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Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Try Reconsideration! It works!

Denied a credit card, loan, ect. recently?

 

Don't Fret! Call or write asking for a reconsideration! Denials are often computer generated based strictly on score. A manual review by an underwriter can often get you the approval you are looking for. I recommend one of the following:

 

1. Call the number on your denial letter and ask for your application to be reconsidered. If possible, try and get a hold of someone in underwriting. Be prepared to explain the derogs on your report and why you feel you should be approved.

 

2. Submit your case via planetfeedback.com. PFB is an excellent resource for getting directly in contact with executive and corporate offices.

 

3. Send a reconsideration letter. There are no " sample letters" persay for recon. You need to take your denial reasons and plead for reconsideration based on you and your individual reason(s) and your explanations.

 

Here is one I used for a friend who was declined recently (the letter worked BTW):

 

----------

 


Ref: 000000000000000


 


Hello,

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

It appears I was denied after you pulled my CRA HERE report. While the letter I received did not include specific reasons as to why I was denied, I would still like to go over the potentially negative information on my report.

High Inquiries:

I do have high credit inquiries at this time. Most of these are due to a mortgage and auto lender shopping me around without my permission.

Card Utilization:

I also do indeed have high utilization reporting at this time. This was due to helping a family member in need. I recently paid off my credit cards, and I expect my report to reflect these changes within 30 days.

One Collection Account

There is one derogatory item on my Equifax report that is there in error. I have disputed this with all three credit bureaus. Transunion and Experian have already deleted, and Equifax should be removing it anytime. I expect my Equifax report to reflect these changes within 30 days. I can provide copies of my TransUnion and Experian reports for proof.

You will notice I have no other late payments, collection accounts or, general negative items on my report. I have had credit for 14 years with 22 open tradelines with perfect payment history. I appreciate you taking the time to reconsider my application. I hope my explanation clears things up so I can be another proud xxxxxx card holder and customer.

 

Sincerely, you

 

 
Regular Contributor
KDM
Posts: 183
Registered: ‎04-17-2007
0

Re: Try Reconsideration! It works!

I shared your suggestions with a coworker who was just denied for a cc.  Do you just send your recon letter to the address on your denial letter?  How does PFB work? 
Contributor
devhip
Posts: 210
Registered: ‎04-28-2007
0

Re: Try Reconsideration! It works!

[ Edited ]
But before you do, read through these boards! I actually had a reconsideration letter all ready to mail to Cap One. They denied me a card, despite the fact that I have an auto loan with them with never a late payment in the 18 months it's been open. Then I found out that Cap One jacks you by not reporting the high limit so you are automatically at 100% util. Now I am GRATEFUL they denied me. I tore up the reconsideration letter. Good idea though. Mine was just an odd situation. My score bumped about 80 points recently, and I look forward to laughing maniacally at the Cap One "pre-approved" offers that will start pouring in, and subsequently shredding them. They do soft pulls periodically.

Message Edited by devhip on 05-02-2007 11:43 AM
Moderator Emeritus
LadyFICO
Posts: 273
Registered: ‎04-13-2007
0

Re: Try Reconsideration! It works!

I was denied by a credit review board. But then I wrote a letter and requested a face to face and explained my situation in person and was approved. I think the human element still holds true a lot of the time. This was through my credit union. Of course, they did see all the changes on my bureau and that I had proof letters for almost everything. So I will try this in the future but right now 10 cc 5 auto/installment loans is about all I can handle. 
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Try Reconsideration! It works!

Yep! Recon works and has a pretty good success rate!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Try Reconsideration! It works!



KDM wrote:
I shared your suggestions with a coworker who was just denied for a cc.  Do you just send your recon letter to the address on your denial letter?  How does PFB work? 



PFB is just a communications channel between you and corp\exec offices.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Try Reconsideration! It works!

Periodically? They pull my report nearly monthly. I have a CC with them and I paid off a car loan in January that I had with them for 4 years. Wacko company.
Regular Contributor
girlie
Posts: 106
Registered: ‎04-28-2007
0

Re: Try Reconsideration! It works!

I am currently obsessed with my fico scores and this board has such great information.
 
thank you!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Try Reconsideration! It works!



girlie wrote:
I am currently obsessed with my fico scores and this board has such great information.
 
thank you!



My pleasure!
Regular Contributor
KevKaos
Posts: 137
Registered: ‎04-20-2007
0

Re: Try Reconsideration! It works!

Tuscani,
 
    I just mailed off my letter of reconsideration yesterday. I used your letter as my guide and mine ended up being two full pages.  I thought it was pretty good, and I'll let you know if it worked.  In the meantime, I am now working to get what I believe are invalid lates knocked off my CR. These are the main reason given for my refusal.  Thanks for your efforts, I for one, really appreciate them.

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