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):
----------
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
