Delta Gold $5k, Jan 2020
CSP $5k, Oct 2020
Amazon credit $6.4k, Mar 2021 (this is not on the report which Citi pulled because Chase has not reported it by that time)
FICO Score: Equifax 724 (The only one Citi pulled was EQ)
Oldest account age: 15 months
Hard pulls: Citi only pulled EQ so I will list hps on EQ - 2/6 (both from mortgage inquiry), 2/12, 3/24
Utilization: 5% overall
Perfect payment history
The reason stated in the denial letter is "The consumer reporting agency serving your area has reported only a limited credit history for you."
Applied in early April, did some research and learned that Citi's policy was 6/6 for hps, after pandemic they have tightened the requirements so they will incline to 3/6, so I thought I will be fine with 2/6, I checked and they only pulled EQ, on the EQ report they pulled, I haven't opened any new account for 6 months (applied in early April so I don't think they saw the Amazon card from mid-March since Chase only pulled EX and hasn't reported the account yet). The reason given was "limited history" for over 1 year of credit history, I called their recon line and talked to 3 different reps, they don't seem to be very helpful and want to end the call asap, all of them saying this is internal decision and they cannot overturn it.
My question is, how long of history is "not limited"? (because we all know that other big banks like Chase will give you cards after 1 year history) I feel this is not the real reason I got declined, then what could be the real reason?(Some Dp said you need at least 3 or 4 cards to able to generate a citi report but idk if that's true) When is the earliest time that I should apply again? I was thinking either July(will be 1/6) or October(0/6 but if I got denied in July again it will be 1/6), but as soon as possible. I'm considering opening a citi checking account, does anyone have expeirence whether this will help? I'm pretty confused on this denial, any thought and lead will be appreciated!
Hi @lightsun168, welcome to the forums.
There's really no specific "standard in 2021" per se. Ultimately, AI underwriting algorithms determined that the information from your profile and/or EQ report is very limited/thin. Meaning, too few accounts to rate based on AAoA + other factors I'm sure. Your income and scores are fine, though.
Since you mentioned they pulled EQ, have you obtained a copy of your report(s) to determine that all your accounts are reporting? If so, how are you using your accounts on a monthly basis? You mentioned utilization in the 5% range - is that monthly or was that before you applied?
Thank you for replying! Yes I checked the report on the EQ website, I applied on Apr 7th, and the new Chase card was reported on the 8th, the statement day, I did this because I thought new account will hurt my odds. I'm using my cards monthly and keeping them below 10% all the time.