topic Re: Citi Simplicity Declined Me..but I have a perfect history..?? in Credit Cards

Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 19:42:35 GMT

My middle credit score is a 721, my high is a 751. I've never in my life missed a payment on a credit card statement OR an auto loan payment. I have no student loans. I have a perfect history with no deliquencies. I've been establishing credit for 7 years now. I have two other credit cards (one with a max of $3,000, and another with a max of $8,000), one is paid off, and the other has $600 on it which will be paid off by the next statement due date. My debt to income ratio is 25%, and they declined me! Can't wait to see why, but I have to wait 7-10 days to find out.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 15:43:16 GMT

Are you sure it is declined? Maybe they need verification?

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 15:44:07 GMT

@Anonymous wrote:
My middle credit score is a 721, my high is a 751. I've never in my life missed a payment on a credit card statement OR an auto loan payment. I have no student loans. I have a perfect history with no deliquencies. I've been establishing credit for 7 years now. I have two other credit cards (one with a max of $3,000, and another with a max of $8,000), one is paid off, and the other has $600 on it which will be paid off by the next statement due date. My debt to income ratio is 25%, and they declined me! Can't wait to see why, but I have to wait 7-10 days to find out. Anyhow..I'd save yourself the hard credit pull and go somewhere else..like Chase. Citi is a joke.

Understandable emotion. But banks look at the overall credit profile not just a score when making a decision. Also, the fact that you have been denied does not mean you should call it a day. That is why they have the reconciliation department for you to call and try to overturn the denial.

Welcome to the forum by the way...

Re: Citi Simplicity Declined Me..but I have a perfect history..??

takeshi74 — Thu, 04 Feb 2016 15:52:57 GMT

@Anonymous wrote:
I've never in my life missed a payment on a credit card statement OR an auto loan payment.

That's great and Payment History is the biggest factor but it is not the only thing that matters. Even the factors below are not all that matter but just a starting point of things that are considered. The link below only covers FICO scoring. It does not cover what a given creditor/product has as its underwriting criteria which is an entirely separate matter.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
Citi is a joke.

A person not qualifying for X does not mean that X is a joke. All it means is that the person did not qualify for it. Do not take denials personally or get all emotional about it. For creditors it's all business and a matter of risk assessment.

Wait for the letter and if you still want the product from Citi then use it as a starting point on what to work on with your credit profile. If you don't want the product then you may still want to consider the reasons even if you decide to pursue a creditor/product with easier underwriting criteria as the info may help you to strengthen your cedit profile.

@Anonymous wrote:
My middle credit score is a 721, my high is a 751.

What models? What CRA's? Don't just assume that all credit scores are equivalent. The model will have an impact on the number generated. Also consider that a given creditor product will only consider a given model/CRA and that other models and other CRA's will not be relevant to the decision for that creditor/product. In other words, if a creditor, for example, uses a TU FICO 8 then only that will be considered. Other CRA's will not matter. Other models will not matter.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 17:07:55 GMT

Definitely declined. I will wait and see why.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 17:20:28 GMT

Fair enough. A bit immature of me saying Citi is a joke, but it is aggrevating. I am not sure who my highest score was trhough, but my 721 was transunion. And I know it isn't personal, still just frustrating. Two months ago I purchased a Ford Escape, and I was financed through US Bank. Not sure if this is true or not, but the lady who set me up with them told me that the majority of their customers aren't accepted for a loan through US Bank, and that they target a very small group of people with great cedit scores. This was a very high end dealership (Lambos, Ferraris, Aston Martin, LandRover, Porche, etc) in Columbus Ohio, so I was impressed that they accepted me! Not to get a big head at all about this, I just honestly didn't think I'd have an issue getting approved for even the lowest level of credit. Sorry for the rant.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 17:21:40 GMT

Thanks for the welcome! I will see about being reconsidered. I'll give them a call soon. Thanks!

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 17:26:17 GMT

@Anonymous wrote:
Fair enough. A bit immature of me saying Citi is a joke, but it is aggrevating. I am not sure who my highest score was trhough, but my 721 was transunion. And I know it isn't personal, still just frustrating. Two months ago I purchased a Ford Escape, and I was financed through US Bank. Not sure if this is true or not, but the lady who set me up with them told me that the majority of their customers aren't accepted for a loan through US Bank, and that they target a very small group of people with great cedit scores. This was a very high end dealership (Lambos, Ferraris, Aston Martin, LandRover, Porche, etc) in Columbus Ohio, so I was impressed that they accepted me! Not to get a big head at all about this, I just honestly didn't think I'd have an issue getting approved for even the lowest level of credit. Sorry for the rant.

