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What to Do After Applying for a Credit Card: Dealing with Pending and Rejection

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What to Do After Applying for a Credit Card: Dealing with Pending and Rejection

07/18/24 04:27 pm

You've diligently followed all the application guidelines, ensured your credit score was within the specified range, and hit submit. Now, as you wait for the approval that never seems to arrive, what should you do next?

Application Is Pending:

If you're unsure why your application is pending or under review, contact the issuer's customer service for clarification. Here are relevant phone numbers:

  • American Express: 1-800-567-1083
  • Bank of America: 1-866-422-8089
  • Capital One: 1-800-903-9177
  • Chase Personal: 1-888-609-7805
  • Chase Business: 1-800-453-9719
  • Citi: 1-866-606-2787
  • Discover: 1-800-347-3085
  • Wells Fargo: 1-800-967-9521 

 

Application is Rejected:

If your application is rejected outright, carefully review the rejection notice to understand the specific reasons. By law, issuers must provide this notice within 7-10 business days after rejection.

  • If your credit score was a factor, request a copy of the credit report used and check for any errors. Use this information to improve your credit standing.
  • Ensure your application is error-free and includes all income sources you have "reasonable expectation of access" to, such as a spouse's income.

  

If you were close to meeting the criteria for the issuer, consider calling their underwriting department directly. Here are their contact numbers:

  • American Express: 1-800-567-1083
  • Bank of America: 1-866-422-8089
  • Capital One: 1-800-903-9177
  • Chase Personal: 1-888-609-7805
  • Chase Business: 1-800-453-9719
  • Citi: 1-866-606-2787
  • Discover: 1-800-347-3085
  • Wells Fargo: 1-800-967-9521

 

When speaking with a representative, make sure to speak nicely, as they may have the authority to approve your application manually over the phone.

 

Key points to discuss with the representative:

  • Value as a Customer: Explain why you would be a valuable customer and highlight any improvements you've made since any past credit issues.
  • Card Benefits: Highlight specific benefits of the card you’re applying for, such as protections, cashback rates, or other unique features, rather than focusing solely on the sign-up bonus.
  • 5/24 Rule: If you believe you exceed Chase's 5/24 rule due to being an authorized user on another account, specify the card in question; it might be removed from your 5/24 count.
  • Escalate if Needed: If the initial representative is unable to assist you, ask to speak with a manager.

 

Practical tips for specific rejection reasons:

  • Insufficient Business Relationship: Consider opening a business checking account with the bank. A well-maintained checking account can improve your approval odds.
  • Too Much Outstanding Credit: Offer to adjust your existing credit limits with the bank instead of applying for additional credit.
  • Multiple Cards on the Same Business: Explain your need for multiple cards, such as for better bookkeeping or to manage expenses for different projects or clients.

  

Ultimately, if your application was denied due to limited credit history or a low credit score, consider building your credit with a secured credit card. Ensure timely payments on all bills to steadily improve your credit score for future applications.

 

Understanding and addressing the reasons behind application decisions is crucial. By seeking clarity, reviewing your credit report, and maintaining communication with issuers, you enhance your chances of approval and lay a solid foundation for future financial success. Patience and diligence in building your credit will bring you closer to achieving your financial goals.

 

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



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