topic Re: Denied BlockFi Bitcoin Card in Credit Card Applications

Denied BlockFi Bitcoin Card

Times — Thu, 04 Nov 2021 07:52:23 GMT

Thought I would test the waters since they dont do a hardpull unless you accept their offer. Well, no offer for me at all, I was denied for the following reason:

"Insufficient number of credit references provided"

I guess they want to see me have more credit cards than what I have now. I technically only have 2 personal CC and 1 business CC.

I do have over $5k with BlockFi and was planning to put more if approved. Guess that didn't matter tho

My other goal card of Amex plat is put on hold as Morgan Stanely version no longer waives the AF for the first year. So, I am not sure what cards make sense for me atm.

Re: Denied BlockFi Bitcoin Card

4sallypat — Thu, 04 Nov 2021 17:44:19 GMT

Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:

Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

Re: Denied BlockFi Bitcoin Card

justjac2 — Thu, 04 Nov 2021 14:30:31 GMT

I tried the pre-qualifier a few weeks ago and was denied due to excessive obligations related to my income. I didn't think 26% (including mortgage) was excessive but that's fine.

Re: Denied BlockFi Bitcoin Card

FinStar — Thu, 04 Nov 2021 17:51:22 GMT

@4sallypat wrote:
Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:
Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

I'm sure their strategy is much different than most traditional lenders, and like other Fintechs, they can afford to be selective by acquiring the right customer base.

Re: Denied BlockFi Bitcoin Card

MrT_521 — Sat, 06 Nov 2021 18:06:55 GMT

@4sallypat wrote:
I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

Does BlockFi have anything to do with approvals? I am under the impression that Deserve takes care of that.

I don't know though...

Re: Denied BlockFi Bitcoin Card

Anonymous — Sun, 07 Nov 2021 19:47:50 GMT

BlockFI doesn't seem to factor in how much cash you have invested with them. I was denied a card with $200k of investments. No defaulted payments in my CRs, but I didn't have enough of an established history.

Re: Denied BlockFi Bitcoin Card

Times — Sat, 04 Dec 2021 17:12:33 GMT

@4sallypat wrote:
Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:
Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

Congrats! Did you get approved on your first try?

Seems blockFi lets anyone reapply as much as they want after denial message. Wonder how easy it is after making adjustments

Re: Denied BlockFi Bitcoin Card

RehabbingANDBlabbing — Wed, 17 Nov 2021 00:52:32 GMT

I can confirm that they hate negative accounts. Even after I paid down a lot of my revolving balances, they still denied me for "past or present delinquencies" with a score of 686.

Re: Denied BlockFi Bitcoin Card

Times — Tue, 30 Nov 2021 19:06:14 GMT

If anyone intially got the "Insufficient number of credit references provided" message and managed to get approved, please share what you did!

Been trying different things with no luck

Re: Denied BlockFi Bitcoin Card

FinStar — Tue, 30 Nov 2021 21:11:50 GMT

@Times wrote:
If anyone intially got the "Insufficient number of credit references provided" message and managed to get approved, please share what you did!

Been trying different things with no luck

@Times- not sure if your signature is up-to-date, but are these the only 2 revolving or personal tradelines reporting on your CRAs?

Credit Cards:
Self lender: $1.6k
Tomo Credit: $5k

Do you have any closed accounts, or any active installment loans?

Re: Denied BlockFi Bitcoin Card

Times — Wed, 01 Dec 2021 21:33:25 GMT

My only loan was the self lender loan I did, which I paid off so its closed now.

The Self Lender $1.6k is their credit card which is still active and actually I increased the limit to $1.7k now

I also now have trygrain $750 credit and kikoff $500 credit to try and add more to my credit profile.

Are there anymore easy ways to add to a credit profile(without a hardpull) as I think that is what BlockFi wants.

The reality I am finding is BlockFi is using a subpar credit partner "Deserve" who seem to be small fish

Re: Denied BlockFi Bitcoin Card

FinStar — Wed, 01 Dec 2021 22:17:50 GMT

@Times wrote:
My only loan was the self lender loan I did, which I paid off so its closed now.

The Self Lender $1.6k is their credit card which is still active and actually I increased the limit to $1.7k now

I also now have trygrain $750 credit and kikoff $500 credit to try and add more to my credit profile.

