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08-01-2009 08:07 AM
I'm in the rebuilding statge and just applied for a citicard and got rejected. I thought I had a good shot at approval.
This is part of the email I got from them:
The application was processed by a credit scoring system
that assigned a numerical value to various items on your
application and your credit bureau report. The
information did not score a sufficient number of points for
approval. The low scoring area(s) were:
o Your credit report shows one or more accounts recently
o Your credit report shows too few credit references.
I checked my EX and the recent late they must be referring to is from 4/2008.
My report does have baddies..paid collection from 2007. various lates from 2004-2006. everything is closed/paid. 2 are listed as "settled".
I did find a collection that belongs to my ex wife on there, but I have disputed it.
What does too few credit refs mean?
The only open accounts I have are: I'm an AU on sisters amex and I have a care credit account that is current.
my scores are 646/649/?
08-01-2009 08:10 AM
Could be that you don't have enough open credit with solid payment history to qualify you for a new account. Have you tried Capital One? They might approve you with those scores, although they tend to pull all three CBs. Some CCC's won't touch you if you have a baddie from less than 2 years ago, so I'd recommend a rebuilder card.
Orchard is a good way to go, too, but you won't want to keep them forever.
08-01-2009 08:11 AM
It means you don't have enough existing open accounts. AU is not a credit reference, because it is not your account. So you only have 1 account, CareCredit.
This CCC wants more accounts as references with history.
Having a late in 2008 is pretty recent, epecially with other derogs.
08-01-2009 08:12 AM - edited 08-01-2009 08:17 AM
From everything I've heard, CITI likes big scores & cleaner reports than what you or I have I was declined in Jan with #'s similar to yours...more baddies, but older than yours. *sigh*
While it's not a "great" card, like pattycake mentioned, I have a starter card...Credit one. You are likely to be approved (I was 4 yrs ago with lower scores than yours & fresher baddies) $350 to start but CLI's every 6 mos. First one I got was 1.5 yrs into it because I didn't know better! Now I call every 6 mos & that one is up to $850. For now, I hang on to it for the age. $6 fee per mo is worth it for now.
08-01-2009 08:14 AM
They also don't like too many inquiries.
08-01-2009 08:16 AM
I haven't tried capitol one, this is the 1st card I've tried in many years (except for the care credit).
I'm trying to get back on my own...and away from the AU. The carecredit account is helping with that.
08-01-2009 08:25 AM
Go with a Credit Union secured card.
08-01-2009 08:27 AM
with a starter card, you cl increases over time? I'm not familiar how they work. I dont plan on charging up a storm when I get a card, just rebuilding my credit.
another q: how bad of a hit do you think I took with this rejection?
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