and you can immediately answer any questions.

 

However, it appears that you have a ton of store-branded credit cards, with relatively low limits, yet enough cash to cover six months of expenses. What then is the need for another $500 JC Penny card? Are there some really awesome JCP rewards? Or, do you just like to shop? :smileyhappy:

 

Consider instead "gardening" for a bit (letting the accounts age and nurturing them), and then open another, different, line of credit like a car loan or a regular credit card.

 

I guess what I'm getting at is that a few store cards are fine, but the number in your case is imbalanced compared to the rest of your profile, if that makes sense. It could be a symptom of spending habbits that prevent you from achieving better financial stability. Just my $0.02 though... you know the real story much better than I.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: JCPenney reconsideration letter


2ndTimeAround2012 wrote:

Please help. I have been trying to get a JCPenney card since I was 18 and have always been denied!!!

GE Bank doesn't like me... lol

 

I have recently read about a reconsideration letter... Something that has never crossed my mind!!! Thank God for this forum :smileyhappy:

 

Anyways, here is a sample of a reconsideration letter I'm planning on sending in.

I would very much appreciate your comments and feedback.

 

Thanks!

 

Hello,

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

It appears I was denied after you pulled my TransUnion report. I would like to go over the potentially negative information on my report.

High Ratio of revolving accounts opened last year:

This is true. My husband and I lost our jobs in 2008 and could not keep up with our payments on our credit accounts. This is the reason why I have sought new credit in 2011 as I'm now rebuilding my credit. I am now more responsible with my obligations. I have a steady job and have an emergency fund to cover my bills and expenses for 6 months if I were ever to lose my job.


High Ratio of revolving accounts:

I have recently paid my credit cards with the high balances. All my cards are now under 30% utilization. I expect my report to reflect these changes within 30 days.

 

Collection Accounts:

I have sent in payment to one of the accounts and am disputing the other as it is on my TransUnion report in error. I would expect TransUnion to update my report within 60 days. I can send copies of letters mailed.


High ration accounts 30+ days past due to accounts opened 3+ months:

I have no late payments in the last 12 months. My open accounts are all current. Like I stated before, I'm rebuilding my credit and have had all my payments current within the past 12 months. I can mail copies of my credit report as they show no late payments.

I hope my explanation clears things up so I can be another proud JCPenney card holder and customer.

 

Sincerely,

ME


#1, If you're going to recon, do it by phone. There is a sticky with backdoor numbers (try JCP or GEMB). You've already got the HP, so you have nothing to lose by giving it a shot. If you do call, don't volunteer any information. Let them ask you questions and then answer them honestly.

 

#2, You do have a lot of low-limit CCs, mostly store CCs. I'm not sure how old they are. Your letter says you're rebuliding, so it looks like you may have gotten most, if not all, of them in the last year. If so, you definitely need some time to let them age. CCCs don't like it when they see you getting a lot of new credit.

 

#3, You should also PFD for the CA and wait for any erroneous collections to come off before you do more apping.Unfortunately a paid collection has the same effect on your score as an unpaid one. Your letter says that you've already sent payment. If so and you didn't PFD, I'd contact them and see if you can convince them to remove it once it's paid.

 

#4, I'd garden for 6 mos to a year. Otherwise, you'll end up stuck with a bunch of toy limit cards. In the meantime, you might want to open a checking/savings acct at a local CU, so when you're ready to app for a major CC, you'll already have a relationship with them.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: JCPenney reconsideration letter


2ndTimeAround2012 wrote:

Please help. I have been trying to get a JCPenney card since I was 18 and have always been denied!!!

GE Bank doesn't like me... lol

 

I have recently read about a reconsideration letter... Something that has never crossed my mind!!! Thank God for this forum :smileyhappy:

 

Anyways, here is a sample of a reconsideration letter I'm planning on sending in.

I would very much appreciate your comments and feedback.

 

Thanks!

 

Hello,

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

It appears I was denied after you pulled my TransUnion report. I would like to go over the potentially negative information on my report.

High Ratio of revolving accounts opened last year:

This is true. My husband and I lost our jobs in 2008 and could not keep up with our payments on our credit accounts. This is the reason why I have sought new credit in 2011 as I'm now rebuilding my credit. I am now more responsible with my obligations. I have a steady job and have an emergency fund to cover my bills and expenses for 6 months if I were ever to lose my job.


High Ratio of revolving accounts:

I have recently paid my credit cards with the high balances. All my cards are now under 30% utilization. I expect my report to reflect these changes within 30 days.

 

Collection Accounts:

I have sent in payment to one of the accounts and am disputing the other as it is on my TransUnion report in error. I would expect TransUnion to update my report within 60 days. I can send copies of letters mailed.


High ration accounts 30+ days past due to accounts opened 3+ months:

I have no late payments in the last 12 months. My open accounts are all current. Like I stated before, I'm rebuilding my credit and have had all my payments current within the past 12 months. I can mail copies of my credit report as they show no late payments.

I hope my explanation clears things up so I can be another proud JCPenney card holder and customer.

 

Sincerely,

ME


To my knowledge, GEMB backed accounts do not do recons. As always YMMV though.




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