MAKING CREDIT CARD RECONSIDERATION WORK

If you are applying for credit card on regular basis once in a while you will receive the "application on hold" or "denied" reply. Most often than not its just a "call" to the reconsideration department which can help you get that credit card application approved. So, it is important to know that the initial denial does not necessarily mean a denial and you could potentially convert that into approval. The important thing to note here is that application approval depends on multiple factors, few of the most common are listed below:

1. What is your credit worthiness? Your income, assets and available revolving credit determines this.
2. How often are you asking for the "new credit" from the given credit card issuer company? Different credit card issuers have their own criteria in restricting how often they approve you for a new credit card.
3. How good is your credit history? Any score of above 700 for TransUnion, Experian or Equifax is generally considered to be a good score.
4. How long is your credit history? The longer the credit history you have the better off you are.
5. How is your past usage of any earlier issued card by the same credit card issuer? If you have few credit cards issued by the same issuer earlier but you do not seem to be using them very often they do not consider you as a good customer for them.
6. Are you applying for the same card which you had cancelled in the past? Some credit card issuer would deem this bad while others might consider this perfectly fine as your needs could change over the period of time.
7. Do you make your payments on time? The credit card on which you have interest and late payment charges like it, but a new credit card issuer would be less than happy on inducting a new customer who do not pay the dues on time and see the individual as being a high risk for their bank.
8. What is the outstanding balance you maintain with different credit card companies? This could either work in your favor or against depending on the ratio of what's your worth and and what is your outstanding balance. Credit card issuer like to deal with individuals who are not going to default.

Above are the most frequent concerns that credit card issuer has, thus it will help you to your advantage if you know the reasons why you are looking for getting that specific credit card. Most credit card company do not want you as a customer if they understand you are doing it just for that elusive sign-up bonus.

Below are some suggestions that will help you turn your "so called denial" into approval:

1. Always be polite to the person you are speaking with. Remember you are looking to turn the denial into approval and so being polite helps your cause. Nobody likes a grumpy or angry person.
2. Know the facts before you start your conversation. This could be your credit score's with different credit bureau or your credit utilization from the specific credit card issuer. 
3. Understand the features of the credit card which you are looking to get. Knowing the reason's why this is the card you need that goes beyond the sign-on bonus will help you get the card approved.
4. Understand the concern of the credit card issuer and than mitigate it accordingly. 

• For e.g. if the concern is that they have already issued you good amount of credit and do not want to provide you with any more credit, ask them if you can move some of the credit from any of your "old card" to this "new card". 
• You could even offer to close any "old card" (which you anyway had planned to close in near future).
• You could quote any big purchase/travel which are you going to have in near future and your intent to use this "new card" for it.
  
• You could also potentially have reason where the store does not accept that "MasterCard" and having this new "VISA" card would help you with that.

Just make sure that you address their concern in a right way and you will come out winner in your credit card "approval".

Resources: Listed below are the phone numbers for the application status & credit card reconsideration department if you hit that denial and want to convert it to an approval!!
Chase Bank -- 888-609-7805, 888-871-4649 
Citi Bank -- 800-765-9795, 800-645-7240
American Express -- 877-399-3083
Barclay's Bank -- 866-369-1283
Bank of America -- 866-458-8805

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