Help with Citizens Bank Denial

inth3moment · ‎01-11-2023

I saw some members here mention Citizens Bank Business CC being a soft pull.

I applied last week and was denied. They sent me an email saying they can't move forward at this time and that I will receive a letter in 2 weeks explaining why.

I tried calling them to recon and they wouldn't tell me anything.

I emailed their loans department and they said I have to wait until I receive the Adverse Actions notice and that there will be a number to call on that notice.

Does anyone have that number handy? Or any other insight or recommendations for trying to get Citizens Bank to recon? They didn't even ask me for any business bank statements or anything. No explanation, just denial.

Thanks in advance to anyone who reads this.

FinStar · ‎01-11-2023

Unfortunately, Citizens Bank doesn't usually reconsider declined applications. You'd have to wait for the letter to review the reason(s) why the application was denied.

Unless there was an input error from your end when submitting the data (i.e. revenue, income, business type/classification, etc.). They're usually pretty good about requesting additional documentation such as bank or financial statements, business info, etc., prior to moving forward if the application is given consideration for approval.

inth3moment · ‎01-11-2023

@FinStar wrote:
Unfortunately, Citizens Bank doesn't usually reconsider declined applications. You'd have to wait for the letter to review the reason(s) why the application was denied.

Unless there was an input error from your end when submitting the data (i.e. revenue, income, business type/classification, etc.). They're usually pretty good about requesting additional documentation such as bank or financial statements, business info, etc., prior to moving forward if the application is given consideration for approval.

Ugh what a letdown. I was hoping for some light at the end of the tunnel but at least it was a SP.

Thanks for the DP, I appreciate it.

Is Citizens Bank known for being 100% transparent when it comes to disclosing their reasons?

For example, do they check some type of standard business credit database that they don't disclose in the letter usually? And then proceed to say the decline is for some other reason?

FinStar · ‎01-11-2023

@inth3moment wrote:
@FinStar wrote:
Unfortunately, Citizens Bank doesn't usually reconsider declined applications. You'd have to wait for the letter to review the reason(s) why the application was denied.

Unless there was an input error from your end when submitting the data (i.e. revenue, income, business type/classification, etc.). They're usually pretty good about requesting additional documentation such as bank or financial statements, business info, etc., prior to moving forward if the application is given consideration for approval.
Ugh what a letdown. I was hoping for some light at the end of the tunnel but at least it was a SP.

Thanks for the DP, I appreciate it.

Is Citizens Bank known for being 100% transparent when it comes to disclosing their reasons?

For example, do they check some type of standard business credit database that they don't disclose in the letter usually? And then proceed to say the decline is for some other reason?

It really depends on what the reason(s) were. Some can include industry types that they do not engage or consider, revenue or cash flow deficiency, etc. You can search a variety of DPs that go back over a year for this particular institution in this section (Business Credit). Just do a search for "Citizens" and you can review some of the past threads of denied applicants to provide some perspective.

They will not disclose what system(s) or databases were used to determine the business criteria, but they will inform you what CRAs were accessed.

inth3moment · ‎01-12-2023

@FinStar wrote:
@inth3moment wrote:
@FinStar wrote:
Unfortunately, Citizens Bank doesn't usually reconsider declined applications. You'd have to wait for the letter to review the reason(s) why the application was denied.

Unless there was an input error from your end when submitting the data (i.e. revenue, income, business type/classification, etc.). They're usually pretty good about requesting additional documentation such as bank or financial statements, business info, etc., prior to moving forward if the application is given consideration for approval.
Ugh what a letdown. I was hoping for some light at the end of the tunnel but at least it was a SP.

Thanks for the DP, I appreciate it.

Is Citizens Bank known for being 100% transparent when it comes to disclosing their reasons?

For example, do they check some type of standard business credit database that they don't disclose in the letter usually? And then proceed to say the decline is for some other reason?
It really depends on what the reason(s) were. Some can include industry types that they do not engage or consider, revenue or cash flow deficiency, etc. You can search a variety of DPs that go back over a year for this particular institution in this section (Business Credit). Just do a search for "Citizens" and you can review some of the past threads of denied applicants to provide some perspective.

They will not disclose what system(s) or databases were used to determine the business criteria, but they will inform you what CRAs were accessed.

Thank you so much. I will follow your suggestion.