Andrews FCU Denial

[Anonymous]

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@8Hunnid wrote:

So...I actually misread the message. It isnt a form at all. Just a letter:

Good Morning,

Per your request,  to be reconsidered for a loan you can send a reconsideration letter to loanorg@andrewsfcu.org with any supporting documentation.

Thank you

loanorg@andrewsfcu.org

So unless there's a recon letter template (I'm not searching haha), I'm still gonna pass. Knowing how they've been so far, it'll probably be another triple pull smh

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@8Hunnid I know you don't want to, so this is a big ask, but I don't see what you have to lose by asking for a recon. 

You already took three pulls, might as well make them worth something.

Did you get your denial reasons?

[8Hunnid]

Valid points. I'll type something up this weekend. This will be my first real recon. I'm going to talk about direct deposit from work, deposits for savings and moving more spend to them on the Titanium card. I'll explain the HPs for the refinancing and car loan. Any other suggestions or advice would be appreciated. 

[8Hunnid]

Oh, and also what types of "documents" would be relevant?

[cashorcharge]

I have not done one before but if I had to guess, paycheck stubs would be relevant. Since it's early 2021, include your last 2020 which would align to your yearly annual income...assuming you had 1 job last year. Another thought...if you spend a lot with X card, maybe a recent statement to show throughput on that card you intend to move spend to them. I'm just guessing....

Looking forward to your update. 

[coldfusion]

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@cashorcharge wrote:

I have not done one before but if I had to guess, paycheck stubs would be relevant. Since it's early 2021, include your last 2020 which would align to your yearly annual income...assuming you had 1 job last year. Another thought...if you spend a lot with X card, maybe a recent statement to show throughput on that card you intend to move spend to them. I'm just guessing....

Looking forward to your update. 

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They do want to see last 2 paystubs as part of the approval process anyway.

I would include an explanation as to why you want the Titanium card, why it will be useful to you,  and how you plan on using it. 

If you have older derogs it's fair to comment on them but also that you learned from your mistakes as shown by your payment history since then.

Don't be afraid to sell yourself.

[8Hunnid]

Long read, but here's the Recon letter (email) that I sent. Hopefully this works 

I was recently denied for the Titanium card due to too many inquiries. I was hoping someone could review my application and reconsider the denial.

At the time of applying, over two years I had either 5 or 6 inquiries, depending on the credit bureau. Two of them are for refinancing my mortgage, which lowered my monthly payment by $120.

My reasoning for the Titanium is to shift my grocery spending over from American Express. Since the Titanium card also gets 1.5 pts on non-category spending, it will get my online purchases. The other reason is that the card has a low APR, in case I need to carry a balance.

My credit profile is pretty strong. Although I do have one missed payment on my credit report, it was from five years ago. I've since had perfect payments. The Lighstream loan is for my wife's car, since she pays that, my debt-to-income is even better than it looks.

By getting the Titanium card, I'd be strengthening my relationship with Andrews. Since joining, I've deposited checks, set up monthly transfers for savings and in the process of switching my direct deposit.

I've included a screenshot of my grocery spend for last year that I plan to shift to Andrew's. There are 2 pay stubs attached as well.

I'm hoping that this can reverse the denial for the Titanium card. My application number is xxxxxxxx

Have a great day and I hope to hear from you soon. Thank you

[2ski]

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@8Hunnid wrote:

Long read, but here's the Recon letter (email) that I sent. Hopefully this works 

I was recently denied for the Titanium card due to too many inquiries. I was hoping someone could review my application and reconsider the denial.

At the time of applying, over two years I had either 5 or 6 inquiries, depending on the credit bureau. Two of them are for refinancing my mortgage, which lowered my monthly payment by $120.

My reasoning for the Titanium is to shift my grocery spending over from American Express. Since the Titanium card also gets 1.5 pts on non-category spending, it will get my online purchases. The other reason is that the card has a low APR, in case I need to carry a balance.

My credit profile is pretty strong. Although I do have one missed payment on my credit report, it was from five years ago. I've since had perfect payments. The Lighstream loan is for my wife's car, since she pays that, my debt-to-income is even better than it looks.

By getting the Titanium card, I'd be strengthening my relationship with Andrews. Since joining, I've deposited checks, set up monthly transfers for savings and in the process of switching my direct deposit.

I've included a screenshot of my grocery spend for last year that I plan to shift to Andrew's. There are 2 pay stubs attached as well.

I'm hoping that this can reverse the denial for the Titanium card. My application number is xxxxxxxx

Have a great day and I hope to hear from you soon. Thank you

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Concise and persuasive. Good Luck!

[8Hunnid]

Phew...finally approved. Approval post coming soon

[AllZero]

Excellent job on the reconsideration, congratulations!