topic Re: Citizens LOC denial in Business Credit

Citizens LOC denial ** UPDATE

TC1212 — Mon, 31 Jan 2022 17:52:05 GMT

Update: received denial letters from both Fundation and Citizens. Both indicated that denial was based on industry type - real estate. Citizens also said derogatory personal credit items. I have 2 negative accounts on Equifax - December 2019 and March 2020.

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Saw all the recent Citizens approvals so decided to give it a try. Wednesday night (1/26) applied for the Citizens Business LOC for 50k. Received thank you for replying message noting that they've "collected a lot of valuable information that will help us expedite the review of your application...and you can expect to hear from us soon." Called last night to check on status and was told that they wouldn't be able to approve my account at this time and that the official email would be sent to me on 1/30. Didn't provide any reason but said it would be in the email.

I was trying to apply for the credit card but it only gave me the option to apply for the LOC. I live in North Carolina.

DP: In business since 2020; annual revenue of 98k; 2 trade lines reporting (i think Quill and Sam' charge card); Fico8 scores are all in 650s; personal income 163k; no HP; and 9 inquiries.

WIll post details once I receive email on 1/30.

Re: Citizens LOC denial

s_haliz — Fri, 28 Jan 2022 16:16:05 GMT

In my opinion, here are few reasons for denial:

Low FICO scores
Too many inquiries
They saw you as a risky borrower and that may be the reason for denial.

@TC1212 wrote:
Saw all the recent Citizens approvals so decided to give it a try. Wednesday night (1/26) applied for the Citizens Business LOC for 50k. Received thank you for replying message noting that they've "collected a lot of valuable information that will help us expedite the review of your application...and you can expect to hear from us soon." Called last night to check on status and was told that they wouldn't be able to approve my account at this time and that the official email would be sent to me on 1/30. Didn't provide any reason but said it would be in the email.

I was trying to apply for the credit card but it only gave me the option to apply for the LOC. I live in North Carolina.

DP: In business since 2020; annual revenue of 98k; 2 trade lines reporting (i think Quill and Sam' charge card); Fico8 scores are all in 650s; personal income 163k; no HP; and 9 inquiries.

WIll post details once I receive email on 1/30.

Re: Citizens LOC denial

username7 — Fri, 28 Jan 2022 17:04:39 GMT

I was also denied both a BLOC and Business CC from them. They're pulling EQ Biz which happens to be my ugliest.. A bit pissed that I can't join in on this train, but I digress after trying twice. They must only want millionaire's lol.

Re: Citizens LOC denial

TC1212 — Fri, 28 Jan 2022 17:09:52 GMT

@s_haliz I agree. I only tried because it wasn't a HP. I'm waiting on 2 maxed out credit cards(82% and 50%) to report zero and 29% utilization over the next two weeks. Hopefully that can get me in the 680s.

Re: Citizens LOC denial

TC1212 — Fri, 28 Jan 2022 17:14:01 GMT

@username7 well I don't have any tradelines on my EQ business report, so I guess that will be a no-go in the near future. I will keep trying others soon. Hoping to get my scores to 700 so I can PG one or two major CCs that don't report to personal credit. In the last 2 months I have received a Sam's Club charge card(2500) ExxonMobil (1000), Grainger (1000), Quill (1000) and Amazon Net 30 (1000), so atleast I am making progress.

Re: Citizens LOC denial

s_haliz — Fri, 28 Jan 2022 17:15:06 GMT

@TC1212 wrote:
@s_haliz I agree. I only tried because it wasn't a HP. I'm waiting on 2 maxed out credit cards(82% and 50%) to report zero and 29% utilization over the next two weeks. Hopefully that can get me in the 680s.

I liked your plan. However, are you sure it will take just 2 weeks to report 0% and 29% utilization? Sometime, it takes one or more cycles (that would be easily 4 weeks or more). Anyway watch out before you pull next trigger...

Re: Citizens LOC denial

username7 — Fri, 28 Jan 2022 17:35:26 GMT

@TC1212 wrote:
@username7 well I don't have any tradelines on my EQ business report, so I guess that will be a no-go in the near future. I will keep trying others soon. Hoping to get my scores to 700 so I can PG one or two major CCs that don't report to personal credit. In the last 2 months I have received a Sam's Club charge card(2500) ExxonMobil (1000), Grainger (1000), Quill (1000) and Amazon Net 30 (1000), so atleast I am making progress.

