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Recon???

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perfect10
Member

Recon???

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.

Starting Score: 625
Current Score: 635
Goal Score: 750

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Message 1 of 20
19 REPLIES 19
a3quit4s
Regular Contributor

Re: Recon???

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


EQ 733 3/3/13 GOAL: 800 Merrill Lynch Merrill+ $12,500 | AMEX BCE 6K | AMEX PRG NPSL | CSP 6K | Freedom 5K | Discover IT 5K | HVFCU 10K | American Eagle Visa 5K | Citi Thank You Preferred 6,100

In the garden since 4/22/13 | Hating on Capital One since '09
Message 2 of 20
Pilotdude
Established Contributor

Re: Recon???

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.

 

Smiley Happy


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TU -746, EX - 721, EQ -745
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Message 3 of 20
09Lexie
Moderator Emerita

Re: Recon???

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.
Message 4 of 20
youngandcreditwrthy
Senior Contributor

Re: Recon???

It is almost important to be prepared to put up a fight!! Took me three recons to get my Freedom!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 20
Ravensfan2001
Established Contributor

Re: Recon???

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?

Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 6 of 20
scenery_guy
Established Contributor

Re: Recon???


@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. 

Message 7 of 20
Ravensfan2001
Established Contributor

Re: Recon???


@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! Smiley Embarassed

Thanks for the advice....


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 8 of 20
Chris123nTx
Established Contributor

Re:econ???

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.
Message 9 of 20
Ravensfan2001
Established Contributor

Re: Re:econ???


@Chris123nTx 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.


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 10 of 20
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