topic Re: Citibank or US Bank /Inquiries in Credit Card Applications

Citibank or US Bank /Inquiries

AyaMai — Mon, 08 Jan 2024 03:57:09 GMT

I have US Cash Plus Credit Card & Checking account with US Bank. I have 17 credit card inquiries on Experian, 5 will drop at the end of this year & rest at the end of the 2025. What are my chances applying for a card from Citibank or US Bank in January 2025. My eyes are on Citi Custom Cash Card or U.S Bank Altitude Go Card. Feedback is appreciated.

Re: Citibank or US Bank /Inquiries

Blender — Mon, 08 Jan 2024 17:09:14 GMT

Not great.

How many are you x/6?

Re: Citibank or US Bank /Inquiries

youngandcreditwrthy — Tue, 09 Jan 2024 17:24:49 GMT

hahahhahhahahah

not even the executive office will approve you for a citi card! Sorry, but the banks have been heavily focused on inquiries over the past few years. more then 1-2 per year, and theyll say "too many" even if y ou have one in many cases. I've read it on reddit! haha

sorry:-( Suppose its worth a try cause citi does recon. I'm about to try and recon my citi app for DC. I got "too many inquiries" and I have 3 experian inqs in the past 6 months. I suppose if all your inquiries are a year old or more you might have a 30-40% chance.

inquiries and new accounts didn't use to matter so much if you had a decent score and long Aaoa. good luck either way

Re: Citibank or US Bank /Inquiries

AyaMai — Thu, 11 Jan 2024 01:54:18 GMT

@Blender wrote:
Not great.

How many are you x/6?

6/6

Re: Citibank or US Bank /Inquiries

Blender — Thu, 11 Jan 2024 03:22:40 GMT

zero percent. Wait a few months

Re: Citibank or US Bank /Inquiries

markbeiser — Thu, 11 Jan 2024 11:36:53 GMT

@AyaMai wrote:
6/6

Yeah, on a scale of 1 through 10, your odds with either of those banks are about a negative 12 at the moment.

Re: Citibank or US Bank /Inquiries

CreditCuriosity — Fri, 12 Jan 2024 01:33:28 GMT

@AyaMai wrote:
@Blender wrote:
Not great.

How many are you x/6?
6/6

As others has stated just don't.. Wait at least to 0/6 and even though with citi nothing is guaranteed. Us Bank is even more strict likely. Charge offs are very high right now and various other issues banks especially those two have really tightened up and not sure if anyone knows what the true cut off points are if a set rule, but they aren't favorable in current conditions.

Re: Citibank or US Bank /Inquiries

Aim_High — Fri, 12 Jan 2024 22:45:29 GMT

@CreditCuriosity wrote:
@AyaMai wrote:
@Blender wrote:
Not great.

How many are you x/6?
6/6
As others has stated just don't.. Wait at least to 0/6 and even though with citi nothing is guaranteed. Us Bank is even more strict likely. Charge offs are very high right now and various other issues banks especially those two have really tightened up and not sure if anyone knows what the true cut off points are if a set rule, but they aren't favorable in current conditions.

@CreditCuriosity is right, but I'd take it a step farther, @AyaMai. Yes, US Bank and CITI are both very conservative about recent credit-seeking. While there aren't well-known metrics like there are with some other large lenders like Chase (5/24), I believe both of these banks look at the x/6 and x/12 values. More than one or two, depending on profile, will probably lead to a denial.

When you say the inquiries will drop off, do you mean as scorable (after 12 months) or drop off as reportable (after 24 months?) It's usually best to give the x/6; x/12; x/24 data points (both inquiries and new accounts) for the community to give feedback. Your best chance will be when you reach 1/12 or after. And I would only pursue one or the other lender at that time. Then garden and wait another six months at least before applying with the other.

