topic Re: Recon??? in Credit Cards

Recon???

perfect10 — Tue, 12 Mar 2013 19:15:22 GMT

Hi everyone:
I'm new to the forums. Can someone explain exactly what recon is? I'm in the process of rebuilding my credit and am curious as to how recon works.

Re: Recon???

a3quit4s — Tue, 12 Mar 2013 19:20:50 GMT

It's when you either get waitlisted or outright rejected for the card. You then call for reconsideration (recon) and speak to someone becaue your app is usually analyzed by a computer. Many people have gotten denied for a card and recon'd and been approved.

This will help you: http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-threads/td-p/415263

and welcome

Re: Recon???

Anonymous — Tue, 12 Mar 2013 20:32:07 GMT

Its also when you send "Two Fingers Louie" to help them umm "reconsider".

Seriously though; computers often deny good candidates for some obscure detail. Many of the reputable companies recognize this and have people there to listen to what an applicant has to say and then make a human decision.

Knowing what is and is not on your credit reports is key to a successful recon call. So is letting them talk so that you can fully understand the obstacles the card issuer is seeing to your approval.

Re: Recon???

09Lexie — Tue, 12 Mar 2013 20:36:10 GMT

Chase is well know for recons. I agree with @Pilotdude it is imperative that you know what's on your CR during the call. Be prepared to explain the baddies and have a good reason for requesting their cc. Ie my friends have this card and they waive about the CS ; thinking about bringing my banking over and want to consolidate my finances with one institution.

Re: Recon???

youngandcreditwrthy — Wed, 13 Mar 2013 01:34:24 GMT

It is almost important to be prepared to put up a fight!! Took me three recons to get my Freedom!

Re: Recon???

Ravensfan2001 — Fri, 15 Mar 2013 21:55:21 GMT

So for negative items on your credit report, is "I was young and stupid" a good enough reason? I have baddies that I just started taking care of, so would I have a chance for a CLI? I was thinking of asking Walmart for one. And for the reason for wanting a CLI, could I say that I am trying to keep utilization low and the CLI would help?

Re: Recon???

scenery_guy — Sat, 16 Mar 2013 02:39:02 GMT

@Ravensfan2001 wrote:
So for negative items on your credit report, is "I was young and stupid" a good enough reason? I have baddies that I just started taking care of, so would I have a chance for a CLI? I was thinking of asking Walmart for one. And for the reason for wanting a CLI, could I say that I am trying to keep utilization low and the CLI would help?

Sometimes but it depends on if you have history between the bad mark and the application. The more the better. You say baddies (plural) and taking care of as in paying charge offs? If that's the case only time heals those wounds (most of the time).

Also I'm not so sure asking for a CLI to keep utilization low is a good reason. I have never put it that way, I simply say I want to spend more on your card so help me do this (and imply they make more money on more spending). Again you have to demonstrate keeping your UTL low, not ask for more credit and tell them that's the plan.

Keep your head down, grind away at clearing all bad marks, ask for goodwill if it seems like it would help and pay in full every month. Watch your score rise, see that several months in a row and then ask for more. This gives you plenty of ammunition to discuss on a recon or CLI call.

Re: Recon???

Ravensfan2001 — Sat, 16 Mar 2013 04:50:15 GMT

@scenery_guy wrote:
@Ravensfan2001 wrote:
So for negative items on your credit report, is "I was young and stupid" a good enough reason? I have baddies that I just started taking care of, so would I have a chance for a CLI? I was thinking of asking Walmart for one. And for the reason for wanting a CLI, could I say that I am trying to keep utilization low and the CLI would help?
Sometimes but it depends on if you have history between the bad mark and the application. The more the better. You say baddies (plural) and taking care of as in paying charge offs? If that's the case only time heals those wounds (most of the time).

Also I'm not so sure asking for a CLI to keep utilization low is a good reason. I have never put it that way, I simply say I want to spend more on your card so help me do this (and imply they make more money on more spending). Again you have to demonstrate keeping your UTL low, not ask for more credit and tell them that's the plan.

