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Regretting apping for Barclay's preselected rewards mastercard offer letter

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john398
Senior Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no

Message 11 of 32
DrZoidberg
Established Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@john398 wrote:

@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no


High utilization and a lot of inquiries is a bad sign and sends a flag in the system. We can go in circles and I really don't feel like doing it. The fact the recon is available is crazy. Sometimes it works sometimes it doesnt. 

Message 12 of 32
Revelate
Moderator Emeritus

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@DrZoiberg wrote:

@john398 wrote:

@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no


High utilization and a lot of inquiries is a bad sign and sends a flag in the system. We can go in circles and I really don't feel like doing it. The fact the recon is available is crazy. Sometimes it works sometimes it doesnt. 


It's a symptom of the loose credit market currently when it comes to credit cards in my opinion; also there's a non-zero chance that the underwriting algorithms aren't changing fast enough to maintain maximum profitability in the current market.  Chase executives certainly know the recons are happening, if they felt it was bad for business, they'd kill it.  That said, Amex does still have the lowest default rate in the industry and it's virtually impossible to recon with them other than if something has changed on your credit report in the intervening time from when they last SP'd you as a current member... in which case they'll pull again (HP this time) and if you don't pass go, you don't collect $200.  Heh, that Monopoly reference is sort of appropriate with the current marketing offers for card, but I digress.

 

If we go back to partying like it's 2007 again, recons will likely be gone overnight along with a large number of approvals and current credit lines.  

 

I did recon my Chase Freedom, was rather surprised by the denial in the first place, and their bankers certainly consider me to be a good customer now for whatever that's worth... Moar deposits plz!

 

ETA: cynical viewpoint - are recons just a marketing ploy to help with customer stickiness?  Certainly reconning is well publicized on various blogs and websites including this one, does it drive customer loyalty if they're seen as being willing to work with you? 




        
Message 13 of 32
john398
Senior Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@DrZoiberg wrote:

@john398 wrote:

@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no


High utilization and a lot of inquiries is a bad sign and sends a flag in the system. We can go in circles and I really don't feel like doing it. The fact the recon is available is crazy. Sometimes it works sometimes it doesnt. 


you could PIF everytime and still have high utilzation because its whats on your reports, on manual review they would see that you are making large payments, yes we could go in circles, I am just saying high utilzation could mean a person doesn't know they should report low amounts every month, I belive pleading your case to an analyst is a way of having a 2nd look

Message 14 of 32
DrZoidberg
Established Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@Revelate wrote:

@DrZoiberg wrote:

@john398 wrote:

@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no


High utilization and a lot of inquiries is a bad sign and sends a flag in the system. We can go in circles and I really don't feel like doing it. The fact the recon is available is crazy. Sometimes it works sometimes it doesnt. 


It's a symptom of the loose credit market currently when it comes to credit cards in my opinion; also there's a non-zero chance that the underwriting algorithms aren't changing fast enough to maintain maximum profitability in the current market.  Chase executives certainly know the recons are happening, if they felt it was bad for business, they'd kill it.  That said, Amex does still have the lowest default rate in the industry and it's virtually impossible to recon with them other than if something has changed on your credit report in the intervening time from when they last SP'd you as a current member... in which case they'll pull again (HP this time) and if you don't pass go, you don't collect $200.  Heh, that Monopoly reference is sort of appropriate with the current marketing offers for card, but I digress.

 

If we go back to partying like it's 2007 again, recons will likely be gone overnight along with a large number of approvals and current credit lines.  

 

I did recon my Chase Freedom, was rather surprised by the denial in the first place, and their bankers certainly consider me to be a good customer now for whatever that's worth... Moar deposits plz!

 

ETA: cynical viewpoint - are recons just a marketing ploy to help with customer stickiness?  Certainly reconning is well publicized on various blogs and websites including this one, does it drive customer loyalty if they're seen as being willing to work with you? 


Oh I'm not against recons either. That's how I got my CSP. But I do think people take them for granted and some get mad when they don't work. I hope the wide publicity doesn't make them go away. Like BoA seems to change their recon number quite frequently . Only one for them I could find was a Spanish one. 

Message 15 of 32
longtimelurker
Epic Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter

I would guess (just a guess) that people recon only a very small percentage of total rejected applications.  While well-publicized here and other blogs, the general public is largely unaware.   You apply, you get rejected, you move on would be the standard expectation I would think.

