Citi Double Cash back Decline

[questionsign]

Hello everyone, I recently applied for the citi double cash card and was decline for my DTI ratio (Called the recon number 800-695-5171) they pulled Equifax report. I have a joint mortgage with my parents which is a $2,200 monthly of which I pay $500 for the past 5 years. The DTI says 90%. I also have a car loan which is $470 a month the DTI is 9%. My question is should I call again and see if I can explain what the situation is or should I just forget about it.

Also I should add that at the begining of the month I also got applied for the Chase Freedom and got approved, I applied for the Freedom Unlimited a couple days ago as I got a mail offer, a day before the Citi app and got declined, Chase pulled experian on both and their credit acquistion score v2 745 for freedom and 744 for unlimited.

[FinStar]

Unfortunately, it's highly doubtful that UW would reverse their decision.

Keep in mind that they'll HP again to re-review the request and since the CR and income/DTI information would likely remain unchanged in such a short period, it'll be a wasted HP IMO.

[Anonymous]

Sorry to hear about your denial! Better luck next time.

[CreditInspired]

Hi there and welcome to myFICO

They usually give more than one reason for declining an application. What were the others? Did they say anything about too many inquiries? Also, what is your income; and on the application did you state monthly rent/mortgage as $2.2K or $500?

[questionsign]

I was given just that one reason, the income I submitted was 40k and the $500 rent. First time I've been denied for that reason by any bank. I've been denied for few accounts, too many recent enquiries, too many accounts with the same bank, most of which I suspect would be the reasons Chase would deny the Freedom unlimited so close to being approved for the Freedom. By the way the Citi pull does show on my Experian but the Chase pull doesn't show on Equifax as of today 2 days after app.

[Anonymous]

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@questionsign wrote:

... The DTI says 90%. I also have a car loan which is $470 a month the DTI is 9% ...

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Are you confusing DTI & Util?

[questionsign]

No, my credit utilization is at whopping 5% of 17k on 4 credit cards. What they are looking at, is my monthly obligations of the mortgage and I assume car loan.

[Harvey26]

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@questionsign wrote:
I was given just that one reason, the income I submitted was 40k and the $500 rent. First time I've been denied for that reason by any bank. I've been denied for few accounts, too many recent enquiries, too many accounts with the same bank, most of which I suspect would be the reasons Chase would deny the Freedom unlimited so close to being approved for the Freedom. By the way the Citi pull does show on my Experian but the Chase pull doesn't show on Equifax as of today 2 days after app.

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Unforunately, Your DTI is 80%  Your income is 40K and Your monthly debt payments is 2670. They are not looking at what you pay they are looking at the min pay on your credit report. My best suggestion is to get your name off that mortgage that is in your parents name. They should be able to refi and take you off and you keep paying the $500.00 a month unless there income does not support the payment alone. The mortgage is a JOINT debt meaning if they do not pay you are responsible for the full amount.