Are there anymore easy ways to add to a credit profile(without a hardpull) as I think that is what BlockFi wants.

The reality I am finding is BlockFi is using a subpar credit partner "Deserve" who seem to be small fish

I believe it's your current credit mix and overall profile that might be the issue and Deserve partnering with BlockFi can afford to be selective. This isn't about small or big fish. For context, I was approved for $25K.

Unfortunately, at some point you may need to bite the bullet with a HP to obtain a variety of different products in order to thicken up your profile.

Re: Denied BlockFi Bitcoin Card

Times — Wed, 01 Dec 2021 23:50:18 GMT

Any recommended hardpulls products or ways to have a better credit profile? I was hesistant to do another hardpull as I heard that hurts your profile but seems I still need to build my profile so whatever.

The cards I wanted are this BlockFi card and the amex platinum.

I do also have a business goal card of Amex gold.

But other than that. I am not really one to want a ton of credit cards or debt products in general. 3 is actually good enough for me.

Re: Denied BlockFi Bitcoin Card

FinStar — Thu, 02 Dec 2021 00:13:28 GMT

@Times wrote:
Any recommended hardpulls products or ways to have a better credit profile? I was hesistant to do another hardpull as I heard that hurts your profile but seems I still need to build my profile so whatever.

The cards I wanted are this BlockFi card and the amex platinum.

I do also have a business goal card of Amex gold.

But other than that. I am not really one to want a ton of credit cards or debt products in general. 3 is actually good enough for me.

Ok, perhaps we can start with the appeal of the BlockFi card. How does that align with your spending habits?

You mentioned the AmEx Platinum Card. Are you familiar with the MR ecosystem and do you travel fairly often? Would you spend enough annually on the card to offset the AF?

The two personal cards of interest have very opposite reward opportunities.

Re: Denied BlockFi Bitcoin Card

Times — Thu, 02 Dec 2021 01:30:58 GMT

@FinStar wrote:
@Times wrote:
Any recommended hardpulls products or ways to have a better credit profile? I was hesistant to do another hardpull as I heard that hurts your profile but seems I still need to build my profile so whatever.

The cards I wanted are this BlockFi card and the amex platinum.

I do also have a business goal card of Amex gold.

But other than that. I am not really one to want a ton of credit cards or debt products in general. 3 is actually good enough for me.
Ok, perhaps we can start with the appeal of the BlockFi card. How does that align with your spending habits?

You mentioned the AmEx Platinum Card. Are you familiar with the MR ecosystem and do you travel fairly often? Would you spend enough annually on the card to offset the AF?

The two personal cards of interest have very opposite reward opportunities.

Well the appeal of the BlockFi was initially the 2% interest increase for deposits with them. Its still there but will end 2023 I believe. Still worth it for me imo. I also think Bitcoin will increase so their 1.5% I see as a lot higher and I like that its done automatically. So I want this card but clearly they dont want me lol

The inital appeal of the Amex plat was the Morgan Stanely version waiving the AF, sadly I waited too long(as I wanted to build my credit) and now they dont waive AF for the first year only the 2nd year forward.

I do travel a few times a year but probably not obviously enough for it to be worth the $700 AF. I would travel a lot more if there wasn't the pandemic going on restricting lots of things. Anyways, basically I am fine with putting the Amex plat on hold for a better offer or better traveling conditions.

As far as my spending habits, with the pandemic going on, I now do a lot of online shopping, I know the BofA card has a way to get 5.25% in that category but I think their requirements are not worth it. Do you happen to know the next best card for that category?

Re: Denied BlockFi Bitcoin Card

ReturnOfTheCredi — Sun, 02 Jan 2022 20:13:34 GMT

They just denied me, too, with a 751 score and oodles of history and only 9% utilization. Reason was "past or present delinquency." That delinquency was a BK discharged in December of 2012. Guess I'll wait a year and see what happens. Oh well.

Re: Denied BlockFi Bitcoin Card

Hoben02 — Fri, 21 Jan 2022 00:16:27 GMT

@MrT_521 wrote:
@4sallypat wrote:
I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..
Does BlockFi have anything to do with approvals? I am under the impression that Deserve takes care of that.

I don't know though...