The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Have you ever applied for a credit card on the spot in order to take advantage of a great promotional offer?
You think you’ve been preapproved, but that’s one of the common myths about these offers that come in the mail. What happens when your application is denied or held up for further review? Are you just out of luck?
Not necessarily.
Note: The scenario I just described is a prime example of why I encourage consumers to carefully research credit cards and their qualification criteria prior to applying to decrease the chances of denial and avoid the ding an application can have on your credit scores. The denial won’t affect your credit scores, but the hard pull on your credit report when you apply for a new credit card will.
Fortunately, the initial denial can be appealed by taking a few simple steps.
Before I get to the process, it’s essential that we cover the potential reasons for the rejection of your application. Time is of the essence, so start by requesting a copy of the credit report that was used to make the decision, along with an explanation of why you were turned down.
In some instances, you may have a credit report or application error that can be reversed rapidly through an appeal, or perhaps a computer glitch generated a false rejection.
Here are some other reasons your application could have gotten the ax.
Assuming none of those reasons apply, the next step is for you to plead your case to the credit card issuer.
By doing so, it may be possible to speak with a company representative who has the ability to reverse the decision. During the call, you want to do the following:
If they aren’t willing to make a reversal via telephone, but have agreed to give the application another round of reviews, be sure to send all of the documents that will strengthen your case as quickly as possible.
You can also try writing a letter. It should include the following:
Still no luck? You can always search for another piece of magic plastic or work on building your credit profile until you meet the qualification criteria.
This post originally appeared on Money Talks News.
More from Money Talks News:
Image: Image Source
April 9, 2024
Credit Cards
October 21, 2020
Credit Cards
August 3, 2020
Credit Cards