Citi Premier- 757 Score Rejected

[Anonymous]

I have received the letter with the "official" reason for rejection. The letter states "Too few satisfactory credit references were recorded on your report." My stats were:

- 757 credit score on EX

- 3 inquiries last 3 months 

- total available credit over $36k

- 5 open accounts (AmEx and BoA )

- credit usage 5%

- over 20 years of credit history (Oldest account = 20 years. Average age of accounts = 5 years)

- no missed payments ever

[Anonymous]

bump

[KDKobes]

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@Anonymous wrote:

I have received the letter with the "official" reason for rejection. The letter states "Too few satisfactory credit references were recorded on your report." My stats were:

- 757 credit score on EX

- 3 inquiries last 3 months 

- total available credit over $36k

- 5 open accounts (AmEx and BoA )

- credit usage 5%

- over 20 years of credit history (Oldest account = 20 years. Average age of accounts = 5 years)

- no missed payments ever

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No doubt you have a solid & long credit history but how much/often do you utilize your credit?

My guess is maybe you just don’t use the cards enough that you have. For instance a constant $0 balance or very low usage on current card history would be considered as “too few satisfactory accounts” just based on lack of solid usage history. Just a guess though I could be wrong.

[Anonymous]

I tend to use most of my cards for everything such as paying my bills. There is a card that I just leave in my drawer. I wonder if that is the problem is that I tend to pay off my bills before it post. 

[Anonymous]

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@Anonymous wrote:

I tend to use most of my cards for everything such as paying my bills. There is a card that I just leave in my drawer. I wonder if that is the problem is that I tend to pay off my bills before it post. 

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Yes, that can cause a problem.  The issuer of the card will know that you are using the card from their own records, but other creditors would not know since your credit report always shows a zero balance.  It is a good practice to allow your cards to report a balance to the credit bureaus occasionally, especially when the reported balance is a new "High Balance" for the card. That demonstrates to creditors that you handle your credit responsibly, and make it more likely for you to get CLIs and approvals.

[AverageJoesCredit]

Though it doesnt seem high, 3 inqs in 3 months csn be alot for Citi. Ive been rejected for such reason.

[simplynoir]

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@AverageJoesCredit wrote:
Though it doesnt seem high, 3 inqs in 3 months csn be alot for Citi. Ive been rejected for such reason.

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Citi does have a "soft" rule where supposedly they don't allow any approvals if you have 6 or more inquiries in a 6-12 month span forgot the specifics. According to reddit it's just an excuse they use to deny your app but others think it sticks.

[Caardvark]

you bumped a thread after 20 minutes? Patience grasshopper

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@Anonymous wrote:

bump

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[FlaDude]

Did they ask for your income? My wife was rejected for Amex ED with a 834 FICO score due to applying with just her income of around $10k per year. Since then we've made sure to apply with our combined income which is much higher.

[Anonymous]

Okay guess I may have to stop doing that and try and reapply again. But there is a card that I never do pay early but show a credit utalization of 20% every month.