Keep your head down, grind away at clearing all bad marks, ask for goodwill if it seems like it would help and pay in full every month. Watch your score rise, see that several months in a row and then ask for more. This gives you plenty of ammunition to discuss on a recon or CLI call.

I sent out a GW, PFD, and settlement (judgment) letters yesterday. I've never recon'd and I'm a little jealous of all the success a lot of people are having. I just want a little bit of that!

Thanks for the advice....

Re:econ???

Anonymous — Sat, 16 Mar 2013 05:05:14 GMT

Just keep in mind that many people have been at it for quite awhile. And people who just approved with a recon are much more likley to post about than those who dont. Being jealous, or wanting whatnothers are getting is a sure fire way to keep you in credit hell. It takes mostly time and dedication to both cleaning up, to the extent you can, your reports and using whatever credit you have carefully and responsibly. With charge offs and judgements and such, take what you can get, go slow and for sure read and learn here. Just dont decidento jump the gun as far as applying for abbunch of stuff. Every credit file is different and you dont always get all the backstory when someone posts. You can end up with lots of inquiries and not much to show for them. Just my opinion.

Re: Re:econ???

Ravensfan2001 — Sat, 16 Mar 2013 05:46:14 GMT

@Anonymous wrote:
Just keep in mind that many people have been at it for quite awhile. And people who just approved with a recon are much more likley to post about than those who dont. Being jealous, or wanting whatnothers are getting is a sure fire way to keep you in credit hell. It takes mostly time and dedication to both cleaning up, to the extent you can, your reports and using whatever credit you have carefully and responsibly. With charge offs and judgements and such, take what you can get, go slow and for sure read and learn here. Just dont decidento jump the gun as far as applying for abbunch of stuff. Every credit file is different and you dont always get all the backstory when someone posts. You can end up with lots of inquiries and not much to show for them. Just my opinion.

Being jealous can also be used as motivation in achieving a goal. And you're right, you don't always get all the backstory when someone posts - about anything. No matter how good or bad a CR may be, I don't believe a recon hurts in any way, except maybe a bruising the ego.

Re: Recon???

youngandcreditwrthy — Mon, 18 Mar 2013 00:35:25 GMT

I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol

Re: Recon???

FinStar — Mon, 18 Mar 2013 04:24:06 GMT

@youngandcreditwrthy wrote:
I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol

Even recons do not provide the desired results - of course depending on the original intention for applying (i.e. decent limits / APR). Correct me if I'm wrong, all of your above reconned efforts resulted in approvals but not in the best favorable APR terms? 20%+

Seems to me, a successful recon (if warranted) results in achieving a decent limit and above average APR. For folks who PIF and maybe want their foot in the door then maybe a non-issue. But why carry a product that doesn't offer great financing flexibility in addition to a good rewards structure? Just my .02 cents.

Re: Recon???

scenery_guy — Mon, 18 Mar 2013 18:02:32 GMT

@FinStar wrote:
@youngandcreditwrthy wrote:
I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol
Even recons do not provide the desired results - of course depending on the original intention for applying (i.e. decent limits / APR). Correct me if I'm wrong, all of your above reconned efforts resulted in approvals but not in the best favorable APR terms? 20%+

Seems to me, a successful recon (if warranted) results in achieving a decent limit and above average APR. For folks who PIF and maybe want their foot in the door then maybe a non-issue. But why carry a product that doesn't offer great financing flexibility in addition to a good rewards structure? Just my .02 cents.

Almost all of my recons hinge on rewards cards (airline and hotel). I don't really care about APR as I have not paid interest in a few years courtesy of PIF. Limit does not really matter either as I have cards for spending as needed. I just want the approval to get the bonus points for signup and spend. I keep the card for about a year (if AF card) then decide if it's worth the benefits. If yes (SPG) I keep it and use it. If not (Hilton HHonors or Delta Platinum card) it's hello shredder and close the account. Sometimes you can get a retention bonus to keep the card but YMMV.

Re: Recon???

