Dear :

Thank you for your interest in [company] and your request for a line of credit.

We are sorry that we cannot grant you the open credit you requested because the information you supplied us is not sufficient for credit approval. However, if you can supply us with additional references and current financial statements, we will be happy to reconsider our decision.

In the meantime, we welcome any orders accompanied by a cash payment.

Sincerely yours,

[name]

[title]