Even if you're denied a credit card application, it does not mean that it is the end of the world. Most people don't know this, but most credit card companies have backdoor numbers that will connect you directly with an underwriter or credit analyst who has the authority to reverse decisions.
When your application for a credit card is submitted, it goes through an automated consideration process.
So here is what you need to do if you're denied a credit card application.
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Ask For A Credit Card Reconsideration
What this does is allow there to get some human eyes and discretion on the application. Here are a few ways that you can ask for a reconsideration:
Don't Waste Time: Call immediately upon receiving the denial notice. If you wait 30 days or more you’ll end up having to apply again which will result in an additional hard credit pull.
Know Your Reports: You need to have your credit reports from the three major credit bureaus – Experian, Equifax and Transunion in front of you. Be ready and able to explain any negative item and show how you have learned from a mistake.
Explain Any Inquiries: One of the most common reasons for a denial is “too many recent inquiries.” But there may be a good reason such as you are rebuilding credit or you may be shopping for a car loan.
Know Your Why: The most important takeaway here is to know what the credit card offers and be able to relate that back to the credit analyst in stating why you want their particular credit card. Let the credit card company know why you want to do business with them; for instance:
Be Courteous: Most credit analysts are professional but may come off as seeming less than concerned about you. But no matter how curt they appear never lose your cool and remain positive and polite. If the representative still denies you, thank them for their help and end the call. Wait a day or two and call another credit analyst. The outcome can be totally different.
You may have to do some digging or “googling” to find the right number for Reconsideration. You can also call the regular customer service line and ask them to put you through to an underwriter or credit analyst.
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