When it comes to building better credit, getting a credit card is a positive step. However, not all credit cards are created equal. Chase cards are particularly popular due to their generous rewards programs. This is hardly surprising as their parent company, JPMorgan Chase, is the largest bank in the United States. But what if you’re refused a Chase card? Don’t worry, all hope is not lost. You can still apply for reconsideration. To help you try and get approved, we’ve put together a useful guide for the Chase Reconsideration Line.
When To Apply For Reconsideration
When it comes to calling the Chase Reconsideration Line, it’s essential to be prepared and ensure that you qualify, or it can be a stressful experience. First and foremost, you need to have both an application and a denial. Without those, there’s nothing to reconsider. Keep in mind that credit card applications typically expire after a month, so make sure your denial was recent. To get a valid reconsideration, you need to call within thirty days of the initial rejection; otherwise, you’ll have to submit a new application. If you’re unsure of when you applied, you can always opt for a new application. However, sometimes the best approach 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, the answer will likely be the same unless you can get a reconsideration. Determine if you’re a good candidate for the card by asking yourself if you can manage it well, make payments on time, have a good credit history, and a valid reason to want or need a Chase card. If the answer to all of these questions is a resounding yes, then you’re ready to make the call.
Reconsideration Isn’t For Everyone
Reapplying or requesting a reconsideration may seem like a good idea in most cases, but there are two instances where it may be best to avoid it altogether. Firstly, if you don’t have adequate credit or have too many cards under your name, it’s possible that you may not qualify for a new Chase card and will have to hold off for the time being. It’s highly unlikely that you’ll receive reconsideration if you don’t meet the initial requirements for the card you’re interested in. For instance, if you have a poor credit history or no credit history at all, it’s unlikely that you’ll be approved for a Chase Sapphire Preferred Card. In such a case, your best bet is to work on building your credit score. Additionally, if you already have five or more cards in your wallet, you need to proceed with caution and check when they were issued. This is because of the unspoken Chase 5/24 rule, which states that you cannot be approved for most Chase cards if you’ve opened five or more personal credit cards within the past 24 months. It’s important to note that this rule is not published in any official Chase literature, but it still applies. As CNBC puts it, “There really aren’t any workarounds to the 5/24 rule, beyond waiting for a new account to be over 24 months old.” Therefore, if you fall under this category, it’s best to skip reconsideration and simply wait it out.
Does Reconsideration Affect Your Credit Rating
When a credit card company checks your credit, it can have an impact on your credit rating. The credit card application you initially submit is an example of a hard inquiry. Unfortunately, this type of inquiry usually causes a slight drop in your credit score because you have given a company permission to conduct a more thorough review to determine whether they want to extend credit to you. If you have too many hard inquiries in a short period, it can significantly affect your score because it indicates that you are applying for multiple credit accounts, even if you don’t end up obtaining them all. A credit card denial does not affect your score because the inquiry has already been made, and not obtaining additional credit implies that you didn’t increase your risk or add to your credit. Soft inquiries are not attached to an application, so they do not affect your score as they are more like a quick glance. When a credit card company sends you a pre-qualified offer, it typically means that someone conducted a soft inquiry to determine if you meet the basic qualifications. Reconsideration is not a hard or soft inquiry because the company has already obtained your information. Therefore, it should not have an impact on your credit score.
What To Do To Get Chase To Reconsider Your Application
To prepare for reconsideration, there are several things that you should keep in mind. Firstly, it’s important to gather all relevant documents, including a denial letter if you have one. This will give you insight into why you were refused and allow you to refute any incorrect information. It’s recommended that you have copies of your application, credit score, credit history, and statements of other accounts you have with the company. You can obtain your credit reports from TransUnion, Experian, and Equifax.
Secondly, it’s important to maintain a polite and respectful demeanor when speaking with the credit analyst. Even if they deny you, they can make a note in your file, which will impact your future interactions with the company. It’s amazing how far a little politeness can go. During the reconsideration process, be sure to mention why you would be a good cardholder, with specific, real examples. If you’ve never missed a payment, be sure to highlight that fact. Additionally, it’s a good idea to mention one or two specific features of the card that you’re interested in, such as perks that you could use every day. However, it’s important to avoid mentioning the introductory offer as it costs credit card companies money, and they want you to continue spending money with them.
Finally, be prepared to address the reason why you were refused. If Chase has incorrect information, now is the time to mention it and provide the correct, current information. Alternatively, you can offer counterpoints in your favor, such as positive credit history or even provide a solution to a specific problem. If you need to reach Chase’s reconsideration line, you can call 1-888-270-2127 for personal cards or 1-800-453-9719 for business cards.
It’s crucial to manage your credit properly to achieve your goals. One way to do this is by applying for and getting approved for the best credit cards available. Whether you’re in search of a balance transfer, superb rewards, enticing sign-up bonuses, or just an overall great card, Chase is an excellent option, assuming you’re able to get approved. Luckily, this guide can assist you in deciding whether to apply for reconsideration if your application is denied, as well as what to expect during the process. Being aware of the questions they may ask can increase your chances of obtaining the card you desire, even if Chase initially denies your application.