Anonymous — Mon, 18 Mar 2013 18:23:14 GMT

Let me explain how I plan on handling recon calls and maybe what I am thinking will help you:

My plan is to listen to what they say in the event of denial and write down each item so I can deal with them one at a time.

I can anticipate that my AAoA will be the biggest deal for them as depending upon which bureau they pull, its between 1 year and 2 years 6 months.

I have no baddies and my util is at like 3%.

When they ask why I want their card, I am going with in the case of Chase; I have been banking with them for about a decade because of their great service. I have asked around of my friends with high power credit cards and everyone has said get the Chase cards because the stellar service carries over there as well. They have also told me that the Ultimate rewards program is really great and since I do a LOT of travelling (am a pilot) UR points for me will build in a hurry. So having my primary credit cards where I bank, plus the UR program and the great service of Chase is a win win win for me and for Chase.

When going after Discover:

I want to get rid of the likes of my Credit One card and only have "big league cards" such as Discover. I have been an AU on my wife's for close to 2 years and I absolutely love it. I would love to make Discover my primary card for the awesome cash back categories and awesome customer service that I have come to know through my wife's account.

When dealing with Amex:

I really love the benefits of membership but I must have the ability to pay over time. I have been an AU on my wife's account and its been a blessing in my work when I travel out of the country. As a pilot, I need a card that is accepted world wide, which offers the myriad of services only offered at Amex and which returns rewards in the form of points. I also want to make the Amex my primary card for daily purchases such as gas and groceries because I really do not want a wallet chock full of cards for this or cards for that. If I can make Amex my primary for everything, I am a happy happy fella.

How to deal with my thin file on AAoA:

I realize my AAoA is not 7 years or even close but that is because I am exceedingly picky with what credit I obtain. I only obtained cards necessary to establish a history and no more. I don't want multiples of cards in my wallet because I like only having a couple monthly bills to pay. I prefer to build quality relationships with my financial service providers rather than have numerous ones. INSERT CARD NAME HERE is widely known to be one of the absolute best cards, which is an important reason of why I would like very much to be included in the INSERT CARD NAME HERE, family.

I think its pretty solid actually. Hopefully something in there makes sense to you and is something you can benefit from.

Re: Recon???

youngandcreditwrthy — Mon, 18 Mar 2013 18:35:12 GMT

Actually FinStar, you are partially incorrect.
My personal recon efforts have resulted in:
Travelocity American Express @$6500 initial (got an auto cli to $7700 @7th month) apr was 0% for 9 months-these were the terms I app'ed for. 24.99% after. I pif $5600 before 0% expired. They began flooding my mailbox with 3.99% bt offers.
Chase Freedom Recon resulted in a $5000 line with the standard 0% apr on bts/prchs for 15 months plus all those cashback opps. Will be 22.99% after. Terms I apped for. Planning to pif before promo expires as always
Last, but certainly the hardest...
Citi Diamond Preferred with a $5k line. 0% for 18 months, then 21.99%. I haven't even found a use for the 18 months 0% yet, but I certainly will. I've used this account to the tune of about $700. Same terms I apped for.
So while my APRs after promo are not the best...
I always pif before the promos expire, which is a smart move on my part. I keep my finances extremely liquid. All of the cc debt I have is made up for with a nice cushion of savings. If a bank decides to F with me, I have an arsenal of cash waiting to blow them away.

And if the rate isn't 0% or close to it, def'ly less than 10%, I pif. Only ONE of my $85k+ in lines of gecrb have a balance I pay interest on. And it's $730@23.99%(Paypal MC- wasn't a recon though)
So you're like...we will say.. 80-90% INCORRECT.
That's all.

:-)

Re: Recon???

