topic Re: Citi Premier- 757 Score Rejected in Credit Card Applications

Citi Premier- 757 Score Rejected

Anonymous — Mon, 25 Feb 2019 05:43:03 GMT

I have received the letter with the "official" reason for rejection. The letter states "Too few satisfactory credit references were recorded on your report." My stats were:

- 757 credit score on EX

- 3 inquiries last 3 months

- total available credit over $36k

- 5 open accounts (AmEx and BoA )

- credit usage 5%

- over 20 years of credit history (Oldest account = 20 years. Average age of accounts = 5 years)

- no missed payments ever

Re: Citi Premier- 757 Score Rejected

Anonymous — Mon, 25 Feb 2019 05:53:19 GMT

bump

Re: Citi Premier- 757 Score Rejected

KDKobes — Mon, 25 Feb 2019 06:04:20 GMT

@Anonymous wrote:
I have received the letter with the "official" reason for rejection. The letter states "Too few satisfactory credit references were recorded on your report." My stats were:

- 757 credit score on EX
- 3 inquiries last 3 months
- total available credit over $36k
- 5 open accounts (AmEx and BoA )
- credit usage 5%
- over 20 years of credit history (Oldest account = 20 years. Average age of accounts = 5 years)
- no missed payments ever

No doubt you have a solid & long credit history but how much/often do you utilize your credit?

My guess is maybe you just don’t use the cards enough that you have. For instance a constant $0 balance or very low usage on current card history would be considered as “too few satisfactory accounts” just based on lack of solid usage history. Just a guess though I could be wrong.

Re: Citi Premier- 757 Score Rejected

Anonymous — Mon, 25 Feb 2019 06:29:16 GMT

I tend to use most of my cards for everything such as paying my bills. There is a card that I just leave in my drawer. I wonder if that is the problem is that I tend to pay off my bills before it post.

Re: Citi Premier- 757 Score Rejected

Anonymous — Mon, 25 Feb 2019 08:02:53 GMT

@Anonymous wrote:
I tend to use most of my cards for everything such as paying my bills. There is a card that I just leave in my drawer. I wonder if that is the problem is that I tend to pay off my bills before it post.

Yes, that can cause a problem. The issuer of the card will know that you are using the card from their own records, but other creditors would not know since your credit report always shows a zero balance. It is a good practice to allow your cards to report a balance to the credit bureaus occasionally, especially when the reported balance is a new "High Balance" for the card. That demonstrates to creditors that you handle your credit responsibly, and make it more likely for you to get CLIs and approvals.

Re: Citi Premier- 757 Score Rejected

AverageJoesCredit — Mon, 25 Feb 2019 12:11:36 GMT

Though it doesnt seem high, 3 inqs in 3 months csn be alot for Citi. Ive been rejected for such reason.

Re: Citi Premier- 757 Score Rejected

simplynoir — Mon, 25 Feb 2019 13:44:16 GMT

@AverageJoesCredit wrote:
Though it doesnt seem high, 3 inqs in 3 months csn be alot for Citi. Ive been rejected for such reason.

Citi does have a "soft" rule where supposedly they don't allow any approvals if you have 6 or more inquiries in a 6-12 month span forgot the specifics. According to reddit it's just an excuse they use to deny your app but others think it sticks.

Re: Citi Premier- 757 Score Rejected

Caardvark — Mon, 25 Feb 2019 14:21:35 GMT

you bumped a thread after 20 minutes? Patience grasshopper

@Anonymous wrote:
bump

Re: Citi Premier- 757 Score Rejected

FlaDude — Mon, 25 Feb 2019 15:51:50 GMT

Did they ask for your income? My wife was rejected for Amex ED with a 834 FICO score due to applying with just her income of around $10k per year. Since then we've made sure to apply with our combined income which is much higher.

Re: Citi Premier- 757 Score Rejected

Anonymous — Tue, 26 Feb 2019 01:29:17 GMT

Okay guess I may have to stop doing that and try and reapply again. But there is a card that I never do pay early but show a credit utalization of 20% every month.

Re: Citi Premier- 757 Score Rejected

Anonymous — Tue, 26 Feb 2019 01:29:39 GMT

Denial wasn’t because of income.

Re: Citi Premier- 757 Score Rejected

Gmood1 — Tue, 26 Feb 2019 02:18:10 GMT

Let your spend report naturally unless over 29% utilization.
I'm betting 180 days after the last app, you'll get what you want from Citi.

IMHO, building payment history is more important than building scores.

Re: Citi Premier- 757 Score Rejected

Anonymous — Tue, 26 Feb 2019 03:53:51 GMT

Okay I will end up trying that. I was told by someone that 0% utilization is the best.

Re: Citi Premier- 757 Score Rejected

Anonymous — Tue, 26 Feb 2019 08:20:43 GMT

I actually got declined earlier with the Venture card for the same eact reason. This was when the card had the 75k points promo.

Re: Citi Premier- 757 Score Rejected

CreditInspired — Tue, 26 Feb 2019 21:09:09 GMT

@caardvark wrote:
you bumped a thread after 20 minutes? Patience grasshopper
—————-
I never knew what “bump” meant. 🙄😂
Thank you @caardvark

Re: Citi Premier- 757 Score Rejected

sjt — Tue, 26 Feb 2019 21:54:15 GMT

I would call and find out the exact reason and request a recon.

Re: Citi Premier- 757 Score Rejected

KDKobes — Tue, 26 Feb 2019 22:45:12 GMT

@Anonymous wrote:
I tend to use most of my cards for everything such as paying my bills. There is a card that I just leave in my drawer. I wonder if that is the problem is that I tend to pay off my bills before it post.

That would be my guess. Always showing $0 balance is essentially no history & would probably be the reasoning behind that response. As long as your balances stay below 30% to show usage you should be fine.

Re: Citi Premier- 757 Score Rejected

msm859 — Wed, 27 Feb 2019 04:52:27 GMT

Well I would have to say the one thing that pops out to me on your stats is why after 20 years you only have a total credit of $36k? It could be income or could be a lack of "interest" in credit cards. Citi may see it though as someone who is not going to make them much money with their card.

Re: Citi Premier- 757 Score Rejected

Meanmchine — Wed, 27 Feb 2019 05:59:46 GMT

Are you an AU on any of those 20 year old accounts? If so, this could be it as lenders can factor out AU accounts during the approval process

Re: Citi Premier- 757 Score Rejected

Anonymous — Thu, 07 Mar 2019 04:08:32 GMT

No I am not. What card should I go for considering my credit profile.