topic Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined. in Credit Cards

Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:07:56 GMT

This is a general question, however, I'm hoping to hear from members who "have" personally interacted with credit card analyst(s), after calling their credit card issuer's reconsideration line and was approved during "that" call.

Your input is invaluable, so here's my question:

What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances For Approval?

Especially for something as minor as "Too Many Inquiries?"

Keep in mind, I "ONLY" applied for unsecured cards that I was either sent Pre-Approval Offers in the mail or online/email offers, that I was inudated with on my bank's online banking, which I found out were nothing more than blanket offers/emails.

In June of 2018, I had a FICO Scores of: Experian (440) Equifax (499) TransUnion(522)

As of today March 3, 2019 my FICO scores are: Experian(600) Equifax (613) TransUnion (605).

So, with that said, if you were declined for a credit card, called that card issuer's reconsideration line and was instantly approved, please explain what you said or didn't say that gave the credit analyst enough faith and freedom to approve you on the spot.

Again, I plead that people who have experienced this respond.

Thanks in advance.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

pinkandgrey — Mon, 04 Mar 2019 00:36:14 GMT

I’m sorry that I don’t have very specific advice, but what I can say is BE FRIENDLY. Be super polite, laugh it up, and explain honestly. Don’t be afraid to give specific examples and reasons. Good luck!

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 00:44:26 GMT

Honestly if you still have ... 15 hard pulls on file with score in the sub 600, you're not going to get approved for any unsecured cards - maybe aside from an unsecured store card. It's probably best if you just spend more time on your secured cards and graduate those instead and/ or wait for your inquiries to fall off. You're gonna have to explain those inquiries in a positive light somehow, which is unlikely.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 00:49:09 GMT

Yeah the inquiries are going to be a real big pain to explain because they’re from the same lenders and in the end resulted in a single account. It screams desperation to lenders and puts them on high alert right away. You’re unfortunately most likely stuck until those fall.

Capital One alone is 12 inquiries (4 on each bureau) for 4 apps. That’s going to give any lender pause.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 00:53:46 GMT

Having that many inquiries for that few of secured cards coupled with such a short history of acceptable payments and low credit score screams that you need to cut your losses and garden for a hot minute. Let most of your inquiries fall off and give your limited credit time to show enough positive payment history to make you look less risky to lenders. Accruing more rejections will do nothing to move you forward.

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

NRB525 — Mon, 04 Mar 2019 01:15:49 GMT

OP, if your scores were below 500, you likely have some other issues in your file, not just INQ, to talk through.

Best to enjoy the secured cards, let your file age and the INQ drop, and show your good payment habits for a year or so.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 01:17:05 GMT

Gardening is a bitter pill to swallow, especially when I see that my FICO scores surpass that of the minimum require FICO score to obtain entry-level unsecured cards.

To be honest, my intention were to improve my credit, get a ton of positive tradelines, get an enormous amount of "On-Time" payments, all of which I've done, then apply for four or five entry-level (bottom teir) unsecured credit cards, then sit on those for a year to two years, then go after the Chase Trifecta.

I cringe having to garden with secured credit cards for that long, especially after my credit improved 165 points, after having five secured credit cards, four stores cards, a Self lender account and a credit-builder loan from two separate local credit unions.

I was hoping to get the unsecured Cap1 Platinum, BOA Cash Reawards Mastercard, the USAA Cash rewards Visa and the Citi Double Cash and sit on those specific cards and continue to do what i am doing now.

Am I wrong?

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:35:49 GMT

I have 17 separate student loans, that I have yet to dispute to the credit bureaus, but am currently disputing "THE AMOUNTS" with my Alma mater, since my GI Bill paid for most of my college education.

My mistake was allowing them to go into default, but once I get an accurate amount due, I will rehab' my student loans and go from there.

However, I had those 17 students loans when my FICO score was 440 and I still have them now, yet my score still increase 165 points, so i don't think they are hurting me as much as they did when they first reported which was three years ago.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 01:28:10 GMT

You’re trying to sprint through your rebuild and it won’t happen. FICO scores are not the only thing that counts. Lenders want to see a year of positive credit card history and no other risky behavior such as excessively seeking credit before they open up the doors to their better cards.

