The Importance Of The Reconsideration Line
As I talked about a few weeks ago, I did my latest round of credit card applications. While the majority of the cards that I applied for were instantly approved, a few like my Chase Fairmont card were deferred.
A deferred decision typically means that an actual human has to look over your application and make a judgment if the bank should approve you for the card.
This typically happens primarily for Business Cards, but in some cases, if you have too many open personal cards with the bank or if something is off on your application, they will defer your decision.
While the bank will eventually send you their final decision via snail mail, if you get deferred, from my experiences it is always better to go ahead and call their reconsideration line and be proactive!
The reason for this is simple. Many times, there are extenuating circumstances that may not come thru on your credit report and need to be verbally explained. Other times, the bank may simply need to confirm your new address or something else simple, thus your application was deferred.
Instead of waiting for a snail mail letter from the bank, you can simply clear up any questions they may have over the phone!
Chase Reconsideration Experience
Since my Chase Fairmont Card was deferred, I went ahead and called Chase’s reconsideration line to see what else they needed.
It was lucky that I called because it turned out to be a definite case of extenuating circumstances.
As I learned from the Credit Analyst, apparently over the years as I had applied for new Chase cards and gotten approved, with each new card my total line of credit with Chase increased and eventually surpassed $75,000.
It seems the Fairmont Card put me over the acceptable threshold for Chase’s credit line to income ratio. Or in other words, even though I always pay my bills on time, Chase thought they had given me to much credit compared to my income (typically they said they like to keep it under 30%).
Due to being over their threshold, Chase actually denied me for the Fairmont Card (which I found out via snail mail 2 weeks later after I was approved). However because I called the reconsideration line and explained the situation, instead of denying me, the Credit Analyst was able to close my old Chase Sapphire Card (which I had downgraded to from the Chase Sapphire Preferred), and move some of the credit lines on my other cards to free up credit for the new Fairmont Card.
After doing all that, I was approved for the Fairmont Card!
While my case is a bit extreme, it just goes to show you the power of using the reconsideration line.
Outside of US Bank, as long as your credit score is not low, even if you are denied for a new card, using the reconsideration line, you can usually talk you way into getting approved by closing some old cards or moving some credit around.
Reconsideration Phone Numbers
I was going to make a list of all the reconsideration line phone numbers but a few of the other bloggers have already covered them, so I will just share those pages.
For some reason or the other, all the above sites except ITW, “conveniently” forgot to include the number for Chase’s Reconsideration Line…
Luckily I have it saved in my phone, so here it is:
Chase Reconsideration Line – 1-800-453-9719
When applying for credit cards, the reconsideration line can be your best friend.
Instead of being automatically denied, the reconsideration line allows you the opportunity to explain, to a real person, why you need a new card.
As I talked about above, had I not called Chase after getting a deferred decision, I would have most likely been denied for the Fairmont Card because I was maxed out on the total amount of credit Chase could offer me.
However because I called Chase and explained the situation to the Credit Analyst, they were able to close an old card and move some credit around which ultimately allowed me to open my new Fairmont Card and get 2 free nights!
Basically at the end of the day, you have to be proactive when applying for credit cards. This includes monitoring your score, keeping up with new offers, and occasionally using the reconsideration line!
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