Citi Custom Cash…denied!

[DaWhole9]

Ok they pulled Equifax, and I have 823 score with 1 hard inquiry, over $200k in available credit and under 1% utilization. Last new credit card was 1 year ago, and last new loan was a car refi 6 mos ago.   Called Citi and they said wait for denial letter and call Equifax and verify my personal information but they didn't have any specifics.  They said the letter would have more.  I pulled my Equifax and all my info was correct. Kinda pissed I burned a hard pull on a card when I had other 5% gas card options. 

[Vinjints]

That's surprising considering the DPs you provided. Very interested in hearing what the letter has to say. 

[1lifeisworthit]

In today's environment, tightening, that $200,000 credit limit might have been offputting?

How many cards is that limit spread over, and what is your average age of accounts?

I'm asking because I'm wondering about your thickness of file and how young, overall, your profile. I'm not meaning any kind of criticism or insult. Just gathering info for my own knowledge, is all.

I'm sorry you were denied.

[DaWhole9]

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@1lifeisworthit wrote:

In today's environment, tightening, that $200,000 credit limit might have been offputting?

How many cards is that limit spread over, and what is your average age of accounts?

I'm asking because I'm wondering about your thickness of file and how young, overall, your profile. I'm not meaning any kind of criticism or insult. Just gathering info for my own knowledge, is all.

I'm sorry you were denied.

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Yeah.  Thats spread over 13 cards.  Average Age is almost 6 years.  Im wondering if a high available credit number and a under 1% utilization number makes me undesirable because im not paying interest to anyone. The ideal person is someone who is responsible enough to pay monthly but not disciplined enough to not run the cards up so they are paying interest for years.  Thats not me.  

[Patient957]

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@DaWhole9 wrote:

Ok they pulled Equifax, and I have 823 score with 1 hard inquiry, over $200k in available credit and under 1% utilization. Last new credit card was 1 year ago, and last new loan was a car refi 6 mos ago.   Called Citi and they said wait for denial letter and call Equifax and verify my personal information but they didn't have any specifics.  They said the letter would have more.  I pulled my Equifax and all my info was correct. Kinda pissed I burned a hard pull on a card when I had other 5% gas card options. 

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Wow, sorry about the denial.  I'm really surprised about this one. What you've listed about your profile seems to check all the usual boxes.

I would take another shot at recon once you get the letter.

[coldfusion]

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@DaWhole9 wrote:

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@1lifeisworthit wrote:

In today's environment, tightening, that $200,000 credit limit might have been offputting?

How many cards is that limit spread over, and what is your average age of accounts?

I'm asking because I'm wondering about your thickness of file and how young, overall, your profile. I'm not meaning any kind of criticism or insult. Just gathering info for my own knowledge, is all.

I'm sorry you were denied.

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Yeah.  Thats spread over 13 cards.  Average Age is almost 6 years.  Im wondering if a high available credit number and a under 1% utilization number makes me undesirable because im not paying interest to anyone.

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Nope.   The CSR can't always discuss specifics but they gave you a hint at what the problem might be - conflicting information on a data source or between multiple data sources. 

While waiting for the denial letter from Citi go ahead and get a copy of your Lexis Nexis consumer disclosure report at https://consumer.risk.lexisnexis.com/request, and if you don't have a true copy of your Equifax report either directly from Equifax or from https://www.annualcreditreport.com/index.action get one from annualcreditreport as well - don't rely on Credit Karma or other 3rd party sites -   and then confirm the accuracy of the LN report and that whatever information is provided on both reports is identical.   Having a data mismatch can trigger a denial,  having an LN report with conflicting information like 2 different SSN on it (the other from someone else with the same name or known alias) pretty much guarantees a denial. 

[1lifeisworthit]

Yeah.  Thats spread over 13 cards.  Average Age is almost 6 years.  Im wondering if a high available credit number and a under 1% utilization number makes me undesirable because im not paying interest to anyone. The ideal person is someone who is responsible enough to pay monthly but not disciplined enough to not run the cards up so they are paying interest for years.  Thats not me.  

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@DaWhole9 wrote:

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@1lifeisworthit wrote:

In today's environment, tightening, that $200,000 credit limit might have been offputting?