It takes time and unfortunately with all of those inquiries, you’re looking at a minimum of a year in the garden and with some lenders like Chase you’re looking at two because they go over the last 24 months with a fine-toothed comb.

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:29:38 GMT

The problem is that even though you’ve increased your score by 165 points, that doesn’t tell the whole story. Your current scores are barely over 600. You may have luck with getting approved by predatory unsecured lenders (which I do not suggest), but other than them, as you’re seeing, you aren’t going to have much luck yet.

If USAA is on your list of goal cards, I was going to suggest NFCU since you’d probably also qualify for membership with them, but unless your TU FICO9 is higher than the scores you list above, I’m not sure they would even bite yet.

Take everyone’s advice - give it some time.

Good luck to you!

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:35:18 GMT

As @CreditSweeper mentioned, NFCU might be an avenue to try. Since you already have amassed all these HPs, I don’t see the problem in taking one more but I would wait until you get those student loans fixed before doing that and go for the cashRewards. It will knock out the Capital One goal with a MUCH better card.

NFCU is a unique lender, they may well extend you the card as your profile is now with a low limit and then give you a decent CLI in 6 months. I have seen cashRewards approvals at your score and they’re not known to care about inquiries.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Anonymous — Mon, 04 Mar 2019 01:41:19 GMT

@Anonymous wrote:
Gardening is a bitter pill to swallow, especially when I see that my FICO scores surpass that of the minimum require FICO score to obtain entry-level unsecured cards.

To be honest, my intention were to improve my credit, get a ton of positive tradelines, get an enormous amount of "On-Time" payments, all of which I've done, then apply for four or five entry-level (bottom teir) unsecured credit cards, then sit on those for a year to two years, then go after the Chase Trifecta.

I cringe having to garden with secured credit cards for that long, especially after my credit improved 165 points, after having five secured credit cards, four stores cards, a Self lender account and a credit-builder loan from two separate local credit unions.

I was hoping to get the unsecured Cap1 Platinum, BOA Cash Reawards Mastercard, the USAA Cash rewards Visa and the Citi Double Cash and sit on those specific cards and continue to do what i am doing now.

Am I wrong?

I think many of understand your pain to one degree or another, but unfortuantely it is going to take time. You have down well to get your score up +165 points. The goal now is to continue focus on the accounts you have, by demonstrating your commitment to on-time paymets.

As for your original question, regarding the recon, your premise is off: "too many inquiries" is no small thing. Quite the contrary - it is a pretty big deal when it comes to applying for new credit. Too many inquiries suggests you are "seeking credit", which does raise flags with potential creditors. In addition, a pre-approval is never a guarantee. You still have to apply, and as long as that is the case, creditors will review your file, and make a final decision based on that.

You have a lot of good advice from other Forum members which you should take to heart. Gardening is not so bad (and sometimes you have no choice) - and before you know it, 3-6-9-12 months have gone by, during which time, with continued on-time payments and no additional inquiries, you can see your score (continue to) grow and position you for new opportunities.

Stay encouraged!

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:42:08 GMT

I appreciate your advice, but here's a couple of more questions:

1. Since "Too Many inquiries" are the "only" reason for denial, should I call my current secured credit card companies and respectfully request that they pull back the numerous inquiries prior to the actually inquiry/application that I was approved for? I don't want to get my current cards closed.

2. Should I dispute inquiries from card issuers i didn't recieve?

3. Should i do both and hope the number of inquiries are cut in half at least, down to a third, at best, then reapply for these unsecured cards?

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:46:50 GMT

If you applied for something and got an inquiry , regardless of approval or denial, you now own that inquiry. It’s staying on your report for 2 years (and effecting your score for 1 year).

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:46:52 GMT

@Anonymous wrote:
I appreciate your advice, but here's a couple of more questions:

1. Since "Too Many inquiries" are the "only" reason for denial, should I call my current secured credit card companies and respectfully request that they pull back the numerous inquiries prior to the actually inquiry/application that I was approved for? I don't want to get my current cards closed. That's not the 'only' reason for denial, that's just the one they're giving you.

2. Should I dispute inquiries from card issuers i didn't recieve? Disputing legitimate inquiries simply because you didn't recieve a positive response is unethical at best.

