topic Re: Denied Citi Checking? Um, what? in General Credit Topics

Denied Citi Checking? Um, what?

andyaycw — Fri, 16 Oct 2009 05:18:26 GMT

I recently applied for a Citi checking account. Got the letter today saying I was denied and that the decision was based on information obtained from Equifax.

Um WHAT?

My Equifax report is clean with no baddies at all. I checked my FICO score last month and it was a 733. Just to be sure though, I pulled again right now and still nothing negative on my report.

I'm going to call them. In the meantime, anyone care to speculate? Has this happened to anyone before?

Re: Denied Citi Checking? Um, what?

Anonymous — Fri, 16 Oct 2009 12:39:25 GMT

Sounds like a mistake. They do happen. Give them a call and let us know what happens.

Re: Denied Citi Checking? Um, what?

andyaycw — Fri, 16 Oct 2009 15:59:10 GMT

Called them and said they can't do anything. Gave me a runaround telling me to call the credit bureaus, as if that will actually accomplish anything.

Re: Denied Citi Checking? Um, what?

Anonymous — Fri, 16 Oct 2009 17:08:03 GMT

Call them back and request a supervisor. Ask for reconsideration. In denied tell the supervisor you will be filing complaints with the BBB and OCC. If still denied then do it.

File these complaints:

1) BBB

http://www.bbb.org/

2) Office of the Comptroller of the Currency:

http://www.helpwithmybank.gov/

Re: Denied Citi Checking? Um, what?

Anonymous — Fri, 16 Oct 2009 17:10:41 GMT

@andyaycw wrote:
I recently applied for a Citi checking account. Got the letter today saying I was denied and that the decision was based on information obtained from Equifax.

Um WHAT?

My Equifax report is clean with no baddies at all. I checked my FICO score last month and it was a 733. Just to be sure though, I pulled again right now and still nothing negative on my report.

I'm going to call them. In the meantime, anyone care to speculate? Has this happened to anyone before?

Just a thought. Have you had any past problems with another bank where they might have filed negative information with ChexSystems? This might interfere with opening another account.

Re: Denied Citi Checking? Um, what?

andyaycw — Fri, 16 Oct 2009 19:08:16 GMT

To the best of my memory, I've never bounced a check, had any overdraw fees, never overdrawn an account or had a negative balance, etc. At the very least, I'm 99% positive I've never been charged a fee for any of those potential issues.

I've ordered a copy of my ChexSystems report and hopefully I get it soon - the website I ordered from told me 5 business days.

I may want to wait until I have looked at my Chex report before calling, requesting a supervisor, etc.

Re: Denied Citi Checking? Um, what?

Lel — Fri, 16 Oct 2009 19:57:25 GMT

How long is your credit history? Any new accounts in the past year or so?

Is all the information correct about you on the report, including the spelling of your name and birthdate? I've heard rumors that if a creditor is unable to verify your identity, you could be denied. Don't know this for a fact, but since your denial seems inexplicable at this point, you should be looking for the little quirks that could trip up your application.

Re: Denied Citi Checking? Um, what?

andyaycw — Fri, 16 Oct 2009 22:58:26 GMT

My credit history is 3 years long, with 2 inquiries in the past two years (last month, and March earlier this year), and only 1 new account in the past year.

All my personal information was correct on Equifax, which leaves only Chexsystems.

Re: Denied Citi Checking? Um, what?

Anonymous — Sat, 17 Oct 2009 00:26:44 GMT

Did they tell you they would be sending out a letter stating a specific reason for this action? I really doubt you're in ChexSystems unless that, too, is an error. I doubt they would have said EQ if they meant ChexSystems. To me this seems really fishy. You just impress me a too solid for this to be anything other than a SNAFU.

Re: Denied Citi Checking? Um, what?

andyaycw — Sat, 17 Oct 2009 01:09:40 GMT

Did a little more digging and it only added to my confusion. I called all my banks and asked them to check to see if I had ever had any type of fees, negative balance, overdrawn account, bounced checks, or any type of negative information. None of them could find anything wrong with my accounts. As far asaccuracy of information, I double checked my personal information for all my banks and they are all the same (and have been ever since the accounts were opened).

Anyway, I went ahead and called the Citi New Accounts department and was informed that it was not because of EQ that I was declined, but because of Chex. I eagerly await to inspect my Chex report.

Re: Denied Citi Checking? Um, what?

Anonymous — Sat, 17 Oct 2009 01:16:35 GMT

Well this ought to be really interesting. Could you post the answer back in this thread when you find out what is going on so I get notified? Thanks!

Re: Denied Citi Checking? Um, what?