Re: Citibank or US Bank /Inquiries

mgood — Sun, 14 Jan 2024 04:15:20 GMT

I've read that Citi likes you to be 0/6 inquiries before approving a new card or granting a CLI on an existing card. My anecdotal experience in getting CLIs from them seems to confirm that. I couldn't get an increase at 6 months, but a couple months later when I was 0/6, I got a CLI.

I've seen people suggest you be 0/6, 1/12 new accounts to get a card from US Bank. I was 1/6, 2/12 when approved for the Cash+. I think I was 0/6, 3/12 when I got the Shopper Cash Rewards. So YMMV. I think I recently saw someone who got declined at 0/12, but the reason seemed to be the x/24 number, which I didn't know they paid any attention to before that.

Re: Citibank or US Bank /Inquiries

zerofire — Mon, 15 Jan 2024 05:05:43 GMT

@mgood wrote:
I've read that Citi likes you to be 0/6 inquiries before approving a new card or granting a CLI on an existing card. My anecdotal experience in getting CLIs from them seems to confirm that. I couldn't get an increase at 6 months, but a couple months later when I was 0/6, I got a CLI.

I've seen people suggest you be 0/6, 1/12 new accounts to get a card from US Bank. I was 1/6, 2/12 when approved for the Cash+. I think I was 0/6, 3/12 when I got the Shopper Cash Rewards. So YMMV. I think I recently saw someone who got declined at 0/12, but the reason seemed to be the x/24 number, which I didn't know they paid any attention to before that.

Issuers can see up to 24 months. It is up to them how much that is considered in the application. Considering that most banks have been taking losses on credit cards lately they have started being stricter on inquiries in the first year and if they really did not care about the second year they have started to. US Bank was clearly seeing something in you with the Cash+ but the Shopper Cash Rewards is a AF card that is better to give to you earlier than later so that is what they did. Citi is also just as willing to be picky since they have been staring at the edge of the bankruptcy cliff for quite some time. Only bailouts and creative resource use have kept them from getting pushed over.

Re: Citibank or US Bank /Inquiries

mgood — Mon, 15 Jan 2024 12:56:39 GMT

@zerofire wrote:
@mgood wrote:
I think I recently saw someone who got declined at 0/12, but the reason seemed to be the x/24 number, which I didn't know they paid any attention to before that.
Issuers can see up to 24 months. It is up to them how much that is considered in the application.

Oh, I realize that. I just hadn't seen any previous data points of USB looking beyond the past 12 months. I found it interesting.

Re: Citibank or US Bank /Inquiries

AyaMai — Mon, 15 Jan 2024 15:30:19 GMT

@Aim_High wrote:
@CreditCuriosity wrote:
@AyaMai wrote:
@Blender wrote:
Not great.

How many are you x/6?
6/6
As others has stated just don't.. Wait at least to 0/6 and even though with citi nothing is guaranteed. Us Bank is even more strict likely. Charge offs are very high right now and various other issues banks especially those two have really tightened up and not sure if anyone knows what the true cut off points are if a set rule, but they aren't favorable in current conditions.
@CreditCuriosity is right, but I'd take it a step farther, @AyaMai. Yes, US Bank and CITI are both very conservative about recent credit-seeking. While there aren't well-known metrics like there are with some other large lenders like Chase (5/24), I believe both of these banks look at the x/6 and x/12 values. More than one or two, depending on profile, will probably lead to a denial.

When you say the inquiries will drop off, do you mean as scorable (after 12 months) or drop off as reportable (after 24 months?) It's usually best to give the x/6; x/12; x/24 data points (both inquiries and new accounts) for the community to give feedback. Your best chance will be when you reach 1/12 or after. And I would only pursue one or the other lender at that time. Then garden and wait another six months at least before applying with the other.

Trying to figure out X/6; X/12; X/24

As of today I have 17 inquiries, 4 inquiries will be dropped off from Inquiries Report by June 9, 2024 and another 6 dropped by March 19/2025.

