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Citi Card Secured denied!!!!!!!

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Established Member

Citi Card Secured denied!!!!!!!

So I applied for a Citi Secured Card about 3 weeks ago. Currently rebuilding my credit but have a few cards. Discover It $700, Cap1 $500, Quicksilver $500, BOA secured $500. My TU Fico is around 600 with a FAKO at 644.

Reason for denial:Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

Credit %util is at 4% across all lines. Auto loan with payment of $192, rent at $995. My stated income is $56700. It's actually a little higher but I always go low on applications in case of a financial review.

I called and explained my income is higher than the median. My %util is great, my car payment is $250 under national average and my rent is median. What exactly are they looking for to approve me for a $200 Secured line of credit???
12 REPLIES 12
Community Leader
Mega Contributor

Re: Citi Card Secured denied!!!!!!!

Sorry for your denial. For future reference, you should post apps and or denials in applications, being as this is for approvals.

Not sure why they denied but Citi can be hard to get in as a rebuilder. Seeing as you have 3 unsecured cards , i would build on those for now and tackle Citi later on as your score gets higher. 3 cards is sufficient to build a strong Fico score so i would not apply for awhile and youll see the difference in 6-12 months. Best of luckSmiley Happy
Message 2 of 13
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Valued Contributor

Re: Citi Card Secured denied!!!!!!!

+1
@AverageJoe is on point

There is ZERO reason to add a 5th builder card ( actually as an UW, I'd fine it very odd truth be told, makes you wonder WHAT is the deal, here?)

You have 4 TL's that need aging and maintenance

Please remember there is no need to attempt to slam all your monthly spend through the existing cards.

I know the CLs are low but they all count as TLs feeding monthly data to the CRAs
Allow one to report less than 10% and be sure the others report 0%, so just 1 with a balance, all others zero.

Let that roll 8-10 months and you'll be fine, you have a thick enough file + the car loan is your installer, you just need the let the aging happen.😉
Message 3 of 13
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Valued Contributor

Re: Citi Card Secured denied!!!!!!!

P.S.
Stop apping
In addition to allowing the TL history to age, you're also allowing the HP's to age out of value
Message 4 of 13
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Valued Contributor

Re: Citi Card Secured denied!!!!!!!


@Gemini101 wrote:
P.S.
Stop apping
In addition to allowing the TL history to age, you're also allowing the HP's to age out of value

I wouldn't care about being declined for a secured card as they are pretty worthless.  I was declined for a secured card from Discover in January and now I am getting approved for all the prime cards without ever having a fully secured card.  Think of it as them doing you a favor.

More cards than I can mention in a signature.
Message 5 of 13
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Regular Contributor

Re: Citi Card Secured denied!!!!!!!

After reading this.  Ill be suprised if my app gets approved.....  Link to my thread:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Is-this-a-No-Citi-Secured-Card/m-p/5017038

 

Does this process sound familiar?


Starting Score: <600 & No Score 2/2011
Current Score EQ : 726
Current Score (TU Walmart): 676
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Message 6 of 13
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Valued Contributor

Re: Citi Card Secured denied!!!!!!!

1) When rebuilding secured cards are not "worthless" as far as the scoring model goes they are TLs, PERIOD!
And when one has no history or needs history TL are of tremendous 'worth'
A builder is trying to add 'paid as agreed' history to their profile, while maintaining a low utilization, that's 65% of what the model is reading, if one can manipulate that, it certainly is NOT 'worth' s'mores

2) Taking HPs to get denials, secured or not SHOULD be of concern because it's still a HP being burnt
Message 7 of 13
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Super Contributor

Re: Citi Card Secured denied!!!!!!!

I got this same denial a year and a half ago from Citi. I had some unpaid COs at the time.  Were they referring to them???

 

Can someone please explain this exactly to me. $56k income not enough?? 


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2020 CCT EX 818 TU 826 EQ 840

Color me your color, baby
Color me your car
Color me your color, darling
I know who you are
Come up off your color chart
I know where you're comin' from
Call me (call me) on the line
Call me, call me any, anytime
Call me (call me) my love
You can call me any day or night
Call me

Blondie - Call me ( 1978 )
Message 8 of 13
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Senior Contributor

Re: Citi Card Secured denied!!!!!!!


@mason9378 wrote:
So I applied for a Citi Secured Card about 3 weeks ago. Currently rebuilding my credit but have a few cards. Discover It $700, Cap1 $500, Quicksilver $500, BOA secured $500. My TU Fico is around 600 with a FAKO at 644.

Reason for denial:Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.

Credit %util is at 4% across all lines. Auto loan with payment of $192, rent at $995. My stated income is $56700. It's actually a little higher but I always go low on applications in case of a financial review.

I called and explained my income is higher than the median. My %util is great, my car payment is $250 under national average and my rent is median. What exactly are they looking for to approve me for a $200 Secured line of credit???

Do you by chance have any unpaid charge offs or collections?

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Platinum
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Chase: Freedom U VS, CSR VI
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Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (8.12.20) EX: 835 / EQ: 846 / TU: 834
Message 9 of 13
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Established Member

Re: Citi Card Secured denied!!!!!!!

Yes I have some very old CO.
Message 10 of 13
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