Let's just say I envy you lol. Getting the Sam's Business MasterCard is undoubtledly difficult. Everything, it the dots and crosses, have to match your Experian Biz report (which they pull) and they usually follow up by ringing you in store to verify whats going on.. but again.. I digress lol. Not sure what I'm doing wrong.

Floor & Decor Revolving (Comenity.. ew) - $25k (no pg)

Amex 2% Biz - $20k

Amex Biz Prime - $30k

Capital on Tap (US) - $15k (no pg)

FNBO Biz Evergreen - $12k

Wex Shell Revolving - $11k (no pg)

BP Fleet Solutions - $6.6k (no pg)

Speedway Fleet Solutions - $5k (no pg)

US Bank Triple Cash Biz - $3k

Nav Business Builder thing -$? (dont really care) (no pg)

Wex Shell Fleet - $600 (no pg) (probably going to close it... paying $2/mo for what.. nothing.)

(biz-from nav)

D&B: 80

EXP: 85/100

EQ: 346

FICO: 172

Re: Citizens LOC denial

TC1212 — Fri, 28 Jan 2022 17:23:35 GMT

@s_haliz yes, my monthly reporting dates are usually on the 2nd and 5th. I have the myfico subsricption so I will be able to see when they are updated and any simultaneous credit score increases. I may wait to try again when I have a business credit card report. I have a Amex card so plan to try the Amex business in a couple of months. Thanks for your tips.

Re: Citizens LOC denial

s_haliz — Fri, 28 Jan 2022 17:31:46 GMT

@TC1212 wrote:
@s_haliz yes, my monthly reporting dates are usually on the 2nd and 5th. I have the myfico subsricption so I will be able to see when they are updated and any simultaneous credit score increases. I may wait to try again when I have a business credit card report. I have a Amex card so plan to try the Amex business in a couple of months. Thanks for your tips.

You are very welcome. We all are here to help each other.

Re: Citizens LOC denial

username7 — Fri, 28 Jan 2022 17:34:00 GMT

@s_haliz wrote:
@TC1212 wrote:
@s_haliz yes, my monthly reporting dates are usually on the 2nd and 5th. I have the myfico subsricption so I will be able to see when they are updated and any simultaneous credit score increases. I may wait to try again when I have a business credit card report. I have a Amex card so plan to try the Amex business in a couple of months. Thanks for your tips.
You are very welcome. We all are here to help each other.

This is why I love this forum. Helping others isn't seen as a service expecting to be paid on this board, but mere volunteers, offering and donating their time and knowledge for others can advance.

Re: Citizens LOC denial

TC1212 — Fri, 28 Jan 2022 17:36:52 GMT

@username7 I have the Sam's store charge card, not their Mastercard. I plan to apply for that after 4 months of heavy use with the Sam's store card. I do have tradelines reporting on my Experian business so hopefully that will help out down the line.

Your other credit lines are my goals for over the next several months. Have the following personal cards:

Navy Go Rewards 20k

Navy Cash Rewards 1500k

Navy LOC 3k

Amex Delta Reserve 2k

Discover 1k

Macys 2900

USAA 500 secured card from 2015 that won't graduate, but I cant close yet without affecting age of accounts

Re: Citizens LOC denial

username7 — Fri, 28 Jan 2022 17:37:28 GMT

@TC1212 wrote:
@username7 I have the Sam's store charge card, not their Mastercard. I plan to apply for that after 4 months of heavy use with the Sam's store card. I do have tradelines reporting on my Experian business so hopefully that will help out down the line.

When you applied in store, were you given the option to choose, or does some algorithim pick for you? The nice flex about having the MC version is not having gas (car fuel) purchases reporting to your personal credit. The store version wouldn't fancy me at all. I already have their Sam's WEMC (2.4yr history) at $9500, so I'm not sure if I should even poke the bear.

Re: Citizens LOC denial

TC1212 — Mon, 31 Jan 2022 17:59:06 GMT

@username7i wasn't given an option they just asked if I wanted to apply for credit card. It wouldn't have mattered to me though because I'm trying to build my business credit now. I'm hoping to put a lot of use on it over the next 4 months and pay in full each month then apply for MC.