topic Re: Letter to chase in Credit Cards

Letter to chase

twist7d7 — Thu, 01 May 2014 15:46:37 GMT

here is my rough draft for a denial letter what do you guys think?

Dear sir or madam

On sunday april 27th 2014 i applied for the chase freedom card. I called in to check on my application status only to find that i was declined. The reason is that my accounts are to new. I can understand Jp morgan & chase being weary about extending me credit when I havent proved myself entirely but i would really like the chance to prove myself with any line of credit you would be willing to extend to me. One day i will need to get a car loan mortgage and hopefully a boat loan. When that day comes I hope to have chase as a option. I would also like to have the chase sapphire preferred card for over seas travel. I am a very reliable 21 year old and i would like to start my credit journey on the right foot. I have a perfect payment history and have very low utilization. I have never carried a balance and never plan to.

Re: Letter to chase

Anonymous — Thu, 01 May 2014 15:55:40 GMT

Have you tried just calling the recon number and explaining first? they are very nice

Re: Letter to chase

twist7d7 — Thu, 01 May 2014 16:00:28 GMT

@Anonymous wrote:
Have you tried just calling the recon number and explaining first? they are very nice

Yes, once still a no i will try again but i have heard of letters working better then calls.

Re: Letter to chase

Anonymous — Thu, 01 May 2014 16:02:28 GMT

@twist7d7 wrote:
@Anonymous wrote:
Have you tried just calling the recon number and explaining first? they are very nice
Yes, once still a no i will try again but i have heard of letters working better then calls.

Really, that is surprising. If you have a genuine recon case, I would have thought an interactive discussion would be more likely to work (If you have really baddies to hide, a letter might be better!)

If you send the letter, change "weary" to "wary".

Re: Letter to chase

Youngcredit23 — Thu, 01 May 2014 16:09:15 GMT

Have you tried just calling them to reconsider, it's probably quicker. Sometimes it can take more than one try with the reconsider reps to get approved so don't get discouraged. When I applied for the Freedom 6 months ago, I was initially denied since I had no other credit history, called to reconsider, denied again. I called back, got denied again. Wasen't really going to stop me since I didn't want to settle for a less than favorable store card like they said. I called once more, and finally got approved. Don't give up

Re: Letter to chase

azguy13 — Thu, 01 May 2014 16:15:48 GMT

Re: Letter to chase

azguy13 — Thu, 01 May 2014 16:15:08 GMT

@azguy13 wrote:
@twist7d7 wrote:
here is my rough draft for a denial letter what do you guys think?

Dear sir or madam

On Sunday, April 27th, 2014, I applied for the Chase Freedom credit card. I called in to check on my application status only to find that I was declined. The reason is that my accounts are too new. I can understand Jp Morgan & Chase being wary about extending me credit when I haven't proven myself entirely, but I would really like the chance to prove myself with any line of credit you would be willing to extend to me. One day, I will need to get an auto loan, mortgage, and possibly a boat loan. When that day comes, I hope to have Chase as a option. I would also like to have the Chase Sapphire Preferred credit card for overseas travel. I am a very reliable 21 year old and would like to start my credit journey on the right foot. I have a perfect payment history and have very low utilization. I have never carried a balance and never plan to.
Above, I have made some adjustments as if I were writing to Chase. I am by no means an english professor so if anyone sees something I "corrected" that is incorrect, please correct me, lol.

Good luck with the recon OP!

Edit: I agree with longtimelurker... I would also change weary to wary

Re: Letter to chase

Anonymous — Thu, 01 May 2014 16:18:26 GMT

I would also rethink what message you are trying to convey, which I guess is "I understand I have a short history, but I am very reliable and will be a profitable customer in the future" Talking about wanting to have Chase an option, well, they can think "Fine, apply when you need the loans and we will consider it then". I'm just not sure that listing all that you might want (the loans and CSP) really adds much. You really need to address the denial reasons as strongly as you can.

Re: Letter to chase

Anonymous — Thu, 01 May 2014 16:22:42 GMT

@twist7d7 wrote:
@Anonymous wrote:
Have you tried just calling the recon number and explaining first? they are very nice
Yes, once still a no i will try again but i have heard of letters working better then calls.

oh ok, thats good to know

Re: Letter to chase

azguy13 — Thu, 01 May 2014 16:24:58 GMT

@Anonymous wrote:
I would also rethink what message you are trying to convey, which I guess is "I understand I have a short history, but I am very reliable and will be a profitable customer in the future" Talking about wanting to have Chase an option, well, they can think "Fine, apply when you need the loans and we will consider it then". I'm just not sure that listing all that you might want (the loans and CSP) really adds much. You really need to address the denial reasons as strongly as you can.

