So you have now gone through your application for a new card, and you were rejected. Don’t fear, it’s okay and in fact a part of the process. I tell my Credit Counsel Elite students and mastermind members that, even if you follow the correct step-by-step and very detailed process to a “T”, of course your chances for approval will be high, but you will still get a few rejections along the way. I know it feels like getting picked last for kickball in elementary school but trust me it’s all a part of the process and this part separates the winners and quitters here very quickly.
All is not lost my dear credit-seeking friend. You still have the opportunity to call the bank’s through what we call the reconsideration line.
Call the number!!!! Don’t just accept defeat. The odds of flipping their original decision will shock you.
However, when you call, you want to make sure that all your ducks are in a row. You will have specific goals for the calls, and with this article, I am going to teach you some of the most important things to consider and prepare for when you make your calls to improve your chances of getting the decision reversed and getting that new card that you have applied for approved.
There are a few methods that are taught to deal with the reconsideration line.
One method that works, comes down to your persistence and determination.
HUCA stands for…
Hang Up and Call Again
This method basically means that you will keep calling the reconsideration line until you have worn down the reps that you are talking to, and they give you what you want. This can involve 2,3,4, or dozens of calls, but will be eventually successful because of the different rep interactions, humanizing with them, and lastly simply wearing them down over time.
Another method that I highly recommend is called the:
In the first of the two steps, you are gathering information. You want to call the bank and determine why you were rejected in the first place. But don’t call and say, “hey why’d you deny me!”; instead assume the sale when you call mentioning something along the lines, “hi, I applied for this new card because of the amazing benefits, I believe I was approved and I just wanted to know when I should expect the new card to arrive”. Do not settle with their answer if they tell you that you’ll receive the decision by mail within 7-10 business days; simply ask to speak to a manager if needed to overcome that stall tactic and get the real decision now. When they notify you that you were actually denied, you want to act surprised because your credit is in outstanding condition and then find out why they denied you.
When you find out the answer, attempt right there to overcome their reasoning and get them to approve the application. However, if you can’t, at least you gathered the several reasons why they declined you and now you can do whatever you can to fix those problems before calling back for reconsideration. Make sure the issues are fixed or their importance is diminished, and when you are reconsidered, you will have fulfilled their requirements to be approved. Many of their reasons can be ridiculous and be lessoned easily with the exception of 1 or 2 reasons you’ll have to be sharp with to overcome. Remember they can’t verify whether anything is correct or not, but only see what the application you filled out says and what the report reads that they pulled.
In this initial call, you want to make sure to use the correct language, and therefore you don’t use the words “denied,” “rejected,” or “disqualified.” You should say something like this:
“Hi this is Brandon, I applied for the Chase Sapphire Reserve card; can you look into my application?”
The bank will come back and tell you that you were not approved and you will receive a letter explaining why.
You want to be friendly and not combative; you’re trying to get the person on the phone into your corner so kill them with kindness. You're going to tell them a few things that lend strength to your argument (think of the 6 boxes that make up your FICO score and list off all the good characteristics of a great profile), and this is when having a strong bank relationship already in place will be of extra benefit.
“Hey you know I really deserve this card, and I know that I’m qualified for this card.
I have both a great credit score and great credit history.
My income is solid, and I really don’t have any debt.
I’ve been with your bank for a while now and we have done business before. I’ve never been late on any payments and I really love this card because of the travel benefits, I could really use it within my business. I don’t know what happened with this application but I believe there must be a mistake, because I am certainly qualified for this card!
You want to say that last part just a bit slower and with confidence.
By saying this exact setup, you are using triggering words making the banker view you under the Equal Credit Opportunity Act. This forces them to reevaluate your application.
At this point, they will likely immediately look at your application and give you a bit more information about why you were not approved.
For example, you may be told that too many accounts were opened in the last few months and/or too many inquiries. Write this information down so that you know what can be improved but try to get approved while on the phone now.
“Alright, well what can be done to get me reconsidered and approved today?”
Believe it or not but this works, however, they may just tell you nothing can be done. And after speaking to another rep or manager if they all tell you the same, don’t worry, you have accomplished your goal for part one; information gathering.
Be gracious and get off the phone with a heartfelt Thank You!!
With your newly gained information, you will call back, and similar to the first call you will justify the reason that you did not get the card in the first place and that it must be a mistake.
Minimize the issue/situation and again assume the sale but most importantly ask for it. Banks want to lend to you. Overall that’s the business they are in but they need to be okay with the risk tolerance. Banks want to be able to justify the denial but your justification should be in line with everything you are stating. If denied for too many inquiries from possibly a car purchase, or several new utility inquiries if you have just moved you can defend yourself like this:
Good afternoon, my name is Brandon. I applied for the Chase Sapphire Reserve, and I see there may be a mistake with my application if you don’t mind please look into it with me. If you take a closer look at my credit report, I was in the process of moving, so I was shopping for new utilities, (a new car lease, etc.);
I know I’m a safe and great fit for this card. What can be done to see how I can get approved today?
Slowly and confidently saying that last part again.
With this second call, your approval chances will go up, and in this case, you may need to call a few times and talk to a few representatives or managers to get the approval but it will be surely worth it in the end.
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