Getting a credit card is a positive step toward building better overall credit, but having a high-quality credit card is better. Chase cards are highly sought after because of their generous rewards programs. It's no surprise they are excellent since its parent company, JPMorgan Chase, is the largest bank in the United States. What can you do if you get refused a Chase card? Is that it? Happily, the answer is no. You can still apply for reconsideration. We've put together a helpful guide for the Chase Reconsideration Line to help you try and get approved.
When To Apply For Reconsideration
Calling the Chase Reconsideration Line can be stressful, but it's worse when you're not even sure if you should call. You can make it easier by being prepared and ensuring you qualify. To begin with, you need an application and a denial. Otherwise, there's nothing to reconsider. Credit card applications usually expire after a month. Make sure your refusal was recent. If you want a valid reconsideration, you need to call within thirty days of the initial rejection, or you will have to put in a different, new application. You can always opt to put in a new application if you're unsure when you applied. Sometimes the best way to be considered is to wait and reapply after a change to your credit report has improved your credit score. If nothing has changed since you first applied, then the answer will probably be the same unless you can get a reconsideration. Next, ask yourself if you're a good candidate for the card. Do you have the ability to manage it well and pay on time? Have you got good credit history and a valid reason to want or need a Chase card? The answer to all of these should be a resounding yes.
Reconsideration Isn't For Everyone
There are plenty of good reasons to reapply or ask for a reconsideration. However, there are two situations where you might be better off avoiding the issue and letting it go. If you don't have enough credit or you have too many cards, you may have to wait on your new chase card because you are not currently a good candidate. The first and most apparent is that you are unlikely to receive a reconsideration when you aren't even close to meeting the initial qualifications for your card of choice. For example, you're probably not going to get a Chase Sapphire Preferred Card if you have no credit history or a lot of negative marks against you. In this case, all you can do is build your credit. There's a second, less well-known time to skip right past reconsideration and wait. Check your wallet. If there are five or more cards, you need to know when they were issued before proceeding. The aptly named Chase 5/24 rule is not published in any official literature from Chase, but it still applies. As CNBC explained it, "Chase’s 5/24 rule means that you can’t be approved for most Chase cards if you’ve opened five or more personal credit cards (from any card issuer) within the past 24 months... There really aren’t any workarounds to the 5/24 rule, beyond waiting for a new account to be over 24 months old."
Does Reconsideration Affect Your Credit Rating
When a credit card company inquires into your credit, it typically affects your credit rating. Your initial credit card application is an excellent example of a hard inquiry. Unfortunately, a hard credit check usually drops your credit score by a small amount because you have authorized a company to take a deeper look to assess whether they wish to give you credit. Additionally, too many hard inquiries in a short period can significantly impact your score because it shows you're applying for many different credit accounts, even if you ultimately don't get them all. A credit card denial won't change your score because Chase already made the inquiry, and not having more credit only means you didn't gain any risk or add to your credit. Soft inquiries don't affect your score because they are more like a quick peek and are not attached to an application which could raise your risk factors. A card company sending you a pre-qualified offer almost always means someone made a soft inquiry to see if you appear to qualify on a fundamental level. Reconsideration is neither a hard nor soft inquiry because the company has already pulled your information. Resultantly, it should not affect your credit score.
What To Do To Get Chase To Reconsider Your Application
There are several things you should do to prepare for reconsideration. First, gather all your relevant documents. If you have one, a denial letter may provide insight into why you were refused. You could refute any wrong information if you know why Chase said no. According to Upgraded Points, "Before you dial any numbers, make sure you have copies of your application, credit score, credit history, and statements of other accounts you have with that company. You can get your credit reports from TransUnion, Experian, and Equifax." Secondly, you need to use your best manners. Even if the credit analyst you work with today denies you, they can make a note in your file if you are rude, which will affect future interactions with the company. It's incredible how far polite behavior can get you. When you ask for reconsideration, you should mention why you'd be a good cardholder, with a specific, real example. If you've never missed a payment, that would be a great thing to add to the conversation. It's also a good idea to mention one or two specific features of the card that you want, such as perks you can use every day. Never mention the introductory offer. Sign-up bonuses cost credit card companies money, and they want you to stick around to continue spending money. Finally, be ready to address the reason why you were refused. If Chase has wrong information, this is the time to mention that and tell the analyst where to find the correct, current info. Otherwise, you can offer counterpoints in your favor, such as positive credit history, or even provide a fix for a specific problem if you have one. You can reach Chase's reconsideration line for personal cards at 1-888-270-2127 or the reconsideration line for business cards at 1-800-453-9719.
Proper management of your credit is essential. Applying for the best cards and getting approved can help you achieve your goals. Whether you're looking for a balance transfer, superb rewards, great sign-up bonuses, or just a great card, Chase is an excellent option if you can get it. Fortunately, this guide can help you decide whether to apply for reconsideration if you get turned down and what to expect when you do. Knowing what they'll ask can help you get the card you want, even if Chase said no the first time.
Written by Lily Wordsmith
Read more posts by Lily Wordsmith