How many cards is that limit spread over, and what is your average age of accounts?

---

Yeah.  Thats spread over 13 cards.  Average Age is almost 6 years.  Im wondering if a high available credit number and a under 1% utilization number makes me undesirable because im not paying interest to anyone. The ideal person is someone who is responsible enough to pay monthly but not disciplined enough to not run the cards up so they are paying interest for years.  Thats not me.  

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13 cards is a lot of open cards. I'd consider closing some of them because I'm assuming you wouldn't be affecting aggregate utilization by so doing. I've read about people being denied because of too many open card accounts. There are too few, and there are too many, apparently.

This won't affect your average age of accounts. Opening new accounts will, but not closing them. Not until they drop off in a decade.

[DaWhole9]

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13 cards is a lot of open cards. I'd consider closing some of them because I'm assuming you wouldn't be affecting aggregate utilization by so doing. I've read about people being denied because of too many open card accounts. There are too few, and there are too many, apparently.

This won't affect your average age of accounts. Opening new accounts will, but not closing them. Not until they drop off in a decade.

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Thats the opposite of everything I have learned up to now.  They are all spread out over time, which is why i have 1 inquiry.  What ChatGPT had to say about my 13 cards. 

Why 13 Cards Is Perfectly Fine — Even Beneficial

1. Age matters more than quantity

FICO doesn’t care how many cards you have — it cares how old they are.

If you haven’t opened a bunch recently, then:

• Your AAoA stays strong

• Your oldest accounts keep building history

• You avoid the “new credit” penalty

This is ideal.

2. High total credit limits = super low utilization

Your $195K total limit with tiny usage is a major boost.

• FICO rewards you for lots of available credit

• 13 cards spreads balances out

• Your utilization is insanely low (0.35%) which is elite

This is partly why you’re above 820.

3. No lender risk flags unless they’re new

Banks only get nervous if someone opens:

• too many new accounts

• too much credit at once

• too many inquiries

But old accounts with long history look stable and responsible.

Your profile screams “low risk customer.”

4. More cards = more credit mix depth

FICO likes seeing multiple revolving accounts, especially when:

• they’re well-managed

• they’ve been open for years

• all in good standing (which yours are)

This helps your score.

[Patient957]

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@DaWhole9 wrote:

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13 cards is a lot of open cards. I'd consider closing some of them because I'm assuming you wouldn't be affecting aggregate utilization by so doing. I've read about people being denied because of too many open card accounts. There are too few, and there are too many, apparently.

This won't affect your average age of accounts. Opening new accounts will, but not closing them. Not until they drop off in a decade.

---

Thats the opposite of everything I have learned up to now.  They are all spread out over time, which is why i have 1 inquiry.  What ChatGPT had to say about my 13 cards. 

Why 13 Cards Is Perfectly Fine — Even Beneficial

1. Age matters more than quantity

FICO doesn’t care how many cards you have — it cares how old they are.

If you haven’t opened a bunch recently, then:

• Your AAoA stays strong

• Your oldest accounts keep building history

• You avoid the “new credit” penalty

This is ideal.

2. High total credit limits = super low utilization

Your $195K total limit with tiny usage is a major boost.

• FICO rewards you for lots of available credit

• 13 cards spreads balances out

• Your utilization is insanely low (0.35%) which is elite

This is partly why you’re above 820.

3. No lender risk flags unless they’re new

Banks only get nervous if someone opens:

• too many new accounts

• too much credit at once

• too many inquiries

But old accounts with long history look stable and responsible.

Your profile screams “low risk customer.”

4. More cards = more credit mix depth

FICO likes seeing multiple revolving accounts, especially when:

• they’re well-managed

• they’ve been open for years

• all in good standing (which yours are)

This helps your score.

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I agree with @coldfusion.  My bet is this is about inability to verify or reconcile information from your Equifax report, as the CSR alluded to.  

I don't think it has to do with the merits of your profile, number of cards, available credit, etc.

[hdporter]

For your own sanity, please don't speculate on the denial reason, nor pay attention to other's speculation.

Wait on the explanation letter and then call for reconsideration.

Fwiw, I have about 30 revolvers w/ aggregate CL > $850k.  No lender trips over that when I apply for new credit.  (40 yr credit age)