I'd wait for your decline reasons, but it may be the inquiries or the new credit. That would be my first thought.

Sorry about your denial.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 17:58:20 GMT

Yeah I think you're right about the inquiries part, because that's not the only new purchase in the last 4-6 months. On this topic, do you have any idea the amount per what period they typically like? In other words, after a given amount of time do your past inquiries clear and allow you to be approved?

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Closingracer99 — Thu, 04 Feb 2016 18:07:29 GMT

@Anonymous wrote:
My middle credit score is a 721, my high is a 751. I've never in my life missed a payment on a credit card statement OR an auto loan payment. I have no student loans. I have a perfect history with no deliquencies. I've been establishing credit for 7 years now. I have two other credit cards (one with a max of $3,000, and another with a max of $8,000), one is paid off, and the other has $600 on it which will be paid off by the next statement due date. My debt to income ratio is 25%, and they declined me! Can't wait to see why, but I have to wait 7-10 days to find out. Anyhow..I'd save yourself the hard credit pull and go somewhere else..like Chase. Citi is a joke.

You know what else is a joke? People assume since their scores is XXX so they deem they must be approved to X credit card because they have X history. My numbers are for EX: 744, TU 750, EQ 744 and with history for around 3 years coming in June. Since my scores deem me as a low risk I should automatically be approved for X card? No not really. I have four card with Citi and 5 if you want to include my Bestbuy card, five Chase and two with Amex. Just because my score says I could be easily be approved for a lot of cards that doesn't mean I will be approved. I have like 26 inq's on my EQ according to Credit karma and I have found credit karma to be accurate with the credit reports they offer and around 16 on my TU. I had around 30 last time I checked my EX but I have a lot falling off late last year. I also have around $100,000 in credit avaliable so I can declined just for having that much.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Closingracer99 — Thu, 04 Feb 2016 18:10:20 GMT

@Anonymous wrote:
Yeah I think you're right about the inquiries part, because that's not the only new purchase in the last 4-6 months. On this topic, do you have any idea the amount per what period they typically like? In other words, after a given amount of time do your past inquiries clear and allow you to be approved?

I have over 10 on all three and Barclay's have outriight refused to give me a card based on that and new accounts. half of my new inq's have been for CLI's though with Citi and Bank of America. Most of mine are over a year old by now

Re: Citi Simplicity Declined Me..but I have a perfect history..??

TURNERHOOVER — Thu, 04 Feb 2016 18:55:00 GMT

Many new accounts?!

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 18:57:45 GMT

@Anonymous wrote:
Yeah I think you're right about the inquiries part, because that's not the only new purchase in the last 4-6 months. On this topic, do you have any idea the amount per what period they typically like? In other words, after a given amount of time do your past inquiries clear and allow you to be approved?

A lot of companies don't mind if they're over a year old, and they drop off your report after 24 months. But some companies are still squimish about inquiries even if they're older than a year.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 19:55:20 GMT

@Closingracer99 wrote:
@Anonymous wrote:
My middle credit score is a 721, my high is a 751. I've never in my life missed a payment on a credit card statement OR an auto loan payment. I have no student loans. I have a perfect history with no deliquencies. I've been establishing credit for 7 years now. I have two other credit cards (one with a max of $3,000, and another with a max of $8,000), one is paid off, and the other has $600 on it which will be paid off by the next statement due date. My debt to income ratio is 25%, and they declined me! Can't wait to see why, but I have to wait 7-10 days to find out. Anyhow..I'd save yourself the hard credit pull and go somewhere else..like Chase. Citi is a joke.
You know what else is a joke? People assume since their scores is XXX so they deem they must be approved to X credit card because they have X history. My numbers are for EX: 744, TU 750, EQ 744 and with history for around 3 years coming in June. Since my scores deem me as a low risk I should automatically be approved for X card? No not really. I have four card with Citi and 5 if you want to include my Bestbuy card, five Chase and two with Amex. Just because my score says I could be easily be approved for a lot of cards that doesn't mean I will be approved. I have like 26 inq's on my EQ according to Credit karma and I have found credit karma to be accurate with the credit reports they offer and around 16 on my TU. I had around 30 last time I checked my EX but I have a lot falling off late last year. I also have around $100,000 in credit avaliable so I can declined just for having that much.

