Featured Deals

Hot Deal

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

We may earn commission from affiliate links. We appreciate your support!

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

07/18/24 04:31 pm
Get more incredible features when you download the PzDeals app including customizable notifications and more.

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:

We've received numerous reports from PzDealers who applied for the Ink Business Preferred® Credit Card despite exceeding the Chase 5/24 rule. Rather than facing immediate rejection, their applications are pending for an extended period before receiving approval. If this sounds like you, let us know! 

 

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: 866-422-8089
  • Capital One: 1-800-903-9177
  • Chase Personal: 888-609-7805
  • Chase Business: 800-453-9719
  • Citi: 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: 866-422-8089
  • Capital One: 1-800-903-9177
  • Chase Personal: 888-609-7805
  • Chase Business: 800-453-9719
  • Citi: 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:

  • Explain why you would be a valuable customer and highlight any improvements you've made since any past credit issues.
  • 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.

  

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.



Follow us on WhatsApporTwitter for instant notifications on the best online, credit cards, and airline deals.


We may earn commission from affiliate links. We appreciate your support!

Get A $150 Amazon Gift Card Upon Approval For The Prime Visa, Plus Up To 10% Back With No Annual Fee!

  • Instant $150 Amazon gift card upon approval

  • Up to 10% back, unlimited 5% back on Amazon purchases

Comments

Related Products

Let The Deals Come To You!

Sign up for our daily newsletter for the latest news, deals, and tips.