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?
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.
* 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.
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.