I recently wrote a post about my experience with my very first large credit card application cycle, and subsequently wrote about how I decided to pick the particular cards I picked. The feedback I got from those posts was basically that I write too much. Hmmm…
So I will make an effort to shorten my articles going forward to include a little background, my experience, and then reference some “additional reading” in case you want more details.
On to the good stuff. The reconsideration hotline is basically your avenue to appeal a bank’s decision to either deny you credit, or if you got the dreaded “pending” decision like I got on my Chase Ink Bold application, to get an expedited decision.
What it entails is pretty simple: (1) You get denied or a pending decision; (2) You call the reconsideration line and answer some questions; (3) You get an updated/expedited (and hopefully positive) decision.
In my case, I knew I’d get a pending decision from my Ink Bold application since that’s what 99% of other people’s experiences have been in the reading I’ve done. I waited a day and called the reconsideration number and immediately began talking to a real human being from America (I love Chase for this).
He pulled up my application, put me on hold to check a few items, then came back and asked me the following questions:
- Tell me about your business (I told him I do buying/selling on eBay/craigslist type places).
- Tell me about the types of items you buy.
- How long have you been doing this?
- How much do you spend on a monthly basis?
At this point I was put on hold again. I must admit I was getting a little nervous that I wouldn’t get approved since the questions seemed rather detailed. The Chase representative came back with a few more questions:
- How much do you expect to spend going forward?
- I see you have several other accounts – how do you pay those accounts?
- What is your gross annual income?
I was put on hold once more. These last few questions were relatively easy. I was honest and said I didn’t expect to put very much on the card…maybe a few hundred dollars or up to $1K possibly.
The rep came back and said I was approved, and asked if a $5K limit would be sufficient. I happily said yes, and was told the card would arrive in 7-10 business days (I’m still waiting for it btw).
You can do this with Chase and with American Express, and several other banks as well. Reference the numbers below for your particular situation:
- Chase Personal Cards reconsideration number: 1-888-245-0625
- Chase Business Cards reconsideration number: 1-800-453-9719
- American Express reconsideration number: 1-866-314-0237
For additional reading and to read others’ experiences, including how to deal with other banks, feel free to check out the links below:
- Million Mile Secrets has a fantastic summary
- The Points Guy made a mistake, but it still worked out for him
- Noob Traveler walks you through the phone call
If you need additional resources, Google is your friend!