Lel — Sat, 17 Oct 2009 01:45:58 GMT

Gee, I hate to this, but this thread is like a mystery novel. At your expense, unfortunately, andyaycw.

Re: Denied Citi Checking? Um, what?

IOBA — Sun, 18 Oct 2009 03:29:10 GMT

I had a similar thing happen with Chase bank. I was denied a checking account (although I have credit cards with them, zero balance, no problems ever). I pulled my credit report (the one they blamed) and there was NOTHING bad with it. In fact, my FICO score was 800+. I had recently received a ChexSystem report (denied by another bank for a checking account and they blamed ChexSystems). Nothing wrong there. No baddies. I called Chase to learn more. They said if the system told me no, (and they verified that I was denied) then the answer was NO.

Go figure!

Re: Denied Citi Checking? Um, what?

andyaycw — Sun, 18 Oct 2009 04:01:15 GMT

Maybe they're looking for high risk customers so that they can collect on lots of fees, haha. That is very strange though.

If all else fails, maybe applying at a branch would yield better results.

Re: Denied Citi Checking? Um, what?

llecs — Mon, 19 Oct 2009 16:42:30 GMT

As mentioned, maybe Chex was the issue rather than EQ. DW applied at a Citibank branch 2-3 weeks ago for a new checking acct and was initially turned down for a checking overdraft issue on her Chex report from 4 yrs ago. The branch manager allowed her to keep the checking acct open pending info from the bank we had an issue with. We got a letter from our old bank handy, but Citibank never followed up and the new checking acct is still open.

Re: Denied Citi Checking? Um, what?

Anonymous — Mon, 19 Oct 2009 19:20:31 GMT

Managers can frequently override ChexSystems issues on either a temporary or permanent basis. Don't lose that letter though - sometimes they make later sweeps through the accounts and old problems can come back to haunt you.

Regarding the OP's situation: If there is a problem with ChexSystems and you don't already know what it is it could be bad news. Let's hope it was just an error and not something more sinister.

Re: Denied Citi Checking? Um, what?

andyaycw — Tue, 27 Oct 2009 19:08:06 GMT

Update as promised!

I got my Chexsystems report last week and there was no negative information. All personal information matched to the letter. I called and told them this and was informed that if I wanted an account I could A) fax them a dispute with the denial letter and my credit reports, or B) just go to a branch and open there.

To summarize: Equifax and Chex were cited as the reasons for the denial. Equifax has 2 inquiries in the past year and two years (one of which is 7 months old; the other fairly recent at 1 month old), 1 new account in the past year, and a FICO of 733 with 3 years of history and AAoA of 1 year (also worthy to note that I've never been late or had any negative info on my CRs). Chex has no negative information being reported, all personal information matching that of the three major CRAs, and the only inquiries (aside from Citi themselves from my initial app) listed are a credit union back in 2007, and Wamu back in 2006.

On another note, I stumbled upon another thread in the "Credit Cards" forum where someone had their account closed by Citi for simply having too many bank/revolving accounts. They had six! If anyone remembers the Amex madness last year with the massive FRs, account closures and CLDs, this sure is reminiscent of it with Citi: closing accounts for bogus reasons, denying checking/savings accounts to someone with a clean record, and whatnot.

I'm beginning to think that Citi simply isn't worth the hassle.

Re: Denied Citi Checking? Um, what?

IOBA — Tue, 27 Oct 2009 21:56:55 GMT

Not worth it.

Went through that too - Chex System report is fine. CR is fine. FICO was 800+. Still denied. CR blamed, but not really to blame.

Re: Denied Citi Checking? Um, what?

Anonymous — Tue, 27 Oct 2009 23:47:04 GMT

The computer hiccupped so you send in the recon letter. I wouldn't let the error stand unchallenged.

Re: Denied Citi Checking? Um, what?

andyaycw — Thu, 29 Oct 2009 00:51:49 GMT

Mystery solved, kinda of..I think:

Third time's a charm - I got to a supervisor and they told me I was denied because I answered one of the security questions incorrectly. That's odd, I don't remember being asked any security questions. And if that was the case, why would they cite Equifax or Chex as the reason(s) for denial, instead of flat out saying "we couldn't verify your identity?"

Something still seems fishy, but at this point I have more important things to deal with. When it all comes down to it, I think I'll just app at a branch.

On another note if anyone has any suggestions for a good checking/savings, feel free to post or PM me. Ever since Chase took over Wamu, things just haven't been the same. (Free services (no minimums required), good customer service, good online access/services, and all around good terms for the account are all I'm looking for. Nothing fancy. )