topic Re: Try Reconsideration! It works! in General Credit Topics

Try Reconsideration! It works!

Tuscani — Mon, 14 Jun 2021 19:44:06 GMT

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. 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):

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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

Re: Try Reconsideration! It works!

Anonymous — Mon, 14 Jun 2021 19:44:36 GMT

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?

Re: Try Reconsideration! It works!

Anonymous — Wed, 02 May 2007 18:43:36 GMT

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

Re: Try Reconsideration! It works!

Anonymous — Wed, 02 May 2007 19:16:53 GMT

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.

Re: Try Reconsideration! It works!

Tuscani — Wed, 02 May 2007 19:20:25 GMT

Yep! Recon works and has a pretty good success rate!

Re: Try Reconsideration! It works!

smallfry — Wed, 02 May 2007 21:05:19 GMT

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.

Re: Try Reconsideration! It works!

girlie — Mon, 07 May 2007 02:55:22 GMT

I am currently obsessed with my fico scores and this board has such great information.

thank you!

Re: Try Reconsideration! It works!

Tuscani — Mon, 07 May 2007 12:08:37 GMT

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

thank you!

My pleasure!

Re: Try Reconsideration! It works!

Anonymous — Tue, 08 May 2007 18:28:48 GMT

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.

Re: Try Reconsideration! It works!

Tuscani — Tue, 08 May 2007 18:45:53 GMT

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.

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.

Re: Try Reconsideration! It works!

Anonymous — Thu, 10 May 2007 11:10:12 GMT

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+%.

Re: Try Reconsideration! It works!

Anonymous — Tue, 15 May 2007 21:54:43 GMT

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!

Re: Try Reconsideration! It works!

Anonymous — Wed, 16 May 2007 08:03:04 GMT

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.

Re: Try Reconsideration! It works!

Anonymous — Thu, 01 Nov 2007 17:49:25 GMT

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

Re: Try Reconsideration! It works!

Anonymous — Wed, 16 May 2007 16:22:51 GMT

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

Re: Try Reconsideration! It works!

Anonymous — Wed, 16 May 2007 17:47:51 GMT

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.

Re: Try Reconsideration! It works!

Anonymous — Wed, 16 May 2007 18:31:51 GMT

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.

Re: Try Reconsideration! It works!

Anonymous — Wed, 16 May 2007 22:03:55 GMT

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!

Re: Try Reconsideration! It works!

Tuscani — Thu, 17 May 2007 11:51:41 GMT

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!

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

Re: Try Reconsideration! It works!

Anonymous — Wed, 06 Jun 2007 00:55:59 GMT

Was denied one of my recons. CLI thru Wells Fargo.

Might have gotten approved by Chase. They sent a letter to confirm because of the FA on my CRs. Called, confirmed info, and they seemed to imply I was approved.

Still haven't heard a peep from the third, Fred Meyers Rewards Mastercard (thru Krogers and CITI).