When you click the ‘Apply Now’ button on a online credit card application the last thing you want to get back is the dreaded ‘Your application is pending’.
If you are not instantly approved for a credit card it can be for several reasons, but don’t sweat it, there are a few things you can do to help getting approved.
Normally if you are not approved for a credit card you will receive a message that says something along the lines of “your application will undergo further review and you will be notified in 7-10 business days.”
The bad news is that you were not instantly approved. The good news is that you were not necessarily denied. A pending response just means that the bank may need additional information before they make a final decision on your application.
This could be as simply as answering a few additional security questions to verifying your income and other information submitted on your application.
The first tip I have is: always call into the reconsideration line. Each credit card issuer has a backdoor phone number that you can call. You’ll be able to speak to a customer service representative and have your application status checked and reviewed.
It’s a simple call and you can see if you can provide any additional information or clear anything up in order to get approved. Often times the representative can offer to push your application and review it on the spot. This means you will received an answer if you are approved or not within minutes.
You can find a full list of credit card issuer reconsideration lines here.
When you call into the reconsideration line you should be ready to answer some questions the credit card company may ask. It can also help to offer up some assistance in getting approved.
Here are some simple guidelines and tips to use when calling into the reconsideration line:
Check your application status. When you call in the first step is to simply ask to check the status of a recent credit card application. Your application may have already been processed without you receiving a response via email or a letter in the mail.
Consider closing a card. You can ask to close an existing card in order to open a new one. This may also mean not receiving any additional credit and just moving the credit line from the card you are closing to the new one you are opening.
Move credit around. It is possible that the bank feels it has already extended too much line of credit to you. This is where you can ask to move some of your existing credit card in order to get the new card approved. This means that the bank does not take any more risk by extending more credit.
Mention why you want the card. It may help to chat with the representative about why you want the new credit card. Simply say that you want card ______ because it gives you x, y, and z benefits.
HUCA. Hang up, call again. If you have a representative on the other end of the line that is unhelpful, incompetent, or just plain rude don’t hesitate to hang up and try calling back again. The next representative you speak with may be just what you need.
There is no one reason why your credit card application needs further review and often it’s unknown unless the representative tells you exactly why your application went pending.
Below are a few common reasons why your application could need further review before being approved or denied:
Credit inquiries. If you have a number of hard inquiries on your credit report the credit card issuer may want to know why you are requesting for an additional line of credit.
Check your identity. A simple precaution credit card companies take to insure that you are really the one applying for the card is to check your identity. Often it just takes a few security questions to verify your identity and finish running your credit card application.
Verify income/other information. The credit card company may need to verify your income or other personal information entered on your application.
Rush of applications. It is also possible for your application to go pending because the bank is behind processing a rush of recent applications. This can happen when a limited time offer on a card is ending and many people apply for the card at the last minute.
If you get a pending decision on a credit card application it doesn’t automatically mean that you will not get approved. Your application may need further review and providing some additional information may be all that it takes to get approved.
The bottom line is that your best bet is to call in to the reconsideration line and check the status of your application and ask to provide or verify any additional information.
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