Message 16 of 32
mrlh1980
Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@john398 wrote:

@DrZoiberg wrote:

@john398 wrote:

@DrZoiberg wrote:

@EndlessRoad wrote:

Barclays recon is the best I've dealt with, Chase is horrible in my opinion but everytime I've recon'd Barclay I got something.  Worst thing you'll get is a No, and at least you'll know.


I think Chase is great, and this is coming from recon failures with them. Most say they suck because they don't have the credit to get recon'd. If you can explain and can show your credit is good on paper and not just an algorithm then they will try. 

 

Really any recon should be a no. They have those algorithm standards so they can prevent future write-offs of bad debt. Being able to circumvent their standards by calling an analyst is crazy in itself. 


sometimes there are circumstanes like high util or inquires that can be explained, such as trying to get certain rewards, or a unexpected emergency purchase, I do not think any recon should be a no


High utilization and a lot of inquiries is a bad sign and sends a flag in the system. We can go in circles and I really don't feel like doing it. The fact the recon is available is crazy. Sometimes it works sometimes it doesnt. 


you could PIF everytime and still have high utilzation because its whats on your reports, on manual review they would see that you are making large payments, yes we could go in circles, I am just saying high utilzation could mean a person doesn't know they should report low amounts every month, I belive pleading your case to an analyst is a way of having a 2nd look


That's not true. I have all my account due on the 5th, 6th, or 7th of every month. I make the payments to all of them on the 3rd which works GREAT for me. This way I can have them report around the same time. If I can do it so can others. I went from 5% utilization (last month) to 2% (this month) just buy paying in full all accounts and allowing 5 accounts to show small charges.
"Fools trade their SOULS for gold in an attempt to take control of things they can't control."
Message 17 of 32
Revelate
Moderator Emeritus

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@longtimelurker wrote:

I would guess (just a guess) that people recon only a very small percentage of total rejected applications.  While well-publicized here and other blogs, the general public is largely unaware.   You apply, you get rejected, you move on would be the standard expectation I would think.


I don't know.  When something goes awkwardly in my life I turn to Google personally, and I'm late Gen X even: Gen Y or younger generations probably would do the same with even more alacrity than I do just given the continued progression of technology.

 

You might be right the percentage might be small in aggregate, but I'm confident it's increasing over time, and I suspect it's not a trivial percentage now even.




        
Message 18 of 32
longtimelurker
Epic Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@Revelate wrote:

@longtimelurker wrote:

I would guess (just a guess) that people recon only a very small percentage of total rejected applications.  While well-publicized here and other blogs, the general public is largely unaware.   You apply, you get rejected, you move on would be the standard expectation I would think.


I don't know.  When something goes awkwardly in my life I turn to Google personally, and I'm late Gen X even: Gen Y or younger generations probably would do the same with even more alacrity than I do just given the continued progression of technology.

 

You might be right the percentage might be small in aggregate, but I'm confident it's increasing over time, and I suspect it's not a trivial percentage now even.


What's "Google"?

 

Yep, you may be right, and just my generational bias (and UK upbringing, "always better not to make a fuss dear!")

Message 19 of 32
masscredit
Valued Contributor

Re: Regretting apping for Barclay's preselected rewards mastercard offer letter


@ddemari wrote:
Out of curiosity/ couldn't help myself went to check application status and saw it immediately saying we can not offer you credit message.
Which I have never seen so quick before.

On the preselected letter they spelt my name
Incorrectly (Dem... instead of De M...) when i checked status of barclay card logging in with De M.... The new inquiry is not there but the apple visa is. My hesitation with recon is i think i entered a little bit higher of income than apple card. But maybe its as simple as verification purposes decline lol?

I wouldn't worry about it. I've never had a credit card company want verification of income and I don't think they will be looking to verify every penny. Not like you said you make $750k when it's really only $25k.  Go for the recon!

 

I have 5 of those pre-seclected apps that have come in over the last 2 months. I thought I was special! Smiley Happy  Well, besides that, I thought a person would be more likely to be approved if they receive something like that.  I believe my scores were in the mid-600s when I was approved for my Barclay's Apple card. Was approved for $1300. and reconned to $2k. That later grew to $3700. and then to the current $5500. Hoping for another auto-CLI any day/week now.

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 20 of 32
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