Dan’s Deals gives some good advice on credit card ‘reconsideration’. With most card issuers you don’t need to be approved right away or automatically in order to get a card. You can be denied initially and still wind up with an approval.
The best bank for reconsideration in my experience is Chase. If you have existing credit lines with Chase you can usually horse trade — either cancelling an existing card to get approved for a new one, or offering to shift some credit from an existing card onto the new one.
The basic principle here is to demonstrate that you aren’t increasing the bank’s exposure to loss by their approving you for a new card. In the case of cancelling an existing card or shifting credit from an existing card, that usually comforts Chase because while they’re approving you for a new card they aren’t actually giving you more credit than they were already comfortable doing.
So anything you can do to show you aren’t a risk, like that you pay your bills in full each month always, helps the case as well.
You may need to explain why you why you want the new card, such as because the benefits of that card are really valuable — be it free checked bags or early board, help towards elite status — or because you want to keep various kinds of expenses separate.
Dan even points to posts like this one where folks have been able to seek reconsideration online, via Chase’s secure messaging system instead of calling. I hadn’t heard of this technique before, and I am not aware of successes with other banks pursuing this method. But the same request in the post is,
I’m writing so that you PLEASE reconsider my Southwest Application card.
I really like SW and wish to have their Credit Card.
I UNDERSTAND that I’ve opened many cards in the past, but PLEASE understand me. I don’t need any NEW credit from chase, so I’m willing to have credit lines moved around to enable me application to be approved.
If needed, I’m even ready to close my United card, as long as I get approved.
I have a good credit history with chase, never once had a late payment, and I also have a checking account with chase with around 2000 dollars.
Please get me approved, and THANKS in advance.
Personally I would use so many CAPS but that’s a stylistic thing. 🙂
At this point, having been moving from credit card to credit card for the better part of 15 years, I’m often not approved initially for cards — at least by Chase since they already extend a great deal of credit to me, and because I’ve had more cards from them than anyone else (since they do tend to have the best products). But eventually I get approvals.