Wednesday, February 3, 2010

Letters of Reconsideration

A great way to get a bank to give you a second look is through letters of reconsideration.

A lot of times their system may auto-deny you without much of a good reason. This could be because of your age, number of accounts, etc. Each bank has its own standards, but they often overlook good customers because they are acting conservatively. Of course, they don't particularly care unless you take the time to tell them that you are a great customer.

Make sure when you send this letter, or one like it, that you send it via CERTIFIED MAIL. Otherwise they won't pay much attention and you will get lost in the crowd.

Here is a template that you can add or remove details from. Make sure you actually fill it out.

I have been denied for many a line of credit or credit card and after one, two or three (yes I said three!) letters of reconsideration, gotten them to approve me.

Remember, responsible people are lower risk, only responsible people send three letters of reconsideration :D

I provide no guarantees and am not liable for any repercussions that occur as a result of you using my template.

The template:

Name of Bank
Address of Bank


I am writing requesting reconsideration of the denial of my recent Bank Name card application (case number XXXXXXX).

It appears I was denied after you pulled my TransUnion report. While the letter I received did not include specific reasons as to why I was denied, I would still like to go over the potentially negative information on my report.

Number of recent credit inquiries

I do have high credit inquiries at this time. Some of these are due to my credit report being run multiple times from the same companies that did so. I am in the process of disputing many of these anyway. Some are for refinances of already existing lines of credit. Aside from that, I am trying to build a solid credit history for myself and have applied for credit a few times only to build a solid history. Every line of credit I have ever received has been paid on time.

Insufficient length of revolving credit history

I am curious as to what length is necessary for your company as I have had revolving credit cards for X years.

Insufficient number of consumer accounts
Again I am curious as to the requirements for this as I have 7 consumer accounts ranging from several hundred dollars to several thousand. The highest being $XXXX and $XXXX.

Insufficient average credit limit on open revolving accounts

Although I do have maybe 1 or 2 cards with limits under $XXXX, the rest are of higher amounts including $XXXX, $XXXX and $XXXX.

You will notice I have no late payments, collection accounts or, general negative items on my report. I have had credit for X years with several open trade lines with perfect payment history. I am still building this history and I wish to have bank name be part of it as it will continue to be pristine. I appreciate you taking the time to reconsider my application. I hope my explanation clears things up so I can be another proud Bank name card holder and customer.


Your signature in pen
Your name
Your address

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