Have You Been Denied On A Credit Card Application?

May 30, 2024 By: Eliyah A. - CreditMonarch Online Writer0 comments

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

When you are applying for a credit card, you don’t know whether or not your credit card application is going to be approved. Credit card companies rely on several factors before making their decision and extending credit such as information like your credit score, total income and any prior credit history with the issuer to make that decision. You obviously want to get approved whenever you submit a credit card application and to increase your chances, apply for credit cards that match your credit profile and familiarize yourself with credit card application rules.

Either way, there is a possibility no matter what the case is, that you might be rejected when submitting a credit card application. Many people do not know this, but even after your credit card application has been rejected. In most cases, you have the chance to appeal their decision and potentially reverse the decision. You might want to know how you can do that? Well, all you would need to do is give the company a phone call and ask to be connected with their reconsideration department. Once you speak to an agent in this department you might be able to turn your disappointment into an approval.

While not all credit card companies have a reconsideration department, most credit card companies have underwriting agents with the authority to review applications that have been rejected and reverse the decision if there’s good reason to do so. While some credit card companies still have human underwriters many of them do not. The majority of these credit card application decisions are taken automatically by a computerized system that can make errors.

The reason most credit card companies use a computerized system to handle these credit card applications is because of how risky and expensive it can be to accidentally approve applicants who are considered risky. So there are times where a computerized system can make a mistake in rejecting applicants who meet the application rules, are creditworthy and likely should have been approved in the first place.

Reconsideration calling is not always successful, just like there are no guarantees with credit card applications. Depending on the reason for your credit denial, your chances of success are greatly affected. If you believe there’s a small possibility of turning a ‘no’ into a ‘yes’, it’s definitely worth the try. This is more likely to happen with a credit denial that is open to interpretation, instead of a denial based on a clear violation of a published bank policy.

Although it can be disappointing to receive a rejection for a credit card, it doesn’t have to be the end of the road. Read your denial letter carefully to understand why it was denied, create a plan for your case, and then request reconsideration. It’s possible that you’ll have good luck and reverse your credit denial. On the other hand, it’s possible that you may not. Either way, a short phone call is worth considering because there’s a great potential upside. Check out our list of recommended credit cards for 2024 and see if you get approved or not, you still have the option of calling the reconsideration department.

• Share article on Facebook.
• Share article on X.
• Share article on Threads.
• Share article on WhatsApp.
• Share article on Pinterest.
• Share article by Email.

• 0% APR
• Balance Transfer
• Cash Back
• Credit Card
• No annual fee
• Rewards credit card
• Secured Card
• Student card
• Travel Credit Card