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

[Anonymous]

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.

[pinkandgrey]

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!

[Anonymous]

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.

[Anonymous]

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. 

[Anonymous]

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.

[NRB525]

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.

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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. 

[Anonymous]

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!