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Citi bank Double cash back mc denial letter second time.

firefox100
Established Contributor

Citi bank Double cash back mc denial letter second time.

 

Ok I tryed to get a credit line increase from Citi bank twiceover the past 50 Days. The denial letter came couple of days ago. The letter indicated the 2 reasons where to many inquiries and balances have increase on to many accounts. The letter indicated that they used Transunion credit report. Here are the facts Transuion shows at time Citi soft pulled 2 inquiries showing in the last 2 years. Second total balances showing is 980 dollars out of total credit lines of 190K and my balances have been going down. The 2 accounts showing balance are BoA mastercard with balance of 620 on credit line of 25K limit and other account uber visa balance of 250 dollars on credit line of 12K limit. The credit limit on my Citi card is 15.6K and at time of asking for second cli request balance was zero just paid off the balance which was 300 dollars couple days before asking for the credit increase. I can only talk for my self Citi dosen't like something about my credit profile, the reasons they are giving don't make sence.

Message 1 of 21
20 REPLIES 20
chrisw1968uk
Frequent Contributor

Re: Citi bank Double cash back mc denial letter second time.

Your utilization clearly doesn't appear to be the problem - do you NEED a CLI?

Message 2 of 21
Birdman7
Super Contributor

Re: Citi bank Double cash back mc denial letter second time.

Is income possibly a factor? Do you have other cards with them or DSNB? They also count their retail credit limits in the total credit limit they’re willing to afford.
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




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Message 3 of 21
AverageJoesCredit
Mega Contributor

Re: Citi bank Double cash back mc denial letter second time.


@firefox100 wrote:

 

Ok I tryed to get a credit line increase from Citi bank twiceover the past 50 Days. The denial letter came couple of days ago. The letter indicated the 2 reasons where to many inquiries and balances have increase on to many accounts. The letter indicated that they used Transunion credit report. Here are the facts Transuion shows at time Citi soft pulled 2 inquiries showing in the last 2 years. Second total balances showing is 980 dollars out of total credit lines of 190K and my balances have been going down. The 2 accounts showing balance are BoA mastercard with balance of 620 on credit line of 25K limit and other account uber visa balance of 250 dollars on credit line of 12K limit. The credit limit on my Citi card is 15.6K and at time of asking for second cli request balance was zero just paid off the balance which was 300 dollars couple days before asking for the credit increase. I can only talk for my self Citi dosen't like something about my credit profile, the reasons they are giving don't make sence.


Citi's reasoning might not make sense but where's  their incentive to give increases for a profile that shows only $980 out of $190k? Honestly i cant blame them . 15.6k is already a very high limit for Citi and if its not being utilized, its just taking limits from someone else who would. Just myho.

Message 4 of 21
Loquat
Moderator

Re: Citi bank Double cash back mc denial letter second time.

Keep in mind that these lenders are up against an unstable economy at the moment. They aren't going to be throwing out high limits (or increases) when unemployment is on the rise. It makes no sense for them to do so at the moment. Just give it a bit of time and allow things in settle a bit.

Patience wins the race in this hobby.
Message 5 of 21
CardNut
Valued Contributor

Re: Citi bank Double cash back mc denial letter second time.

I haven't had a Citi CLI in 13 years. In the span of those 13 years, income is up almost 50%. My credit profile is better than ever. I figured it was time for one to keep up with inflation.

 

I got denied in 2019. To be honest,  I don't need it. I ran up some purchases and paid in full, as much as 12 or 13% utilization in one month. I don't use most of the CL and that's basically why I probably got denied. 

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 6 of 21
firefox100
Established Contributor

Re: Citi bank Double cash back mc denial letter second time.

 

Income is over 80K and up to now have never had a problem with Citi bank asking for /cli's. On the same day was approved for the US bank Altitude go visa with starting credit limit of 10K also got credit increse on my Propel card from 15K to 18K limit. I don't have problem with Citi not giving an increase just state the right reasons.

Message 7 of 21
Throckmorton
Regular Contributor

Re: Citi bank Double cash back mc denial letter second time.

... is already a very high limit for Citi and if its not being utilized, its just taking limits from someone else who would. Just myho.

I've heard this a few times now. Is there evidence that it is true? Specifically, do banks allocate a fixed amount of credit exposure across all their cards? I would have guessed they use statistical modeling to predict actual usage.

Message 8 of 21
UpperNwGuy
Valued Contributor

Re: Citi bank Double cash back mc denial letter second time.


@firefox100 wrote:

 

I don't have problem with Citi not giving an increase just state the right reasons.


Unfortunately, that won't happen.  Banks have a list of standardized reasons that were written by lawyers, and they pick one or two from the list to put on the denial letter that they send to you.  Sometimes the reasons are a perfect fit for your situation.  Other times the reasons are not a perfect fit.  The bank isn't going to write a detailed analysis of your unique situation.  That's just how it works.

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Message 9 of 21
firefox100
Established Contributor

Re: Citi bank Double cash back mc denial letter second time.

I am not asking for a detail analysis, just a correct answer. Citi could have said your not using enough of your credit line another reason could be you have to much credit available for your income. I don't think statistical modeling works any more for how much people will use there credit limits. The banks have created a monster, customers don't have any loyalty any more people chase bonuses cash back and singn up bonuses. In the old days customer would have 2 or 3 cards and stay with one bank for a life time. Having a hundred or two hundred grand of available credit on income 100K or less is just plane crazy.

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