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15 votes

Denied A Credit Card? Try A Reconsideration Letter

Shared by usernametaken 1292 days ago (http://consumerist.com) 3 Comments

/personal-finance/denied-a-credit-card-try-a-reconsideration-letter/

Frugal Travel Guy has a story of how he was able to get a credit card for his son after the company first denied him. The magic bullet was a well-crafted "reconsideration letter." What's that? (Personal Finance)

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rabbitfunds 1100 days ago

I don't know why in the world you need this letter. If a company whose job is to determine whether or not you can handle additional debt says no, then why in the world are you begging them to give you more debt? If you are seen as a high credit risk, then you probably. And if you tell the company, "Please, please, please give me more debt," then that's probably a great sign that you are indeed a high credit risk. So I can't see any situation when you would need this letter.

pfburn 1100 days ago

I think a possible reason for you to do this would be if you are in a really bad credit situation. You might be able to handle the debt (let's say you just got a raise) but your credit report might still be negative. I would rather try again with the letter and hopefully get a (for example) Chase credit card as opposed to some 89% APR plastic from First Premier Bank (yes, I hate them).

rabbitfunds 1100 days ago

Touche. That is a valid point. If you need to transfer a balance from a high interest card to a lower interest card in the process of paying off the debt, then I can understand appealing.