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citicards rejection

Valued Member

citicards rejection

Hi

 

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
past due.

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/?

 

Message 1 of 28
27 REPLIES
Senior Contributor

Re: citicards rejection

Recent lates and not enough credit cards.
Message 2 of 28
Established Contributor

Re: citicards rejection

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. 

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Message 3 of 28
Senior Contributor

Re: citicards rejection

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.

 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 4 of 28
Senior Contributor

Re: citicards rejection

From everything I've heard, CITI likes big scores & cleaner reports than what you or I have Smiley Sad  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.

Message Edited by BungalowMo on 08-01-2009 11:17 AM


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 5 of 28
Senior Contributor

Re: citicards rejection

They also don't like too many inquiries.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 6 of 28
Valued Member

Re: citicards rejection

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.

Message 7 of 28
Valued Member

Re: citicards rejection

I can try to have the 2008 late removed. its a closed account (car-paid off) so who knows if they will (ford).

 

I'm open to advice...whay would you do?

Message 8 of 28
Senior Contributor

Re: citicards rejection

Go with a Credit Union secured card. 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 9 of 28
Valued Member

Re: citicards rejection

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?

 

Message 10 of 28