12-06-2010 05:36 PM
Be Nice! Try to make a little conversation and get them to like you it will be harder to say no and you might get a higher limit. That is as long as your report doesnt have anything that completely rules you out of whoever you apping at. Good Luck!
12-07-2010 12:05 AM
Everything mross said.
In addition, craft a well-reasoned argument as to why you should be approved before you get on the phone with them. You are now in the position of having to convince them that they had you pegged all wrong and actually you will be an asset to their customer base. You need to know what you are going to say and present it with confidence.
Play up on the positives of your application, and try to explain away (without making excuses or sounding as if you are whining) any aspects of your application that might be holding you back.
Find out why they denied you in the first play and offer to send them additional information that shows that they were mistaken.
Don't lie, but attempt to show yourself in the best possible light.
Remember to keep a cool head and remain as kind and courteous as you can possible muster. Pull out all the please, thanks, apologies, yes sirs and yes madams you can (when appropriate of course). They do not have to do anything for you. You are trying to get them to do you a favor.
I have to tell you though, this approach works much better if you are actually talking to the underwriter or a customer relations specialist. It also works better with small banks and credit unions who will sit there and take the time to help you out if they can.
12-07-2010 08:59 AM
Thanks for all the advice! I contacted NFCU and they told me they'd re-open my application through a second review/appeals process and let me know if they need any additional information. I tried to stress that my payment history has been perfect for the past few years and that I've paid off all my past obligations. Hopefully they'll approve on second inspection, but even if not, there's no harm in trying.
12-07-2010 10:27 AM
I'm a long time reader here, but not much of a talker/poster ; however, 2 weeks ago I attempted recon for the first time and NFCU rewarded me with a $15k nRewards credit card. My EQ Fico is 717, but I had 30% utilization, and 9 new accounts in 2010.
I asked them to please reconsider their decision to decline my application for credit and I explained in detail the 4 negative items on my report, all are lates, (no charge-offs, no collections, no liens, no public records). Also, I told them that it is my goal to purchase a home in the next 2 - 3 years and I want to establish a relationship with NFCU now so I build my credit with a reputable financial financial institution that will hopefully approve my application for a mortgage with them in the next year or two.
If your recon requests fails try again in a month or so...and GOOD LUCK!