Dear …
RE: __(Name)__ - Credit Application
We acknowledge your credit application dated __(date)__, applying for credit terms with our __(company/organization)__. Regrettably, we must decline your request for credit terms at this time, as your current financial standing does not meet with our credit requirements
In business, however, times can change and situations may improve. We encourage you to re-apply if and when you feel your financial position has improved. May we suggest you take __(#)__ months to work on your financial status and then resubmit another credit application for review. Until then, we are pleased to continue to process orders for you on a cash-with-order basis.
As always, your business is welcome and will continue to be handled promptly and professionally. Thank you for choosing us as your __(type of product)__ supplier.
Sincerely,