Citizens LOC denial ** UPDATE

TC1212 · ‎01-28-2022

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.

s_haliz · ‎01-28-2022

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.

TU FICO 850 | EQ FICO 850 I EX FICO 850

username7 · ‎01-28-2022

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.

TC1212 · ‎01-28-2022

@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.

TC1212 · ‎01-28-2022

@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.

s_haliz · ‎01-28-2022

@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...

TU FICO 850 | EQ FICO 850 I EX FICO 850

username7 · ‎01-28-2022

@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

TC1212 · ‎01-28-2022

@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.

s_haliz · ‎01-28-2022

@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.

TU FICO 850 | EQ FICO 850 I EX FICO 850

username7 · ‎01-28-2022

@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.