I had 6 inquiries in the last 6 months and 12 in the last 12 months and 17 in the last 24 months. My inquiries tend not to be spread out in a year but conentrated in a 2 months period of time. I did open a Citibank checking account with a SUB of $300 2 days ago, I am authorized user on DW Citibank Costco Visa Card, used same user and password creditendials to open the account, did have identity check on Experian, was surprised to be approved since Chase denied me few months ago -

I am following the 6 months rule to apply but didn't succeed to apply just for a card but I end up applying for multiple cards in October/November 2023 as I did last December 2022/January 2023. Citibank & US Bank are inquiry sensitive, have to use the conservative approach to be approved for a card, appreciate memebers responses to educate me and remind me not to do a dumb move which I do to & halt me the urge to apply for a card with no logic reason from my part.

I need to learn not to apply for a year which would be great, at my age time flies so quick :-)

Re: Citibank or US Bank /Inquiries

mgood — Mon, 15 Jan 2024 16:12:55 GMT

@AyaMai wrote:
Trying to figure out X/6; X/12; X/24

As of today I have 17 inquiries, 4 inquiries will be dropped off from Inquiries Report by June 9, 2024 and another 6 dropped by March 19/2025. . . .

Keep in mind that number of inquiries are probably different on each CRA. They're only on whichever one that lender pulled.
I'm 0/6, 3/12 on Eq; 1/6, 1/12 on TU; and 1/6, 3/12 on Ex.

Sometimes if you have a bunch of inquiries on one, like Ex, you can try applying for something that pulls Eq, for example

New accounts generally report to all three, so your x/6, x/12, x/24 numbers for accounts should be the same across all the CRAs. (There are exceptions, like some loans, but all the credit cards I'm aware of report to all three.)

@AyaMai wrote:

I am following the 6 months rule to apply but didn't succeed to apply just for a card but I end up applying for multiple cards in October/November 2023 as I did last December 2022/January 2023.

I do they same thing. I behave for 3 months or 6 months and then decide to get ONE card. When I get approved for one, I think "What's one more going to hurt?"

Re: Citibank or US Bank /Inquiries

AyaMai — Mon, 15 Jan 2024 17:05:03 GMT

@mgood wrote:
@AyaMai wrote:
Trying to figure out X/6; X/12; X/24

As of today I have 17 inquiries, 4 inquiries will be dropped off from Inquiries Report by June 9, 2024 and another 6 dropped by March 19/2025. . . .
Keep in mind that number of inquiries are probably different on each CRA. They're only on whichever one that lender pulled.
I'm 0/6, 3/12 on Eq; 1/6, 1/12 on TU; and 1/6, 3/12 on Ex.
Sometimes if you have a bunch of inquiries on one, like Ex, you can try applying for something that pulls Eq, for example
New accounts generally report to all three, so your x/6, x/12, x/24 numbers for accounts should be the same across all the CRAs. (There are exceptions, like some loans, but all the credit cards I'm aware of report to all three.)

@AyaMai wrote:

I am following the 6 months rule to apply but didn't succeed to apply just for a card but I end up applying for multiple cards in October/November 2023 as I did last December 2022/January 2023.
I do they same thing. I behave for 3 months or 6 months and then decide to get ONE card. When I get approved for one, I think "What's one more going to hurt?"

More than a year ago I had a collection pop up from nowhere about an account which was closed more than a decade ago, my score dropped 60 points on Experian. There was no collection reported on Equifax, I found out from the community Comenity Bank pulls from Equifax, instanlty I applied for 3 cards from them, got approved, another card after 4 months and another card 3 months ago by the way they are not store cards. I do not have have any issues with the bank as others who bank with them. The strange part that the collection disappeared suddenly and my score shot back up. My score at this moment Experian 773, Equifax 781, Transunion 801.

I would be approved for Bilt in 6 months , do I need it, no since DW has one, waiting for new Wells Fargo Cards to be announced and what are the new transfer partners for my Wells Fargo Autograph.

