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Member
Posts: 14
Registered: ‎09-30-2008
0

Reconsideration Letter

[ Edited ]

Hi:

I recently was denied by Best Buy for a credit card where both my Wife and I would have been cosigners for a joint account. This really nonsense because one year prior they approved me by myself for $750, but I chose not use the card b/c they wouldn't approve me for the amount of the item that I wanted to purchase, a laptop, thus also qualifying me me for an 18 months same as cash promotion. We were hoping for $1,000 to buy new Verizon/Motorola/Google Android phones, but we were denied.

 

Frustrated, I went over to Sears and I applied for a card, by myself, again hoping for $1,000 and I was instantly approved for $7,000 through Citibank. As an aside, I checked the Wife's credit score/report and nothing weird is going on there, it's been the same average score since February 2009 at 675, no fraud, no monkey business.

 

I read something about writing a reconsideration letter and I decided to write one to Best Buy-HSBC Las Vegas, Nevada. They have received my reconsideration letter and are "reviewing it." I'll let everyone know the outcome.

 

Does anyone else have a a reconsideration letter story to share?

 

Message Edited by Esu123 on 11-24-2009 07:57 AM
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Reconsideration Letter

[ Edited ]
Count yourself lucky. It's not smart to get a joint CC. One of you can make the other an authorized user on most cards. AU accounts are still scored for FICO scores (they changed their minds on this one.)

If one of you were to have some sort of financial catastrophe (uninsured medical bills, etc) on down the road and have to include the card in BK, the other would lose access as well.

For the financial health of the couple, the best bet is to hold credit separately, except for the mortgage, and make one another AU on cards that would be helpful for both to carry.

I didn't mention the Big D, but that's also obviously the other big risk of joint credit. But no one ever believes it might happen to them, so think about things from the BK angle and other financial/ credit risks.


eta: sorry, I broke one of my own rules above. Smiley Tongue If you do want to recon your application, check the Frequently Requested Threads thread (stickied at the top of many boards plus in my siggy) and look for letters there.

Has your wife ever had past problems with HSBC --charge-off, BK, etc.? HSBC issues the store card and the MC, and if they have issues with her on some past account (not necessarily Best Buy), that might have tanked the app.

If you want to recon, I'd wait for the denial letter to see which reason they give. Do call their back-door number for recons to make sure that they're mailing one. That seems to be the latest trend among banks --not bothering to mail the letter with the code for the free credit report upon denial.
Message Edited by haulingthescoreup on 11-24-2009 09:54 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
Posts: 14
Registered: ‎09-30-2008
0

Re: Reconsideration Letter

Haulingthescoreup:

 

Thanks for the tip on joint accounts. Who would ever know that joint accounts are a bad thing? It is hard to believe, but adding my Wife as an authorized user is easy enough. As an aside, since I'm not a regular in the forum, avoiding the abbreviations would make your wisdom easier to understand on an intuitive level; for example, what's Big D? Death, Debt, or Doughnuts?

 

 

New Contributor
Posts: 50
Registered: ‎10-19-2009
0

Re: Reconsideration Letter

I believe he was referencing divorce.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Reconsideration Letter

Definitely a good idea to review the abbreviations list (in my sig line), cause most posts will have them.

 

Smiley Happy

 

 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Reconsideration Letter


Esu123 wrote:

Haulingthescoreup:

 

Thanks for the tip on joint accounts. Who would ever know that joint accounts are a bad thing? It is hard to believe, but adding my Wife as an authorized user is easy enough. As an aside, since I'm not a regular in the forum, avoiding the abbreviations would make your wisdom easier to understand on an intuitive level; for example, what's Big D? Death, Debt, or Doughnuts?



lol, Big D = divorce, although I'm pretty sure that this one isn't on the frequent abbreviations list. Smiley Very Happy

I'm not being flip about divorce by any means --it happens a lot, and sometimes both parties see it coming, and sometimes they don't. No one wants to think it will happen to them, and people are downright superstitious about the whole issue. But divorce can play havoc with personal credit, even in those instances where both parties behave themselves. Just having all that history entangled with one another --the only safe thing to do is to close down perfectly good accounts, because there is pretty much no way on earth to remove a joint user from an account.

And it doesn't matter what the divorce decree says. You'd better believe that if someone's name is on that account, and it goes sour 10 years later, the creditors are most definitely going to come after that person, decree or no decree.

Back in my semi-brief period of listening to country, I loved this song by Mark Chesnutt (the link doesn't have the whole song, unfortunately):

Six short months we went together
Decided it should be forever
Two paychecks are better than one
A diamond ring and it was done

I bought her a house like I said I would
In a subdivided neighborhood
The fuse got short and the nights got long
It was over long gone, before I knew
Where I was headed to

I'm goin' through the big D and don't mean Dallas
I can't believe what the judge had to tell us,
I got the Jeep, she got the palace
I'm goin' through the big D and don't mean Dallas

Things like this are never final
I'm still paying on the vinyl
Flooring in the laundry room
It's multicolored and waterproof

It's a little bit tough to face my friends
The ones that said that I jumped in
The river of love a little too soon,
That was August, this is June
And it's a different tune...
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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