Rejected for too many revolving accounts

[tntexans72]

That 40% util could be the deal breaker. some banks could see that as a desperation. Citi is tough in that category. Have you thought about another bank? Cap1 Venture, quicksilver? I've read here that the best time to look for credit is when you don't need it. Good luck. 

[JSS3]

It's your debt. I have 30 accounts. 4 of them are Citi.

[NoAnchoviesPlease]

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@languedoctor wrote:

6. 2014 New credit union MC (highest limit)

8. 1999 Old credit union MC (low limit) ***

**** I thought I had closed this years ago, but I hadn't

That leaves the 1999 credit union card. I like the age, but the limit is "college kid" low, and the APR predates super-low interest rates. Maybe I see if they'll match the other CU limit, and close if/when they don't?  Down to 4.

2. One CU card, with low APR & high limit (for emergencies like dead furnace in rental property)

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I'd say contact the old CU and see what they can do. I'm a member of three credit unions (one local, one from a former employer, and DCU). DCU was disappointing in their offerings (which is not the majority experience), and the local CU had a card I had closed. Was shocked (almost audibly) when the former employer CU pulled my credit recently (along with a SP auto refi), complimented me on improving my scores in the past two years, and bumped me to 4x my previous limit. 

Always worth giving a CU a chance, or even two.  

[languedoctor]

@JSS3

Probably right. Debt is a double-edged sword, and it depends on how lenders look at it. I can see how a risk-averse lender would shy away.

On the other hand, that debt = PhD, upcoming tenure (fingers crossed), rental property, and (new for 2016) a consulting business on the side. 

I'm definitely biased, but I see it as good debt - not frivolous.  Maybe I'll justr be a better fit for other lenders than Citi?  $.02

[yfan]

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@languedoctor wrote:

When I was rejected, I had 8 revolving accts. ...[snip]

I've already canceled CareCredit. It served its purpose, and I don't like seeing an $800 line on my report.  I'm planning to cancel the Barclays Aviator before the annual fee hits. I can't justify two American Airlines cards, Barclay hit me with a 25% APR (insulting, even for an airline card), and Citi has no fee for the first year.  I can try a CLI later.  So, down to 6 cards.

In theory, Chase Freedom would be next. Down to 5.

Then it gets harder. I don't want too many rewards cards, I bank with BoA, and the 10% bonus is nice: 3.3% on gas, 2.2% on groceries. Discover is my 2nd oldest card, with 2nd highest limit -- and I like their ongoing BT promos. Not canceling Discover. Not canceling my new credit union card, which has my highest limit and lowest APR.

That leaves the 1999 credit union card. I like the age, but the limit is "college kid" low, and the APR predates super-low interest rates. Maybe I see if they'll match the other CU limit, and close if/when they don't?  Down to 4.

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One thing I want to say is if you are going to close a bunch of existing cards - especially no AF ones including your oldest tradeline - I hope you do it because of reasons other than just to get the Citi DC. It's entirely possible that Citi denied your application because of too many revolving accounts (stated reason), and if so, that may be because Citi thinks you have spend spread across too many cards that the DC won't see enough spend.

[UncleB]

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@longtimelurker wrote:

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@Anonymous wrote:

How many cards do you have, what are they and their limits, and how old are the accounts?

What are the balances and what is your overall utilization?  What is your stated income.

Without that info it is hard for us to get a clear picture.

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That's a lot of information you are requesting.  How would it help you help the OP?  

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I agree, that's a whole lot of info... what's left?  That's pretty much everything but this...

[Anonymous]

Could be how soon it has been since you opened your last card. I heard Citi is strict on how close togather two cards are opened.

[taxi818]

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@languedoctor wrote:

This was a new one for me -- I recently applied and was rejected for the Citi Double Cash card.  I was surprised, because I waited until all three bureaus were well into the 700s before I applied.

The stated reason(s) were:

1. Too many revolving accounts

2. Debt:income

Without getting into too much information . . . I don't think #2 by itself was a deciding factor. Most of my debt is in student loans, which are consolidated, with a reasonable monthly payment. My monthly DTI is fine.

This got me to ask the age-old question of how many cards are too many? Even if it temporarily lowers my FICO by lowering available credit, I'm thinking of closing a couple of my lower-limit cards, which will get me down to 4.

Bad idea? Good idea? Thoughts in general?

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You focused on 1 but more than likely real culprit is there. If you have a lots of balances and everything and other obligations. That would do it. You did not provide that info so purely speculation at this point.

[taxi818]

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@UncleB wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

How many cards do you have, what are they and their limits, and how old are the accounts?

What are the balances and what is your overall utilization?  What is your stated income.

Without that info it is hard for us to get a clear picture.

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That's a lot of information you are requesting.  How would it help you help the OP?  

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I agree, that's a whole lot of info... what's left?  That's pretty much everything but this...

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Lmao. Too funny

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

How many cards do you have, what are they and their limits, and how old are the accounts?

What are the balances and what is your overall utilization?  What is your stated income.

Without that info it is hard for us to get a clear picture.

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That's a lot of information you are requesting.  How would it help you help the OP?  

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Think about it. How can someone tell why this person was declined for credit if they don't know what the profile looks like, some specifics? People do that all the time on here, ask questions about credit without providing specifics. 

If I can see a synopsis of the profile, I can answer his question. Something on the profile generated a decline. If we can see it, we can help answer his/her concerns.