GUIDELINES
- Getting credit involves a rigorous process. Sometimes the creditor rejects an application. That's because someone makes a mistake in evaluating an applicant's qualifications. Sometimes the lender can't explain the reason to turn down the application. If that's the case with you, this letter will help you get a clear answer. It may also get you reconsidered for the credit.
- Accept the fact that your application was not accepted.
- Request a proper explanation for the denial.
- If you think that there might be some error in getting the right information to the creditor, then you should mention it.
- Request the creditor to review your application again.
SAMPLE LETTER
[Address line]
[State, ZIP Code]
[Letter Date]
[Address line]
[State, ZIP Code]
[Subject: Normally bold, summarizes the intention of the letter] -Optional-
Dear [Recipients Name],
Thank you very much for your last letter. I have received the notice stating that my loan application has been denied due to bad credit history. There must be some mistake here, because I have never applied for a loan of this amount in the past, and all of the smaller loans I have been granted were all settled on time. Perhaps there has been some mistake in the records. Would it be possible for you to check again and reconsider my application? Thank you very much for your help.
Sincerely,
[Senders Name]
[Senders Title] -Optional-
[Enclosures: number] - Optional -
cc: [Name of copy recipient] - Optional -
Letter to request a reconsideration of loan application.
Further things to consider when writing request letters to creditors
Request Letters
Request letters are letters written to ask formally or politely for something. Any matter that requires a humble and polite appeal can be put forward using a request letter. It could be a job interview, a promotion, or a favor; a request letter will get the job done. A request letter can be formal or informal depending on the recipient. If you are requesting a friend to do a task for you, for instance, you can choose to go informal. But if you are requesting your manager for a promotion, the letter has to be formal. Either way, a request letter must be sent early enough to give the recipient ample time to process and respond to the request.
When writing request letters, you need to be brief and direct, avoiding any auxiliary information that might weaken the message you are conveying. State exactly and clearly what you are requesting for giving reasons for it. If you are requesting for a raise, for example, explain in details why you think you deserve one. Maintain a polite tone throughout the letter. Close the letter by thanking the recipient in advance and expressing your anticipation for his/her consideration.
Letters to Creditors
Letters to creditors are letters written to people or companies to whom money is owed. A creditor can be a bank, person, or any financial institution. If you have got some debts, you will definitely find yourself writing letters to creditors at some point. They could be inquiry letters to request information about your debts, cancellation letters to cancel credit agreements, or inform letters to inform the creditors of changes in the payment methods. Letters are a great and powerful tool to use when communicating with your creditors. They can help you to handle tough issues and protect your rights.
When writing letters to creditors, you need to make sure that you have all the required information. Address the letter to the appropriate person and use the right salutation. State clearly why you are writing the letter. Provide important details such as your contact and account information - you can reference this information before the body of the letter. If you had called the recipient regarding the issue, mention that in the letter. Mention other documents enclosed with the letter if any. Be brief and maintain a professional tone. Finish with your full name and signature.
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