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Imagine that you apply for a credit card only to hear that your request is “pending” or worse, rejected. Now what?
It may be time to call the Reconsideration Line (a number that each issuing bank offers specifically for customers who want to dispute their decision on a credit card application) to request a credit card reconsideration.
You can turn “no” into “yes,” but it’s also possible to screw up the conversation and get nothing for your time and effort. Read on to understand what a credit card review is and how to make the most of phone calls for reconsideration.
How does a credit card review work?
Credit card reconsideration occurs when a consumer asks for a second chance on a rejected credit card application. Typically, the first rejection comes from the computer, not from the employee of the credit card issuer. There are algorithms for determining the creditworthiness of an applicant.
If you were denied but still want a card, you have a chance. Thanks to the Equal Credit Opportunity Act, your credit card issuer must reconsider your application upon request.
Reconsideration is more likely to succeed if you were rejected because of an error in processing your application or if your financial situation has improved since you first submitted your application.
Credit Card Review Tips
After receiving a denial, if you would like your application to be reconsidered, you can call the Reconsideration Line to request a reconsideration of your application.
Here are a few steps you can take to make sure the call is successful:
- Check your credit score. The higher your credit score, the more likely you are to be approved. Verify your credit score before calling. If it’s strong, you can use it to back up your argument.
- Be aware of your relationship with the issuing bank. For example, if you are applying for a Chase Sapphire Preferred Card and you already have another Chase credit card in your wallet, pay attention to how long you have had your existing Chase card. By indicating that you have a long-standing relationship with the issuer and that the other card has a good reputation, you can reassure the issuer that payments are on time.
- Consider why you were rejected. If you are denied, your credit card issuer will explain the reason in a rejection letter. Look at the reason why the issuer refuses and be prepared to argue your position. Let’s say you have a negative mark on your credit report due to one late payment many years ago. On the phone, you can explain the circumstances and how this will not happen again due to your current situation. You may have missed a zero in the income field and accidentally entered your income of $400 per month instead of $4,000, or you may have had some recent difficult requests. If you are willing to explain them, these are issues that can be overlooked or forgiven.
Alternatives to Credit Card Review
If you decide that renegotiating your credit card is not what you want to do (or you try and it doesn’t work), you have other options for getting a new credit card.
To get started, apply for a card with a new credit card issuer. All issuers have unique underwriting criteria and while one may reject you, another may accept you. If you have a good reputation with another credit card issuer because you have used one of their credit cards responsibly, this might be a great place to start.
You don’t have to look for a new credit card issuer if you’re willing to lower your credit card standards. If the issuer refuses to issue you a certain card, you can try to apply for a card that is one or two levels lower. While you may not qualify for this card with the best rewards right now, you can still qualify for another great card from this issuer.
If you find that your credit history and credit score are not strong enough to qualify for a traditional credit card, you can always apply for a secured credit card. A secured credit card is a really useful financial tool that can really help you improve your credit score so you can qualify for better loan products in the future.
With a secured card, you don’t actually borrow money, which makes it much easier to claim. You will provide a deposit that acts as a borrowing limit, so if you deposit $500, you can spend up to $500 with your secure card. Once you pay off your balance, it resets to $500. When you make payments on time, the credit card issuer reports these payments to the three major credit reference agencies (Experian, TransUnion and Equifax) who will help build your credit history.
bottom line
Rejection by the credit card issuer is not the end of the line. Reconsidering a credit card is always worth a try and may result in an approval. If the re-evaluation fails, you can always apply for a lower tier card, apply for a card from a different issuer, or use a secured credit card to increase your credit and increase your chances of future approval.
Editorial disclaimer
The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.