That is sound advice. I guess OP really does not need to spell out everything that he/she wants in the recon letter for a denial. Simply stating that he/she wants to build a relationship with Chase and wishes to use them for primary banking (doesnt hurt to mention) should suffice.

Re: Letter to chase

twist7d7 — Thu, 01 May 2014 16:48:18 GMT

thanks for all the help!

Re: Letter to chase

DrZoidberg — Thu, 01 May 2014 16:50:05 GMT

Not to be a **bleep** but if you want to be taken seriously, do a spell check and use the proper grammar and punctuation. I noticed a 'to new' should be 'too new'. Also, you should make sure any contractions have the proper apostrophes and your proper nouns have the right capitalization. Just useful tips in my experience of how to address certain things.

Re: Letter to chase

azguy13 — Thu, 01 May 2014 16:55:43 GMT

@DrZoiberg wrote:
Not to be a **bleep** but if you want to be taken seriously, do a spell check and use the proper grammar and punctuation. I noticed a 'to new' should be 'too new'. Also, you should make sure any contractions have the proper apostrophes and your proper nouns have the right capitalization. Just useful tips in my experience of how to address certain things.

This is why OP asked for our help. People have different strong points which is why asking for advice is great.

Re: Letter to chase

twist7d7 — Thu, 01 May 2014 16:55:49 GMT

@DrZoiberg wrote:
Not to be a **bleep** but if you want to be taken seriously, do a spell check and use the proper grammar and punctuation. I noticed a 'to new' should be 'too new'. Also, you should make sure any contractions have the proper apostrophes and your proper nouns have the right capitalization. Just useful tips in my experience of how to address certain things.

thanks! thats why is was a rough draft. I just want to make sure Im getting all my points in the letter that need to be in there.

Re: Letter to chase

eagle2013 — Thu, 01 May 2014 17:33:02 GMT

It may also be worth calling back to recon before sending the letter. If denied again, ask to speak with a senior credit analyst/supervisor. Generally when it escalates to that level they'll try hard to get you approved.

Re: Letter to chase

twist7d7 — Thu, 01 May 2014 18:22:20 GMT

@eagle2013 wrote:
It may also be worth calling back to recon before sending the letter. If denied again, ask to speak with a senior credit analyst/supervisor. Generally when it escalates to that level they'll try hard to get you approved.

wow i didnt even know that was an option. this next call will be my third. the CSR was really short with me this time and mad it clear that she knew i called before.

Re: Letter to chase

Anonymous — Thu, 01 May 2014 18:24:31 GMT

@twist7d7 wrote:
wow i didnt even know that was an option. this next call will be my third. the CSR was really short with me this time and mad it clear that she knew i called before.

Well, another option is to take the denial! Then, in a few months try again, What is the rush, given that Chase clearly don't think it is close?

Re: Letter to chase

twist7d7 — Thu, 01 May 2014 18:25:58 GMT

I have a hard time taking a no. I also hate to waste a inq.

Re: Letter to chase

DaveSignal — Thu, 01 May 2014 19:20:06 GMT

It's hard to explain a short history. There aren't really any good reasons for having a short history other than "I am new to credit and don't have much experience yet." I would garden your current cards and try again when you have a more significant history. Thats what Chase said they wanted, so when you work on that deficit, they will have good reason to approve you. And it isn't really a wasted inq. You used that inq to find out what Chase wants improved in order to get the card that you want. Its not like an inqury tanks your credit score anyway. Most people here have lots of them.

Re: Letter to chase

eagle2013 — Thu, 01 May 2014 20:17:35 GMT

@twist7d7 wrote:
@eagle2013 wrote:
It may also be worth calling back to recon before sending the letter. If denied again, ask to speak with a senior credit analyst/supervisor. Generally when it escalates to that level they'll try hard to get you approved.

wow i didnt even know that was an option. this next call will be my third. the CSR was really short with me this time and mad it clear that she knew i called before.

Understand that even if you are successful with approval, your likelihood of getting a toy limit ($500) is high. It may grow with you, but Chase does not do auto-CLIs that often, and you'll probably have to end up taking another hard hit for the chance at a CLI, if you even get one at that. If that's something you're willing to do, by all means recon up to the supervisor level. I'm not one to waste an inq either, but IMHO, it may just be better to wait and apply again in 6 months for higher chance at approval, and a limit more reflective of your current profile.