I am going to share with you the hidden gem that allowed me to get over +30 credit cards. This is the technique that I love to implement and has always worked out in my favor.
Let’s dive in. Have you ever wonder what happens when you apply for credit cards? Do you get automatically get approved? No, you don’t get approved in most of the time. Usually, banks give us a notice with 7-14 pending notifications letters via email. So how do we combat this long waiting time? Call the Reconsideration line to increase the odds of your credit card application approval.
Every credit card company has an underwriter who’s responsibility is to go over your credit profile.
4 Proven Steps to Increase The Odds of Application approval.
1. Contact the Reconsideration line of the credit card bank you’ve just applied
Right after you applied for the credit card, call the reconsideration line. More than likely, you’re going to talk to someone overseas like Indonesia or eastern Asia countries. When you’re talking to them, have a friendly conversation. The underwriters from reconsideration departments deal with people who are calling them with bad attitudes every day. More than likely, they are already fed up with people who are just complaining to them. So be different and make their day delightful.
FYI: The goal of having a conversation with underwriters is to make good human connections.
*** HUMANIZE YOURSELF WITH THEM ***
Here are a series of questions I love to ask when calling the reconsideration line.
*** FYI: The underwriters have the authority to overwrite your approvals. They have the ultimate power of approving your credit card. So be kind to them***
2. Know the Benefits of Credit Card before Calling the Reconsideration Line
After humanizing yourself with the underwriter, your job is to phrase the benefits of the credit card. By phrasing the benefits of the card, you have another chance to humanize yourself on why you must need the card. You can tie your life to why you need this credit card and how much it can benefit your business. Thus, you can even talk about bringing more customer acquisition to the bank as well. Even if you’re automatically denied after applying online, that doesn’t mean you’re really denied. Every credit card companies have computer algorithms that automatically deny specific factors on applications. For example, you have more than 10 inquiries within 2 months and have acquired more than 10 different credit cards in the last 3 months. There are specifics that computer algorithms can catch and automatically denies. But it is okay because the underwriter ultimately can overwrite the system. So it is crucial to humanizing yourself with them.
3. Never Talk About Sign Up Bonus. Talk about your spending.
Often credit card companies are dealing with people whose goal is to take sign up bonuses and extra cash-back, although it is obvious to know that people are taking this advantage. Many credit card companies don’t encourage this effort. So please, DO NOT TALK ABOUT HOW YOU’RE GOING TO GET SIGN UP BONUSES.
You want to sell yourself as a better candidate. Talk about how you’re going to spend more money on this credit card. For example, if I were to be on the phone with the underwriter, I would talk about how much I love this credit card and the number of X dollars I can put for such and such reasons. Remember, your goal is to sell yourself so that they can approve of you. You want to show them that you’re a top customer who can spend money and make them profitable.
4. Apply for the credit card with the same bank you already have a relationship.
If the bank already has your information and you’re already utilizing their credit card, it becomes significantly easier to negotiate about your recent credit card application. For instance, when I am negotiating about the credit card application, I love to talk about history with the bank. I always mention how great the bank was and how much of great customer I am by spending money with no late payments.
If you already have a credit open with the bank, ask them to transfer your line of credit from the new account to the older account. For example, let’s say I have a Chase Freedom Card with a $20,000 line of credit. I can ask the bank to move the line of credit from Chase Freedom to a new credit card that I’ve just applied. In this way, the bank won’t be liable for giving me any more credit lines. Ultimately, you’re utilizing the same line of credit you have, which gives the bank no risk involved.
If in an event, you’re still denied from credit card applications with the first underwriter, hang up and call again. You can always talk to new underwriters and increase the odds of your approvals.