Established Contributor
cashnocredit
Posts: 1,024
Registered: ‎07-18-2009
Re: IF denied, creditor MUST provide Bureau used and Score used right?

FloridaState12 wrote:

youngandcreditwrthy wrote:

hahah all of my clis have been softs, and they haven't had access to know what lines are getting increased...

 

I mean... having eight credit cards alone puts you at higher risk for bankruptcy...

but I have $100k+ in unused credit...

 

they didn't deny me for that.

 

simply for "too many recently opened accounts"

 

for the millionth time.... I havent opened an account in more than 90 days! in 180 days, I've opened four accounts.. I mean... maybe that is high, but I haven't used them! lol

 

Citi is Chiti... oh boy, if I finally get this thing approved... I'm going to e-slap you people telling me no more credit! Jeez... this is a forum about credit and the improvement therein.. don't tell me no more credit when you have ten cards yourself, bud ;-)

haha

 

:-) Best to all!


And clearly something in their risk model is raising a red flag on your account. Who knows what exactly they use, but whatever predictors or variables they impliment are clearly correct in your case. You keep asking and getting more and more credit and banks see you as riskier and riskier. Maybe it's just a coincidence that they're denying you while you're on a mad dash for credit, or maybe their risk model is doing exactly what it's supposed to be doing. I don't blame Citi one bit for denying you credit as I would do the same. 

 

I actually have 11 cards, but thanks for taking an interest in me. I'm not the one madly gobbling up credit left and right then whining like a little girl when someone finally cuts me off. 

 

If Citi ends up approving you I'm not so sure why you're going to "e-slap" anyone. Just because you get granted more credit doesn't mean you needed it to begin with, and it doesn't mean you deserve it, either. If Citi wants to approve you or uphold their denial it's entirely up to them as it's their business and their risk. 

 

Keep begging for credit using your convulted income numbers....don't be surprised if it comes back to bite you later.

 

I'll see you in the rebuilding forums in a few years, buddy. :smileyvery-happy:


youngandcreditwrthy,
It's possible you may be setting off Citi's anti-fraud flags. If you read some of the banking analytics blog entries at fico.com, MyFico's parent, you will see much discussion about fraud prevention. A fairly significant component of CC loss is due to original creditor fraud. This is where a consumer adds a lot of credit then maxes everything and goes bye-bye. While it is small in numbers of people that do it, it's a big chunk of their total CC losses. That you acquired 4 cards in the last 6 months and haven't used them may very well correlate with fraudster patterns. By no means is this a sure, or even likely thing but the losses are so large that if the stats show more than a percent or two risk of original fraud they are likelt to just take a pass. Too many "new accounts" would likely be the biggest component of such a risk and FICO scores are really not a factor in these banking analytics decisions.

 

Of course they will not say "you are declined because we think the risk you are intending fraud is too high."  Still, people are declined for that reason. I think I was declined for that reason a few years ago when I apped for a couple pre-approved cards and had a 6mo. old mortgage but didn't live at the address on the mortgage. Another kind of red flag.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k