March 7th, 2013
Calling the Reconsideration department after being denied a credit card is crucial. They’ve already pulled your credit, now you just have to explain why you want the credit card. Everyone gets denied, the only difference is how much time you’re willing to spend to turn that denial into an approval.
You only have 30 days after you’re denied to reconsider an app, but often you can call Reconsideration right after applying. The advantage of calling right away is that it limits the chances of getting another pull in case they have to pull your report another time.
Good strategies include:
-Proactively offering to shift credit lines around from other cards to get the new application approved.
-Proactively offering to close an older card you don’t use anymore to get the new application approved. Make sure the old card is totally paid off and that they move over the entire credit line to the new card. In this way you won’t have any loss on your credit report from the closed card as the closed card continues to help your length of credit history and average age of your accounts for at least 10 years after it’s closed and you didn’t lose your line of credit or hurt your credit utilization ratio.
-Explaining how you want the benefits the card provides. Like free baggage and primary car rental insurance on United Explorer. Or just simply that you plan on flying more often on Delta or Southwest. That you will be staying in Starwood hotels and want elite night credits, that you like the idea of 3 times points for airfare, or that you want 2.14 points on dining and travel with Sapphire Preferred. That you want a line of credit for your business with Ink Plus along with the charge card capabilities of Ink Bold. Every card has unique perks, make sure you know what you’re applying for and why and that will help you out greatly. Often I can even teach the reps a thing or 2 they didn’t even know! If a card has no fee or no foreign exchange fee or any other unique perks, those are all good reasons for wanting a card.
The banks are afraid of people just applying for credit to rack up debts that they won’t pay. Your job is to explain why you are NOT one of those people and why you want the card. After all if you don’t pay a bill you’ll lose out on all the fun due to your credit being shot!
-Explaining why you might want 2 versions of a card. HSA spending should often be done on a dedicated card. You may want to separate foreign and domestic spending. Etc.
-Explaining how you’ve never had a late payment or that you’re a loyal customer for x amount of years.
-Explaining how you bank and have other services with the credit card and are very loyal.
-Be friendly! Ask the person how their day is going and they’ll be more likely to want to help you out.
What about if you’re just not a good talker?
Multiple DDF members have had great success doing reconsideration via secure message. The same strategies apply, just keep your case short and to the point.
-dovy2 was denied 3 times over the phone but approved after just 1 secure message.
-sky121 helped his grandmother out with secure messaging, offered to shift credit lines around to get approved, and voila.
-syguy explained the benefits of the Sapphire Preferred and offered to move over credit and he got approved as well via SM.
So far all of the reports have been with Chase. If you try it with another bank then be sure to let everyone know how it goes.
Want to talk instead of write? Here are Reconsideration numbers:
Barclay: 866 408 4064
Chase: 800-432-3117 (Application status)
Chase: 888-270-2127 (Application reconsideration)
Chase: 800-453-9719 (Business card reconsideration)
Chase: 888-245-0625 (Credit Analyst reconsideration)
Chase: 888-622-7547 (Chase Executive Office)
Chase: 888-298-5623 (Credit Reallocation – Consumer)
Chase: 800-453-9719 (Credit Reallocation – Business)
It’s also worth noting that if you have at least $10,000 in a Chase checking account your banker can send in a special reconsideration form requesting that you be approved. Use this in case you face dead ends after calling the various departments and secure messaging them.
Citi: 866-606-2787 (Account Analyst)
Citi: 888-201-4523 (New App Approval Status)
Citi: 800-444-2568 (Retention Dept.)
Citi: 800-763-9795 (Credit Dept.)
Citi Credit Bureau Dispute Fax: 866-713-5028
Citi Recon can be tough. Many people have also had better luck writing to the office of the President for reconsideration on Citi cards:
Mr. Ken Stork
Office of the President
PO Box 6000
Sioux Falls, SD 57117
Have you tried reconsideration via Secure Message? Share the details in the comments!