3. Should i do both and hope the number of inquiries are cut in half at least, down to a third, at best, then reapply for these unsecured cards? Why are you in such a rush to skirt the system?

You're throwing up lots of red flags, both to lenders and also in here. Can you not see that?

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:46:54 GMT

1) No.

2) No.

3) No.

Seriously, you have gotten the best advice you’re going to get. Go to the garden for a year.

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 01:50:11 GMT

As a Navy veteran, I've had a Navy Federal checking/savings account for twenty-eight years, however, I burned them on an auto loan back in 1996, and they have charged it off, but it's still listed in their system, even though, it hasn't affected my checking/savings.

But, I only used those accounts for small things with a small balance in each $6.11 in checking and $2.94 in savings.

I'm afraid to do any other business with NFCU, because I know I screwed up with an auto loan 23 years ago.

I'm somewhat surprised that NFCU hasn't closed those accounts, but I'm thinking they got their money from insurance, and charged it off, as it was never on my creit report, even back in the late 90s

So, I keep my money in my Chase, Bank of America and a couple of local credit unions in North Florida.

Re: What Should One Say During A Call To A Credit Card Reconsideration Line To Better One's Chances?

Kforce — Mon, 04 Mar 2019 01:54:25 GMT

@Anonymous wrote:
Am I wrong?

Yes, time to grow some roses, wait for them to bloom.

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

marmaladepie — Mon, 04 Mar 2019 01:55:44 GMT

Everyone who responded gave great advice.

Two years ago my scores were 720-730 and I was denied for Chase card, first bc a Bk was till reporting and after recon, was advised that my utilization was too high. I took that advice and worked on it. A few months later, lowered my utilization and was approved for the Sapphire Reserve card on recon (initially auto denied bc of the BK still). The point is, slow and steady. Work w what you have until your credit profile improves.

Re: removing inquiries
An inquiry is an inquiry especially when you click on “submit application” or give the ok for the creditor to pull your report. Once you authorize, regardless of being approved or not, it is a legitimate inquiry and can not be removed.

Re: Interaction With A Credit Card Issuer's Reconsideration Line After Being Declined.

Anonymous — Mon, 04 Mar 2019 02:16:28 GMT

You misunderstood me, and I apolgize, because I edited my original post, due to length.

I stated in my original post, that I applied for the current five secured cards I have now and was declined numerous times due to several reasons, many of which were as minor as validating an address(BOA) or sending them proof of income(Capital One)and was finally approved and was "only" asking about disputing the nuemrous inquires prior to the inquiry I was eventually approved for.

In respect to the inquiries from cards I didn't recieve, it's only two, Discover and US Bank, however, I applied for them back to back to back, which means, when I applied for the current cards I have now, I also applied for the Discover and USBank, and Discover and US Bank, just like Citi, explain that they couldn't speak to me about the reason for being declined until after I recieved the reason for being declined.

So, I waited and once I got the letters I called and explained what happened, yet, they told me, that I could reapply, but it would require another Hard pull, since credit files change daily.

So, because of that, I have a total of six total inquiries(combined) from Discover and USBank, and with the exception of the first inquiry, of which I have always owned, I feel the additional two inquires for both(four total) are unfair, as I was told the best route to take is to reapply, as that's required by them.

The remaining inquiries I considered disputing was the Marriott Chace credit card, that I was sent numerous pre-approvals for on my Marruott online account, as well as in the mail and Chase Disney World credit card that they sent me numerous offers in the mail.

BOA and Capital One approved me for secured cards, and like each of my tradelines I've managed them to perfection, so each and everytime I logged on, up pops a "pre-approval/recommend," and after ignoring them for months, until late January when my FICO score jumped 86 points, that's when I accepted their offers, only to be told I was declined due to numerous inquiries.

I actually spoke to credit analysts at BOA and Capital One, who expressed to me that the "ONLY" reason for being decline was "Too Many inquiries."

As for you beleiving I'm being "unethical" or trying to skirt the system is ridiculous and you are out of line!

Please read the reviews of others before jumping to an asinine conclusion like that!

I'm only here for empirical advice from people who have experienced what I'm going through, and I respect your opinion, but you truly came off as a self-rigteous bully!