General Credit Topics

[Tuscani]

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KevKaos wrote:

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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No problem, and good luck! I should state that I am just sharing my knowledge. I certainly did not write nor can I take full credit for this or the other letters have shared.

[KevKaos]

Well, I got a response to my Letter Of Reconsideration from Chase on my Circuit City account.  It has the usual nice opening and then the second paragraph reads;

We are in receipt of your written request. Due to the nature of your request, we ask that you contact usto make this change.

It goes on to list the contact telephone number.  This seems to imply that I should call them and they would make some sort of offer. I had asked for a lowering of the APR on the account.

Well, I went ahead and called, and wouldn't you know, the number they gave me took me directly to the same customer reps that I get when I call to check my account.  Of course they said that they could put a request through and of course had to ask my permission to "pull my credit report" (another inquiry hit). Anyway, I was DENIED.

Funny enough, I got a preapproval for a Discover card yesterday as well.  I normally wouldn't care about a Discover card, but this one has a better APR than my current Mastercard and has a 0% APR on transfers until March  08 for a 3% transfer fee which is capped at $75 per transfer.  I was approved for the card, but don't know the CL yet.  Since I am just about paid off on my 0% promotional rate with CirCity, I think I would rather pay Discover my 3% rather than CirCity's 20+%. 

[SimplyJ34]

I need advice.  In February I signed up for a housing program in my area called ACORN.  They put me in touch with three of their financing companies (BoA, M&T, Citi) all which have subsequently denied me because of low credit scores (although, the ACORN program doesn't go by your credit score the financing companies do).  I have/had old charge-offs on my c.r. that where bringing my scores down.  This month I have settled all of the charged-off account.  Two days ago Citi sent me a letter saying the denied me due to:  delinquent past/present obligations.  I want to write a reconsideration since I have since settled in full these accounts; also, I want to write the credit bureaus so that my report can be updated. 

Do you have some advice as to what my reconsideration letter should include?  Thanks!

[Noah_Bodie]

Sent off 3 recon letters Friday. Wells Fargo did a hard pull Monday. I guess they mighta received my letter and acted. Will post what I hear when I hear.

[Noah_Bodie]

SimplyJ34,

You can write the CRAs, or call, or fax, or dispute online, and get them to update the balances to $0 if you PIF, or wait for them to, but unless you did a PFD in which they promised to delete then I don't believe you'll see much of a FICO improvement. In fact, you might even see a decrease.

I would get the balances reported correctly BEFORE you send off recon letters. You wanna be able to say that PIF these debts, and your potential creditors will wanna see $0 balances--since that's what you told 'em, and under the circumstances I think that's what you wanna offer up.

What are your FICOs?

Message Edited by Noah_Bodie on 11-01-2007 10:49 AM

[SimplyJ34]

Unforunately, there all low 500's....trying to repair my credit after a divorce

[Noah_Bodie]

Once the CRAs report a $0 balance on the PIF accounts, then I'd try for recon. However, with low 500s you may have to settle for a secure card or a subprime card (like Cap 1 or Orchard) for now.

So as you don't have an AMEX account from the past that you still owe on, ever, when you hit the mid to upper 500s you might try for AMEX green and Delta.

Also read the Credit 101 thread.

[SimplyJ34]

Thanks for the helpful info.  I already have an Orchard card that I've been paying on time for the last 18 months; I'm was doing the Recon for a mortgage loan.

[jandj]

So, I've only been on this forum since yeseterday and already I have disputed 2 items with CRA's and I called American Express's Corporate card division and asked to be reconsidered for a card due to several errors on my credit report.  I also let them know that my credit score had just gone up 15 points in one month and 58 points 2 months before that, and........I GOT APPROVED!!!  Thank you so much for all your help and advice on here.  I was very embarrassed and frustrated especially since this was a corporate card so my company knew that I was originally declined.  This saves me much heartache and headache!  Moral of the story is it's definitely worth asking again!

[Tuscani]

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jandj wrote:

So, I've only been on this forum since yeseterday and already I have disputed 2 items with CRA's and I called American Express's Corporate card division and asked to be reconsidered for a card due to several errors on my credit report.  I also let them know that my credit score had just gone up 15 points in one month and 58 points 2 months before that, and........I GOT APPROVED!!!  Thank you so much for all your help and advice on here.  I was very embarrassed and frustrated especially since this was a corporate card so my company knew that I was originally declined.  This saves me much heartache and headache!  Moral of the story is it's definitely worth asking again!

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Congrats! People often underestimate the power of reconn. Most fail to realize how computer generated credit approvals\denials actually are.

Message Edited by Tuscani on 05-17-2007 06:51 AM