Re: Citibank or US Bank /Inquiries

Aim_High — Mon, 15 Jan 2024 19:46:35 GMT

@mgood wrote:
@AyaMai wrote:
Trying to figure out X/6; X/12; X/24
Keep in mind that number of inquiries are probably different on each CRA. They're only on whichever one that lender pulled.

That's a good point, @mgood. This brings up a tracking method that I use to simplify where I am in my new credit apps. While there are many ways to do it, I keep a MS Word document with, among other things, a simple table for each of the three CRBs (EX; EQ; TU) and a fourth for "New Accounts." When I update it, I put the date at the top. Also I show total inquiries (24 months) and scorable (12 months.) Adding a line for a new year or subtracting old years is easy. Each new inquiry or card goes in that little box with a simple reference to the lender and date; for example, "Citi - 15" to indicate a new CITI card/inquiry in that month on the 15th. If you want to get really fancy, you can even use the shading to tint the 0-12; 12-24; or 25+ in different colors. (*Note: The table looks very small and compact in my example, but in a Word document, it's larger and plenty big enough to add references without making it look too busy.)

In that file, I've also got a running list of my card names, dates added, noted if business (so doesn't show on personal reports), and I keep it shaded with different colors for 0-6 months; 6-12 months; 12-24 months; 25+ months. New cards go on top; older ones at the bottom.

And I've also got a list of all my cards with opening date, credit limits, etc.

Lists and tables are a great visual reference for me and a reminder when I get too aggressive.

Inquiries EQ __ (scorable __)

as of 01/15/2024

(x/6; x/12; x/24

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2024

2023

2022

Re: Citibank or US Bank /Inquiries

charlesentis — Fri, 19 Jan 2024 03:54:52 GMT

I received a Citi DC card with $3k credit limit and a balance transfer offer, which I didn't take advantage of. For the last two months I have been using it as my daily driver and will be paying it off before statement cuts.

Just paid off and consolidated a bunch of debt. Scores were 630 but went to 682 circa when I applied. I have 14/6 and it went right through. Now when I was in my experian, it was one of the recommended cards, which I was shocked about, because it is usally just junk cards that are recommended.

Some other data points:

No derogs

I show $588,000 on my credit including home.

circa 30% revolving usage

I have a total revolving credit limit across all accounts of $107,950

Re: Citibank or US Bank /Inquiries

youngandcreditwrthy — Sat, 20 Jan 2024 16:29:49 GMT

I want to add more to this...

yes default rates are up, BUT so are interest rates. Let's not forget these banks are MORE than being compensated for default rates going up. It's difficult to define what each percentage increase in DQ causes in terms of dollars bankwide, but still folks are paying much much higher interest rates on debt. more money to be made, more to be lost.

its actually interesting to be in an inflationary environment for hte first time in my life and to see how the credit system responds to it. The banks hate the velocity and rn Inquiries and New Accounts matter more than anything, even utilization it seems. someone with a 640 and zero inquiries, zero new accounts in 24 months is more likely to get approved than the 760 score with 10 new accounts and 10 inquiries in 24 mos. such odd times.

Re: Citibank or US Bank /Inquiries

AyaMai — Sat, 20 Jan 2024 23:34:42 GMT

@charlesentis wrote:
I received a Citi DC card with $3k credit limit and a balance transfer offer, which I didn't take advantage of. For the last two months I have been using it as my daily driver and will be paying it off before statement cuts.

Just paid off and consolidated a bunch of debt. Scores were 630 but went to 682 circa when I applied. I have 14/6 and it went right through. Now when I was in my experian, it was one of the recommended cards, which I was shocked about, because it is usally just junk cards that are recommended.
Some other data points:
No derogs
I show $588,000 on my credit including home.
circa 30% revolving usage
I have a total revolving credit limit across all accounts of $107,950

Thank you for th data