My application to Citi Costco got denied and I called them. An automated service was mentioning too many inquiries. My Fico8 across three bureaus~780.
I was 1/24. Today, I got approved for Chase CSP and I am 2/24 now. Prior the credit card applications, I had mortage application and there were a few HPs but all inquiries should get counted as one. Not sure why Citi denited this application.
Any thoughts? What is the expected credit profile to get this costco card? Is it better to visit them in branch to see what they want?
Fico8: EX~EQ~TU~840 (12 month goal~850).
While the inquiries should be binned as far as
scoring purposes, an automated UW algorithm will still likely see them as individual inquiries, unfortunately.
They were saying several inquiries on my EQ. Since last year, I have 7 HPs (2 auto in Jan, 3 mortage in Apr, 2 for CC including the HP by Citi for this card).
Not sure why it was too many for Citi Costco but not for the other lenders. Is there any suggestion to do follow-up in branch or by phone further with a human representative?
I would recon that denial!
OK. I will wait to receive their letter by mail to call the human rep (should arrive within ~1-2 weeks). There was no letter online.
Hope the recon goes through, its frustrating how the credit scoring companies are still living under a rock and not able to treat all mortgage inquiries within a certain period as a single inquiry as part of their algorithm
