Help!!! How To Appeal Cc Decline 31 October 2005 at 12:51PM edited 30 November -1 at 1:00AM in Credit Cards 12 replies 1.9K views

blacksta

HELP!!! HOW TO APPEAL CC DECLINE
I recently applied for a cc with American express, which was declined but was given an opportunity to appeal. I must confess that my credit accounts are all fairly new, all roughly about One year old and all payment are up to date.

My dilemma

1. Has anybody ever applied and got accepted
2. Do you have a sample letter I can use or points to use in my letter
3. Tips on writing an appeal letter.

Below is a letter from the American express.

Like Most major financial institutions, American Express operates a credit-scoring system. The details provided in your application are combined with data obtained from two recognised credit reference agencies, Experian and Equifax, and analysed against our membership criteria to yield an overall score.

In your case, I can assure you that no derogatory information was present, but taking everything into account, your application does not meet our overall scoring requirements at this time.

You have a right to appeal against this decision, and may do so if your personal or financial circumstances have changed since you made the application.

Addicted2Chocolate

so it appears to me they have refused you because of number of applciations or footprints on your file, not becaus eof any adverse repayment info? but the text about appealing states you may appeal if you circumstances have changed sicne the application..so have your circumstcanes changed then? if no i cant see their would be any point in appealing their reject decision...

blacksta

I was thinking in the context in presenting new information such as personal statement saying how good i manage my account etc which i will assume has not been considered by the orgnisation.

Addicted2Chocolate

i suppose its worth a try then, sorry i have no experience of appealing, but i would do letter with history of each credit account, date opened, payment histroy etc, but in theory your account management history is available to them via insight on your credit report anyway. Have you got a recent copy of your credit report, just to check its all correct....you have nothing to lose good luck...

dc

There is no harm in appealing, ( nothing ventured?).
However, I feel if successful, you may be offered a "disappointing" credit limit, depending on your personal needs.

blacksta

My dilemma is that i dont have clue how to appeal as i dont want to blow the one opportunity i have.

dc

They seem to be nervous about your ability to pay future debts. This may be helped if you were to close one of your other cards.

pin

I also recently applied for an Amex CC and got rejected.

They were very actually helpful on why I had been rejected. It basically came down to me having too much credit (with other CC's) for their liking.

They suggested reducing my credit (as opposed to cancelling some CC's). However they said I had to wait 6 months before re-applying. If i applied within 6 months I would be rejected.

CIMA_LOVER

blacksta wrote:

My dilemma is that i dont have clue how to appeal as i dont want to blow the one opportunity i have.

Maybe sent them some savings statements too show that you have some money?

blacksta

The Funny thing i dont have that much of Credit.

loan @ £10000 balance at about £9950
credit card1 limit 1000 balance 922
capital one 200 balance at 92
barclays monument visa 250 balance at 240
next store card 600 balance £0.00
Argos card 400 owe 150

YorkshireBoy

blacksta wrote:

The Funny thing i dont have that much of Credit.

loan @ £10000 balance at about £9950
credit card1 limit 1000 balance 922
capital one 200 balance at 92
barclays monument visa 250 balance at 240
next store card 600 balance £0.00
Argos card 400 owe 150

If presented with this information on a credit report, I'd say you were pretty much 'maxed' out and had run out of credit. You're asking a new supplier to open up a new line of credit because you haven't got enough already. They will see that, despite your last application being a year ago, you're not making any major inroads into your debt. Unless you have substantial savings or a £20K+ salary, I'd say there's not much point appealing.

With the exception of the loan, the other debts look like they're with 'sub-prime' lenders and this might make them more cautious.