Citi denied, too many inquiries on ONE inquiry!

[Anonymous]

I applied for 0% APR offers from BoA and Citi at the same time. BoA did manual review and then approved me for $5k CL. Citi auto-denied me, citing too many recent inquiries.

This irritates me because Citi pulled the same report that BoA did! My Experian report lists only the BoA hard pull, done on the same day.

I called Citi's recon line, US-based, and the reps cite heightened lending risk due to applying for multiple cards at the same time. No other issues on my application. They won't budge on manual review. They won't re-process on another bureau.

Is it worth writing a letter to their EO? Is it better to call their EO instead? What's the best approach to the multiple apps issue?

My best explanation: I'm financing home improvements, so I like 0% APR. I prefer to apply to two lenders because I typically get $5k CL, and I want double that. I present perfect payment history, and I like Citi's virtual card feature.

No previous relationship with Citi. I applied for Citi Simplicity.

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My credit profile

Credit score: 800, perfect payment history

AAoA: 7 years

Utilization: 0% across all accounts; will be 16% on one account next month.

Revolving limits:

Amex -- $5k

BOA -- $5k

CapOne -- $10k

HSBC -- $3k

US Bank Cash+ -- $5k

US Bank Platinum -- $9k

Hard pulls:

TransUnion -- None

Equifax -- Two, both dated 17 months ago

Experian -- Two, 1x BoA 1x Citi, both dated 1 week ago

Most recent accounts:

BoA -- Opened this week

HSBC -- 17 months old

US Bank Platinum -- 17 months old

[blindambition]

Contacting EO won't help. City is protecting themselves in this uncertain market. Lenders are tightening requirements. While you may be able to handle account, it's a legitimate risk factor, not knowing more on your profile. Sorry OP!

[coldfusion]

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@Anonymous wrote:

Is it worth writing a letter to their EO? Is it better to call their EO instead? What's the best approach to the multiple apps issue?

No previous relationship with Citi. I applied for Citi Simplicity.

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Thinnish profile, another application already submitted that day, and no previous history with Citi.   Not a big surprise in the current environment that you would be denied.    Your BoA application being forwarded for manual review is a tipoff that your profile is clean but not optimal.

You have nothing to lose by sending a letter to the EO but the days of that being frequently successful are long past, they got way too many frivolous requests and responded by establishing a policy of refusing to intervene when employees empowered to make these decisions make them, with very few exceptions under the most egregious of circumstances.

The best approach to the multiple apps issue right now is to not do it. 

[M_Smart007]

Hi @Anonymous and Welcome to the forums!

Sorry for your Citi denial

Congratulations on your BoA Approval..

Even the best of us don't always hit home runs.

The lending landscape is not the best right now.

[Anonymous]

Thanks for the welcome!

I had a feeling Citi's attitude would be skittish right now. I think I'll send off a letter just so my HP doesn't get wasted, but I won't expect an approval from them.

[Iusedtolurk]

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@Anonymous wrote:

I applied for 0% APR offers from BoA and Citi at the same time. BoA did manual review and then approved me for $5k CL. Citi auto-denied me, citing too many recent inquiries.

This irritates me because Citi pulled the same report that BoA did! My Experian report lists only the BoA hard pull, done on the same day.

I called Citi's recon line, US-based, and the reps cite heightened lending risk due to applying for multiple cards at the same time. No other issues on my application. They won't budge on manual review. They won't re-process on another bureau.

Is it worth writing a letter to their EO? Is it better to call their EO instead? What's the best approach to the multiple apps issue?

My best explanation: I'm financing home improvements, so I like 0% APR. I prefer to apply to two lenders because I typically get $5k CL, and I want double that. I present perfect payment history, and I like Citi's virtual card feature.

No previous relationship with Citi. I applied for Citi Simplicity.

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My credit profile

Credit score: 800, perfect payment history

AAoA: 7 years

Utilization: 0% across all accounts; will be 16% on one account next month.

Revolving limits:

Amex -- $5k

BOA -- $5k

CapOne -- $10k

HSBC -- $3k

US Bank Cash+ -- $5k

US Bank Platinum -- $9k

Hard pulls:

TransUnion -- None

Equifax -- Two, both dated 17 months ago

Experian -- Two, 1x BoA 1x Citi, both dated 1 week ago

Most recent accounts:

BoA -- Opened this week

HSBC -- 17 months old

US Bank Platinum -- 17 months old

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Everytime I see a post about denials and the applicant has great credit scores and pretty decent credit age my stomach cramps a bit because it shows that great credit scores are not all you need (in all instances) for approvals.

Since my credit rebuild started a little while ago my goal has been to get at least in the middle 700s (probably obtainable in about 6 months or so) so approvals down the line would be with a higher percentage of obtaining but I have to remind myself although my chances will be better no approval no matter how good your score is will be guaranteed.

I've seen people app a few cards on the same day and get approvals for all but even if you didn't get both Congrats on getting one with a decent sl.

[coldfusion]

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@Iusedtolurk wrote:

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Everytime I see a post about denials and the applicant has great credit scores and pretty decent credit age my stomach cramps a bit because it shows that great credit scores are not all you need (in all instances) for approvals.

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While true one has to also appreciate that a great score does not necessarily mean a truly great profile and that to a lender it's the profile that really matters.

It's the profile that matters

[cashorcharge]

Congrats with BofA.

For what it's worth, while I read a lot here, I see a lot more threads about BofA being more generous/less sensitive and Citi being extremely sensitive/the complete opposite lately....now

[coldfusion]

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@cashorcharge wrote:

Congrats with BofA.

For what it's worth, while I read a lot here, I see a lot more threads about BofA being more generous/less sensitive and Citi being extremely sensitive/the complete opposite lately....now

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Both BoA and Citi have unannounced rules that they don't always follow rigidly  (BoA 3/12 and 7/12, Citi 6/6) but both can be sensitive to inquiries and new accounts.  To your point though the collective of DP here infers that BoA does tend to be the more generous lender.

[CreditWolf]

sorry OP..  lame excuse for sure ..