Credit Card Center Advertiser Disclosure

Reply
Member
Posts: 12
Registered: ‎07-25-2017
0 Kudos

Citi Card Secured denied!!!!!!!

So I applied for a Citi Secured Card about 3 weeks ago. Currently rebuilding my credit but have a few cards. Discover It $700, Cap1 $500, Quicksilver $500, BOA secured $500. My TU Fico is around 600 with a FAKO at 644.

Reason for denial:Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

Credit %util is at 4% across all lines. Auto loan with payment of $192, rent at $995. My stated income is $56700. It's actually a little higher but I always go low on applications in case of a financial review.

I called and explained my income is higher than the median. My %util is great, my car payment is $250 under national average and my rent is median. What exactly are they looking for to approve me for a $200 Secured line of credit???
Senior Contributor
Posts: 8,131
Registered: ‎04-23-2016

Re: Citi Card Secured denied!!!!!!!

Sorry for your denial. For future reference, you should post apps and or denials in applications, being as this is for approvals.

Not sure why they denied but Citi can be hard to get in as a rebuilder. Seeing as you have 3 unsecured cards , i would build on those for now and tackle Citi later on as your score gets higher. 3 cards is sufficient to build a strong Fico score so i would not apply for awhile and youll see the difference in 6-12 months. Best of luckSmiley Happy
Valued Contributor
Posts: 1,240
Registered: ‎12-17-2015

Re: Citi Card Secured denied!!!!!!!

+1
@AverageJoe is on point

There is ZERO reason to add a 5th builder card ( actually as an UW, I'd fine it very odd truth be told, makes you wonder WHAT is the deal, here?)

You have 4 TL's that need aging and maintenance

Please remember there is no need to attempt to slam all your monthly spend through the existing cards.

I know the CLs are low but they all count as TLs feeding monthly data to the CRAs
Allow one to report less than 10% and be sure the others report 0%, so just 1 with a balance, all others zero.

Let that roll 8-10 months and you'll be fine, you have a thick enough file + the car loan is your installer, you just need the let the aging happen.😉
Valued Contributor
Posts: 1,240
Registered: ‎12-17-2015
0 Kudos

Re: Citi Card Secured denied!!!!!!!

P.S.
Stop apping
In addition to allowing the TL history to age, you're also allowing the HP's to age out of value
Established Contributor
Posts: 695
Registered: ‎01-16-2017
0 Kudos

Re: Citi Card Secured denied!!!!!!!


Gemini101 wrote:
P.S.
Stop apping
In addition to allowing the TL history to age, you're also allowing the HP's to age out of value

I wouldn't care about being declined for a secured card as they are pretty worthless.  I was declined for a secured card from Discover in January and now I am getting approved for all the prime cards without ever having a fully secured card.  Think of it as them doing you a favor.

January 1 2017 Experian 507
January 15 2017 Experian 527 Transunion 528 Equifax 529
August 1 2017 Experian 702, Transunion 711, Equifax 715

BOA Cash Rewards, AMEX BCE, AMEX PRG, CITI AADvantage Platinum, Chase Southwest Premier, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.. 130k total credit lines.
Regular Contributor
Posts: 110
Registered: ‎07-22-2011
0 Kudos

Re: Citi Card Secured denied!!!!!!!

After reading this.  Ill be suprised if my app gets approved.....  Link to my thread:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Is-this-a-No-Citi-Secured-Card/m-p/5017038

 

Does this process sound familiar?


Starting Score: <600 & No Score 2/2011
Current Score EQ : 726
Current Score (TU Walmart): 676
Goal Score: 750


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,240
Registered: ‎12-17-2015

Re: Citi Card Secured denied!!!!!!!

1) When rebuilding secured cards are not "worthless" as far as the scoring model goes they are TLs, PERIOD!
And when one has no history or needs history TL are of tremendous 'worth'
A builder is trying to add 'paid as agreed' history to their profile, while maintaining a low utilization, that's 65% of what the model is reading, if one can manipulate that, it certainly is NOT 'worth' s'mores

2) Taking HPs to get denials, secured or not SHOULD be of concern because it's still a HP being burnt
Established Contributor
Posts: 817
Registered: ‎03-22-2016
0 Kudos

Re: Citi Card Secured denied!!!!!!!

I got this same denial a year and a half ago from Citi. I had some unpaid COs at the time.  Were they referring to them???

 

Can someone please explain this exactly to me. $56k income not enough?? 



3/16 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671. One baddie left falls off starting 11/17.
>8/17 CCT EX 732 TU 726 EQ 710
Valued Contributor
Posts: 2,067
Registered: ‎05-05-2010
0 Kudos

Re: Citi Card Secured denied!!!!!!!


mason9378 wrote:
So I applied for a Citi Secured Card about 3 weeks ago. Currently rebuilding my credit but have a few cards. Discover It $700, Cap1 $500, Quicksilver $500, BOA secured $500. My TU Fico is around 600 with a FAKO at 644.

Reason for denial:Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

Credit %util is at 4% across all lines. Auto loan with payment of $192, rent at $995. My stated income is $56700. It's actually a little higher but I always go low on applications in case of a financial review.

I called and explained my income is higher than the median. My %util is great, my car payment is $250 under national average and my rent is median. What exactly are they looking for to approve me for a $200 Secured line of credit???

Do you by chance have any unpaid charge offs or collections?

 

 

Member
Posts: 12
Registered: ‎07-25-2017
0 Kudos

Re: Citi Card Secured denied!!!!!!!

Yes I have some very old CO.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.