Dear :

Thank you for your interest in [company] and your application for credit.

Although we are quite satisfied with the references we have received, we feel that your financial condition only partially meets our requirements. Therefore, we cannot grant the $ open credit you requested. Meanwhile, remember that we offer % discount for cash payment.

I would like to suggest that we meet to set up a program of gradually increasing credit that will benefit both of us.

Please let us hear from you soon.

Sincerely yours,

[name]

[title]