..okay?

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 19:45:24 GMT

@Anonymous wrote:
@Anonymous wrote:
Yeah I think you're right about the inquiries part, because that's not the only new purchase in the last 4-6 months. On this topic, do you have any idea the amount per what period they typically like? In other words, after a given amount of time do your past inquiries clear and allow you to be approved?
A lot of companies don't mind if they're over a year old, and they drop off your report after 24 months. But some companies are still squimish about inquiries even if they're older than a year.

I see. Well that's unfortunate for me. Guess I'll have to find another route.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 19:54:15 GMT

Okay, mystery solved. First, I guess I mistakenly entered my monthly mortgage payment to be over a half million dollars, which the lady fixed but she also went on to say the issue is too many credit inquiries in the last 6 months. I can think of 3 or 4, but two of those were new cars and the dealerships may have pulled it multiple times.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Anonymous — Thu, 04 Feb 2016 20:05:59 GMT

Citi has a known bug where their website says declined when it's really not. I would call them and ask what's going on.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Kevin86475391 — Thu, 04 Feb 2016 23:09:14 GMT

@Anonymous wrote:
@Anonymous wrote:
Fair enough. A bit immature of me saying Citi is a joke, but it is aggrevating. I am not sure who my highest score was trhough, but my 721 was transunion. And I know it isn't personal, still just frustrating. Two months ago I purchased a Ford Escape, and I was financed through US Bank. Not sure if this is true or not, but the lady who set me up with them told me that the majority of their customers aren't accepted for a loan through US Bank, and that they target a very small group of people with great cedit scores. This was a very high end dealership (Lambos, Ferraris, Aston Martin, LandRover, Porche, etc) in Columbus Ohio, so I was impressed that they accepted me! Not to get a big head at all about this, I just honestly didn't think I'd have an issue getting approved for even the lowest level of credit. Sorry for the rant.
I'd wait for your decline reasons, but it may be the inquiries or the new credit. That would be my first thought.

Sorry about your denial.

That's exactly what I thought when you said you had just gotten an auto loan. Citi is fairly sensitive to inquiries, so indeed that alone could give them pause, but I think in particular the fact that you just recently got an auto loan influenced their decision. An auto loan is a large financial commitment and two months isn't really long enough to see how the borrower is going to manage it.

That's just speculation on my part of course, but personally I don't even think it's especially unreasonable of Citi if that is the reason. Hypothetically if I were lender I'd probably prefer to wait about 6 months+ after someone gets an auto loan or 12 months+ after a mortgage before approving them for any new credit too — to see how well they manage these new, large financial commitments.

Anyway, that said, I'm sorry they denied you and I absolutely would recon it. You have nothing to lose by asking. Best of luck!

Re: Citi Simplicity Declined Me..but I have a perfect history..??

OmarGB9 — Thu, 04 Feb 2016 23:50:02 GMT

OP, also keep in mind that credit cards are unsecured debt, whereas car loans are secured debt, since the vehicle serves as collateral should you ever default (not saying you will, of course). Hence, in some instances, getting approved for a car is easier than getting approved for a credit card.

Re: Citi Simplicity Declined Me..but I have a perfect history..??

Callandra — Fri, 05 Feb 2016 01:04:39 GMT

@Anonymous wrote:
My middle credit score is a 721, my high is a 751. I've never in my life missed a payment on a credit card statement OR an auto loan payment. I have no student loans. I have a perfect history with no deliquencies. I've been establishing credit for 7 years now. I have two other credit cards (one with a max of $3,000, and another with a max of $8,000), one is paid off, and the other has $600 on it which will be paid off by the next statement due date. My debt to income ratio is 25%, and they declined me! Can't wait to see why, but I have to wait 7-10 days to find out.

There are different scoring models; car loans often use FICO 04 while banks pulling for CCs often use FICO 08 (and some banks use their own internal scores). Honestly, 7 years of perfect history and low utiliziation, 721-751 seems low. I would expect you to be in the 800s.