CLI Denied...should i be discouraged?

[EaglesFan2006]

I had a CLI declined by Citi.  It was a hard pull, which i didn't really want, but nothing I can do about that now.  I'm somewhat discouraged since I've made great strides in my credit.  I have no negatives, one 7-year old collection, and a student loan carrying a fairly high balance but with no delinguincies.  Obviously, i'm not in any rush to get any more credit any time soon.  However, how bummed out should I really be about this?  Could it be that a CLI might just be harder to get than a new card or a loan or something like that?

[guiness56]

How long have you had the card?

A collecton is a negative and a major derogatory.  Their impact do fade over time.  When is it supposed to be excluded from your CR?

The high balance on the SL could be a factor also.

When you get your letter it will tell you why.

[EaglesFan2006]

Thanks...I know the letter will explain things, and I certainly understand that there are some reasons why they would deny.  I was really just wondering about what this means for my situation.  I got this (and a Chase card) 11 months ago.  Since then, i've had no negatives and have reduced util.  In other words, things have only gotten better (at least in theory).  I'm not really concerned about getting new credit, I more or less just want to know if I can.  that's why I was asking that maybe CLIs at certain banks might just be hard to get.

Thanks again.

[guiness56]

It is more than likely the short time you have had the card.

[thom02099]

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@EaglesFan2006 wrote:

Thanks...I know the letter will explain things, and I certainly understand that there are some reasons why they would deny.  I was really just wondering about what this means for my situation.  I got this (and a Chase card) 11 months ago.  Since then, i've had no negatives and have reduced util.  In other words, things have only gotten better (at least in theory).  I'm not really concerned about getting new credit, I more or less just want to know if I can.  that's why I was asking that maybe CLIs at certain banks might just be hard to get.

Thanks again.

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You are nearly at a year with CITI. Did you call or do it on line?  Did you request a specific amount and were declined?

You've got nearly a year of history with CITI.  Your options would appear to be 1) wait til you're at 12 months and try again or 2) call for a recon.  Look at the sticky at the top of the forum for the back door numbers and give 'em a call.  You've already got the HP, might as well try to capitalize on it. 

[EaglesFan2006]

Thanks.  I actually did try calling earlier but only got a hold of the new applications, and I did the initial request through the retention number.  I hear you, I probably should have waited another month.  However, I probabl won't apply for antoher CLI next month since it's only one month away.  I did ask for a specific amount (2100) but I was sort of hoping they'd come back with a counter-offer.  That didn't happen.  Does requesting a certain amount matter if the company is known to give counters?

[thom02099]

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@EaglesFan2006 wrote:

Thanks.  I actually did try calling earlier but only got a hold of the new applications, and I did the initial request through the retention number.  I hear you, I probably should have waited another month.  However, I probabl won't apply for antoher CLI next month since it's only one month away.  I did ask for a specific amount (2100) but I was sort of hoping they'd come back with a counter-offer.  That didn't happen.  Does requesting a certain amount matter if the company is known to give counters?

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I think it really depends on where you are in your credit journey. Just to clarify, did you request $2100 on top of where you are now, are request an increase TO $2100?  Makes a difference, depending on your total credit picture.  At lower figures, anecdotally it seems that approvals are usually instant, or a counter offer is provided more readily.  When you get to higher levels, the game does change a bit, all things being equal.  For example, someone at $2K and asking for $2100 to a total of $4100, that would seem to be a reasonable request depending on one's history and likely to result in either an approval or counter.  Going from say, $15K and asking for $30K would more likely elicit a counter offer  or a denial from the lender, unless one can really justify that kind of a CLI.  But, as I'm sure you're aware, with all things credit....YMMV!

[specialksauce]

Citi has been hard to agree and increase limits. I just got denied twice, with 760+. Been with them for 8 years, never a late payment or on any account of mine for that matter. I have a high student loan balance right now but in deferral at the moment. Lady told me its bc ofthe student loan. But yet Chase, amex and b of a had no problem increasing my other limits by 5k+ each. So it may be because of the student loan too. They said when my income gets higher I can retry . You may just have to wait 6 months and retry.