Your application says “in review.” Now what?

You hit submit. Instead of “Congratulations!” you got “We need more time to review your application.”

I know that sinking feeling. But in review is really common, especially with business cards. Plenty of those applications get approved.

What it usually means

A real person needs to look at it, or the bank wants to confirm something. Usually it’s one of these:

• Your identity or address
• Your income
• For a business card, a few details about the business

What to do

1. Don’t apply againA second application won’t speed anything up. It just adds another inquiry on your credit.
2. Watch your email and your mailboxThe bank will send its answer, or ask for a document. Reply quickly if they do.
3. Answer the phoneSometimes the bank calls to verify it’s really you. Have your application details handy.
4. Give it a week or twoMany answers come within days. Some take longer.

If it comes back as a no

It’s still not over. You can call the bank and politely ask them to take a second look. This is often called reconsideration.

A few things that help on that call:

• Be kind. The person on the phone can help you.
• Know why you want the card. A simple, honest reason is fine.
• Ask what the concern was. Sometimes it’s something easy to clear up, like a typo or an address.
• Offer to move credit. If you already have cards with that bank, you can ask them to shift some of your existing credit limit to the new card.

Sometimes that changes the answer. Sometimes it doesn’t. Either way, the bank will mail you a letter explaining the reason, and that tells you what to fix before next time.

The bottom line: in review is not a denial. Don’t reapply, answer anything the bank asks for, and wait for the real answer.

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