FinStar — Tue, 19 Mar 2013 01:18:35 GMT

@youngandcreditwrthy wrote:
Actually FinStar, you are partially incorrect.
My personal recon efforts have resulted in:
@Travelocity American Express @$6500 initial (got an auto cli to $7700 @Anonymous month) apr was 0% for 9 months-these were the terms I app'ed for. 24.99% after. I pif $5600 before 0% expired. They began flooding my mailbox with 3.99% bt offers.
Chase Freedom Recon resulted in a $5000 line with the standard 0% apr on bts/prchs for 15 months plus all those cashback opps. Will be 22.99% after. Terms I apped for. Planning to pif before promo expires as always
Last, but certainly the hardest...
Citi Diamond Preferred with a $5k line. 0% for 18 months, then 21.99%. I haven't even found a use for the 18 months 0% yet, but I certainly will. I've used this account to the tune of about $700. Same terms I apped for.
So while my APRs after promo are not the best...
I always pif before the promos expire, which is a smart move on my part. I keep my finances extremely liquid. All of the cc debt I have is made up for with a nice cushion of savings. If a bank decides to F with me, I have an arsenal of cash waiting to blow them away.

And if the rate isn't 0% or close to it, def'ly less than 10%, I pif. Only ONE of my $85k+ in lines of gecrb have a balance I pay interest on. And it's $730@23.99%(Paypal MC- wasn't a recon though)
So you're like...we will say.. 80-90% INCORRECT.
That's all.

:-)

Actually, I believe the message is on point. For some reason the math seems to be flawed on your inaccuracy statement - I'm sure it's just a technicality :-)

So for accuracy purposes, you stated that you PIF'd your Travelocity AMEX balance before it expired, yet another post claims you are in the process of shifting some of this debt to Citi DP? So, if you have the cash savings "arsenal" why not just pay it off? Lenders (namely those mentioned above) have given you the highest APRs (once the intro APR honeymoon is over) because you are considered a moderate risk... not to mention your overall mix of accounts and scores (internal and external) - that was the point being made. You can only shift your debt so much before a lender catches up with such patterns.

If you have decent investments with good returns (such as REITs) then there shouldn't be much dependence on individual credit given your age and credit profile, 11K+ long term revolving debt would seem sketchy for some lenders once they see you've carried it for so long without retiring a great majority of it. You can "artificialy" inflate/pad your lines only so much to accommodate increased utilization :-)

http://ficoforums.myfico.com/t5/Credit-Cards/Timing-Citi-BT/td-p/1972653

Re: Recon???

youngandcreditwrthy — Tue, 19 Mar 2013 02:58:48 GMT

Lol I like to take advantage of low rates, what can I say? The only way to build credit is to use it :-)
Thanks for following my credit journey lol..
On that particular account(Trav Amex) I did pay the balance in full, but just as soon as I did that they flooded me with bt offers; I took advantage of it :-)
The point I was making is that if I were forced to pay 20+ percent, I would just pay 'em off and be done with it..
The other point is that I received what I app'ed for.. I didn't receive reduced reward structures or less duration for 0% offers.
I'm firmly in the garden fo sho!! Lol

Re: Recon???

culture — Sun, 07 Apr 2013 03:20:30 GMT

i just want to keep reading here... good advice..

Re: Recon???

Anonymous — Sun, 07 Apr 2013 03:30:34 GMT

As some have posted, it sometimes takes multiple recons to get the desired result. Sometimes this is just because you need to get the "right" person (either someone who understands that the things preventing the auto-acceptance can be overlooked in your case or someone who can't be bothered to disagree, or somewhere in between). Recently a number of posts saying "Try try again, nothing to lose".

I don't think that is quite true in the long term. Multiple calls might get you flagged as a nuisance. This could be a problem later when there is a card that you really want, and you would otherwise have a successful recon, but now you don't get listened to. Boy who cried wolf type of thing. So, decide if getting this card NOW is worth potentially damaging a relationship with the lender.

Re: Recon???

Anonymous — Sun, 09 Jun 2013 15:55:42 GMT

Thanks to this forum I called Chase and GOT a Chase Freedom $500; not much but a start :-) I would have never have had the nerve to call for a recon. Thanks everyone!! I'm new to the forum with a Ex 680 and worked from a 530 4 years ago. Purchased my first house with a 620. I am a credit card fanatic but I am working on a goal of a 750 score by September 2014...hope that's realistic. Have a great day!!!