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MMMondayMemo: What to do when you get denied for a credit card
Don’t sweat it out! It’s not the end of the world if you get denied for a credit card. In fact, for a lot of point’s enthusiasts it’s a rite of passage. See, most banks are only going to extend you a certain amount of credit. That line is based on multiple factors, but a couple of the most important are your income and history with the bank. If you haven’t had a long history with a bank, they will take baby steps with you, and if they’ve already given you “your max credit” for their parameters, they’re going deny you. Don’t sweat it out, here’s what to do when you get denied for a credit card.
Before we even start… DON’T PANIC!
It’s alllllllll ok. The banks have departments that specialize in “reconsidering you” for that application you just got denied on.
First, get your credit report.
Log on to Credit Karma or ask the bank to provide you a copy of your credit report. It is your right to be supplied with the credit report that they pulled, free of charge. You need to see what they see and also if there is something wonky going on with your report that could have caused the bank to deny you.
Second, look up the reconsideration line for your bank.
Some of these numbers may send you to a standard phone rep. You can ask to speak to a credit analyst or to speak to a reconsideration representative. BE SUPER NICE! ( Info from Travelsort and DoCredit) If any of these numbers don’t work, just bing or google “reconsideration” lines. Numbers change quite frequently, but you can find the number if you do a bit of digging.
- 800 567 1083 ( application status)
- 877 – 399-3083 ( new
Bank of America
- 800-545-7899 ( Personal )
- 800-601-3923 ( Business )
- 888-270-2127 ( Personal)
- 800-453-9719 ( Business )
- According to Doctor Of Credit: you must mail a letter here: CitiBank Executive Review Department, P.O. Box 6000, Sioux Falls, SD 57117
Step 3 – Get your game face on
You are now the friendliest, fun, clever, super duper, amazing person on the phone, ever. You NEED the phone rep to like you, and believe me, they deal with A LOT of nasty people all day. You can be the change in their day, and when you need them to help you, this could be the factor that pushes you over the top for approval.
Step 4 – You don’t need that sign up bonus
Oh, there’s a big sign up bonus for this card? WOW! INCRED! I just loved the card because I fly United all the time, Or you always stay at Hyatt and you love the free night every year, or you just love Centurion lounges because your friend has an Amex Platinum card and you just have to have one too.
MY POINT IS DON’T BRING UP THE BONUS. You are not a point hungry churner. I repeat, you are NOT a point hungry churner. If you need to stand in front of the mirror and rinse and repeat that a few times…do it. But DO NOT bring up the bonus on the phone call
Step 5 – The bennies of this card are legit
Know all the benefits of the card you’re signing up for and if need be, have them listed in front of you. Reference them, be an expert, and give the rep every reason to give you the card. I keep the Chase IHG card for the annual free night cert – I used mine this year to go to Austin and stay at the Intercontinental there…free.
Step 6 – Know all the cards you have with that bank
Have a reason for every card that you hold and make sure that it’s not for the points. I have multiple cards with Chase. I truly do keep the cards because of the benefits that those cards give me. But, I KNOW all of them and can rattle off the cards if I’m on the phone with a recon rep. Just know your business, and don’t come off as a point grubbing churner 😉
Step 7 – Look up your credit limits
Log in to your account, have the statements in front of you, but whatever the case, have you limits in front of you. This way, if the reason they give you is that you have maxed out the available credit that the bank can extend…ask to rotate. The more you know about your accounts, and can rattle off the facts, gives the rep confidence that you have your affairs in order. More times than not, they will be happy to rotate credit to accommodate approving your application.
Step 8 – HUCA
Use those instincts my friend. If you are putting on your sunshine self and that rep is being a thorn in your side you need to pull out the ole acting skills….”Uh oh..hello? This phone connection is crap, hello, hello? Click.” Hang Up and Call Again. Don’t waste your time and risk having a mean rep put a note on your account and deny you. In the end, even with a super nice rep you may not get approved, but you want the best chance possible. Everyone has a bad day, don’t get a recon rep on theirs.
Monkey Miles has partnered with CardRatings for our coverage of credit card products. Monkey Miles and CardRatings may receive a commission from card issuers
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